Apartment developer purchases 16 acres in Orlando for $12.46 mill

ORLANDO, Fla. (Nov. 20, 2020) – Mission Pointe Project Owner, LLC, has purchased 16± acres of land at 12311 Narcoossee Road in Orlando’s fast-growing Lake Nona neighborhood for $12,463,000. The buyer is a special purpose entity formed by apartment developer and manager Bainbridge with other financial partners.

Bainbridge is approved to build a 300-unit luxury apartment community on the site.

Trevor Hall, Jr., of Colliers International and Emily Franklin-Peiper represented the seller, Pioneers, Inc., in the transaction.

The site, which was previously a KOA Campground location operated by Pioneers, Inc., offers direct access to Lake Whippoorwill. It is located close to State Road 417 and State Road 528, and is 10 miles from the Orlando International Airport.

“Bainbridge has had great success with its Nona Place apartment community that’s less than a mile south of this site,” said Hall, Executive Director, Land Services at Colliers International. “They’ve recognized that the best-performing apartment projects are in areas with high-salary jobs, and the Lake Nona area has superior medical, educational, defense and corporate Employment.”

According to Esri 2020 projections, the Lake Nona area population is projected to grow 34% in the next five years, which is 234% higher than the Orlando metro market as a whole. The immediate area around the site on Narcoossee Road has residents with higher income levels, and in turn, relatively high home values.

“There is a lot of faith in the Lake Nona area for multifamily development due to the robust job growth,” said Franklin. “There doesn’t seem to be much reduction in long-term interest here, all things considered.”

Bainbridge has broken ground on construction.

Colliers International is also marketing three frontage parcels on Narcoossee Road totaling 5.8± acres adjacent to this site for restaurant and retail development.

About Colliers International:
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.