Developer buys 12 acres for multifamily development in Kissimmee

Garrett Acquisitions, LLC, a special purpose entity of The Garrett Companies, has purchased 12.11 acres of land in Kissimmee for $5 million. The parcel, which is being planned as a multifamily development, is located on the northeast corner of W Carroll Street and Dyer Boulevard.

At the site, The Garrett Companies, a multifamily development, construction and management group based in Greenwood, Indiana, plans to develop a 250-unit luxury apartment community called Ebbtide.

David Calcanis of Colliers represented the seller, Kelley Properties, in the transaction. The buyer was self-represented.

The parcel is one of the last available approved multifamily sites in The Loop submarket, which centers around a casual, pedestrian friendly, open-air shopping center with retail, dining and entertainment called The Loop.

“This submarket is one of the most in-demand areas in Central Florida. Commercial, retail, industrial and medical segments are all expanding rapidly,” said David Calcanis, Executive Managing Director, Land Services, Colliers. “More residential communities, like Ebbtide, will support the growth in medical and professional arenas in the immediate area.”

Orlando Health, with a new medical office building nearby on Osceola Parkway, and AdventHealth Kissimmee on Orange Blossom Trail are both expanding. In addition, Ocean Bleu Group is building The Square at Osceola Parkway, a 75-acre development that will include 550,000 square feet of retail and 300 multifamily units, just north of Ballpark Road east of Dyer Boulevard.

The garden-style apartment community Ebbtide will include 1-, 2- and 3-bedroom units ranging in size from 780 square feet to 1,430 square feet. It will feature a 5,000-square-foot clubhouse, resort-style pool and spa, dog park, fitness center, outdoor amenities with grills and firepits, and garages.

“This site fit the specific core criteria that we look for in every development,” said Aaron Kitch, Acquisitions Manager at The Garrett Companies. “We target sites in good growth markets that we consider ‘suburban core’.”

The Garrett Companies are currently developing projects in six states and have completed over 50 projects in 16 states. The company has delivered over 12,000 apartment homes nationwide.

“We received numerous offers on the property,” Calcanis said. “The seller chose The Garrett Companies because of its impressive track record and the high-quality product the organization produces.”

Construction for Ebbtide began in April. The community is expected to be completed in the first quarter of 2023.

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