Developers Move Back into the Sunshine State

October 13, 2011

On Tuesday, Atlanta-based Wood Partners made a move that has been all too rare the past few years: It purchased land in Florida.

Wood acquired 9.69 acres on which to build Alta at Lake Eve, a $32.7 million, 264-unit luxury apartment community, approximately 2 miles from Walt Disney World. Construction is expected to begin in December, and the first residents will move in by September 2012. The project will be completed by March 2013.

Wood isn’t alone. Last week, Phoenix-based Alliance Residential announced that it purchased a 17-acre parcel of land in Boca Raton. There, it plans to build a $62 million, 384-unit luxury apartment community called Broadstone at North Boca Village. Alliance anticipates initial lease-up to begin in the third quarter of 2012, with final completion expected in March 2013. The company already has 296 units under construction in Tampa and 396 units that it’s working through the approval process with in Broward County.

Atlanta-based Gables Residential has a deal under construction in… Read more…

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