New Vice President of Acquisitions and Development brings substantial experience to prolific multifamily developer

PALM BEACH GARDENS, FL (June 26, 2023) – Eastwind Development, a premier multifamily development company with a proven track record across South and Central Florida, announces the arrival of Omar del Rio as Vice President of Acquisitions and Development. He is based in Eastwind’s Palm Beach Gardens corporate headquarters and will contribute significantly to the company’s growth plans throughout South Florida.

A highly accomplished multifamily developer with more than 25 years of experience, del Rio is responsible for spearheading Eastwind’s development of new multifamily communities throughout South Florida. His expertise extends to a wide variety of product types, including luxury high-rise residential projects, affordable housing developments and everything in between.

Del Rio is versed in site selection and feasibility, underwriting, contract negotiations, due diligence, managing third-party consultants, site planning, product design, entitlements and procurement of all necessary government approvals to commence construction.

“We are thrilled to welcome Omar del Rio to the Eastwind team,” Eastwind President Jack Weir said. “His extensive experience, outstanding achievements and deep understanding of the multifamily industry make him an invaluable asset to our company. Omar’s leadership and expertise undoubtedly will contribute to Eastwind’s continued growth and success as we pursue new multifamily and mixed-use developments throughout South Florida.”

Prior to joining Eastwind, del Rio was Senior Vice President at Quarterra – the former Lennar Multifamily Communities, where he developed notable multifamily communities in Wynwood, Doral and downtown Sarasota. He was integral in the entire life cycle of Quarterra’s developments, overseeing site searches, navigating entitlement processes, managing construction and lease-up phases and facilitating dispositions. Del Rio previously served in various roles with prominent multifamily developers Fairfield Residential, Gables Residential and Waypoint Residential.

Del Rio’s educational background is equally impressive. He earned Bachelor’s and Master’s degrees in Architecture from Tulane University, a Master’s degree in Architecture and Urban Design from Harvard University and a Master’s degree in Real Estate Development from Massachusetts Institute of Technology (MIT).

“It is exciting to join a dynamic team at Eastwind that has a great combination of institutional resources with an entrepreneurial approach,” del Rio said. “I am eager to utilize everything I have learned throughout my career to help Eastwind deliver best-in-class multifamily communities across South Florida.”

About Eastwind Development:

Headquartered in Palm Beach Gardens, Florida – with a regional office in Orlando, Eastwind Development specializes in the acquisition and development of high-quality multifamily communities throughout Florida and the Southeast U.S. Founded in 2007 by Jack Weir, Eastwind primarily focuses on the development of market rate, workforce and active adult communities. Its leadership has a successful track record completing top-tier multifamily communities throughout several real estate cycles. Eastwind has a portfolio of more than 5,000 units completed, under development or in the pipeline. For more information, visit www.eastwinddevelopment.com.

The 352-unit San Mateo Crossing was built in 2019

Berkadia Institutional Solutions, powered by Moran, announces it has arranged the sale of San Mateo Crossing, a 352-unit, Class AA luxury, garden-style apartment community located in Kissimmee (Orlando MSA), Florida. Managing Directors Brett Moss and Matt Wilcox, and Associate Director Tyler Swidler of Berkadia Orlando represented the sellers: Eastwind Development, a multifamily developer based in Palm Beach Gardens, Florida and Aztec Group, a leading commercial real estate firm, based in Miami, Florida.

Senior Managing Director Aaron Cardwell of Berkadia Phoenix arranged acquisition financing on behalf of the buyer, a joint venture between Apex One Investment Partners, a Houston-based investment manager, and Balfour Beatty Communities, an owner/operator of multifamily properties headquartered in Philadelphia, Pennsylvania.

Walton Street Capital provided a three-year, interest-only bridge loan.  

“The sale of San Mateo Crossing represented a tremendous opportunity to acquire a newly constructed, stabilized garden apartment asset, located within one of the nation’s fastest growing counties,” noted Moss. “Investors have taken note of Orlando’s strong resurgence in recent months, and apartment fundamentals across Central Florida continue to impress.”

Built in 2019, San Mateo Crossing is located at 1115 Pacifica Drive, and enjoys an advantageous location, nestled between two of Orlando’s prominent employers: Orlando Health and the campus of Tupperware Brands corporate headquarters. The property offers one-, two-, and three-bedroom apartments ranging from 664 square feet up to 1,272 square feet. Individual units feature nine-foot ceilings, stainless-steel appliances and granite countertops, walk-in closets with built-in shelving, washer and dryer, wood plank style flooring in main living areas and spacious balconies and patios. Community amenities include a resort-style pool, fitness center, theater room, outdoor kitchen, media and game room, a business center and gated bark-park.

Aptly named, San Mateo Crossing is located directly across Orange Avenue from the Tupperware SunRail Station, enabling an auto-less commute to countless Orlando employment and lifestyle opportunities, as well as future planned connections to the Orlando International Airport and Brightline rail expansion in coming years.