The project will kick off just as another luxury apartment community in Sunrise City sold for a record price. Toronto-based real estate investment firm Brass Enterprises paid $108 million last week for Prime at Sunrise City, which was developed in 2021 by Tampa-based 2nd Wave Development. The sale price breaks down to an average of over $317,000 per unit — the highest price per unit ever paid for an Osceola County multifamily asset.
“Yes, this was the first in Osceola to sell for over $100 million, and yes we had multiple offers,” Newmark’s Scott Ramey told GrowthSpotter.
The sale price dwarfs the prices paid for similar assets in the submarket. Just two years ago, Bluerock Real Estate acquired the 300-unit Integra Sunrise Parc for $67 million. In 2018, Starlight U.S. Multifamily paid $75.3 million for the Oasis at Shingle Creek community, developed by The Altman Companies and directly across from the new Arlington project.
The unit interiors at Prime are decorated with contemporary finishes including granite countertops, kitchen islands, vinyl-plank flooring, stainless-steel appliances, floor-to-ceiling stacked cabinetry, smart thermostats and 10-foot ceilings on first and fourth-floor units. Managed by Greystar, the community was leased up in December 2021 and has maintained nearly 100% occupancy since stabilizing.
“Kissimmee is absolutely exploding with growth, and Prime is one of the nicest properties to deliver in the submarket,” Ramey said. “The physical design, which included interior air-conditioned corridors with elevator service, 10-foot ceilings on half of the units and one of the largest amenity packages in the area catered to a very high-end resident base and allowed the property to lease-up in less than 9 months from having first move-ins. The combination of the exceptional physical product, rapidly growing location and strong property performance trends made it highly appealing to a large contingent of buyers who pursued the opportunity.”
Prime’s amenity package includes a 9,000-square-foot clubhouse with a sports simulator, multiple gathering areas, a resort-style pool, 24-hour fitness center with its own spin studio. The developer also introduced a new indoor-outdoor “cave” amenity zone concept that offered space for a bar/lounge area, functional fitness gym, work-from-home space, and game area.
Hodge said the retail center is almost entirely leased, except for about 10,000 square feet in the final multi-tenant building. The interior buildout is underway now for First Watch and Flippers Pizzeria.
In early 2019, an affiliate of Northwood Ravin and Tampa-based Framework Group paid $25 million for 45-plus acres immediately east of the shopping center and straddling both sides of Sunrise City Drive. The firms are currently building 465 units with an unprecedented amenity package designed to recreate a luxury hotel experience. The first units are scheduled to be delivered this summer, and construction will be completed in 2023.
“Sunrise will be an exceptional one-of-a-kind apartment community in Orlando,” Marketing Director Courtney Patterson said. “It will have two large zero-entry resort pools, two large gyms, an on-site barista and concierge, and a large lazy river with three waterfalls and a water basketball court. The community will also offer two dog parks and splash pads, a two-story outdoor kitchen, an indoor spa with hot tubs, saunas, and steam rooms and a golf simulator room.”
In 2020, Lantower Residential, a Dallas-based multifamily developer and operator, bought a 41-acre multifamily site in Sunrise City. The developer has an approved SDP for a 321-unit complex but has not commenced construction.
Just over the Orange County line, Intram has a deal with California-based Lincoln Avenue Capital to build 200 units of affordable senior housing north of Sunrise City.