Orlando multi-housing land sale closes for $6.25M

25 January 2022

ORLANDO, Jan. 25, 2022 – JLL Capital Markets announced today that it has closed the $6.25 million sale of the Fairwinds Credit Union Baldwin Park, a multi-housing development site in Orlando, Florida.

JLL worked on behalf of the buyer, Gables Residential. Fairwinds Credit Union sold the asset.

Known as Fairwinds Credit Union Baldwin Park, the development site will be transformed into a five-story multi-housing community consisting of 230 apartment homes, a parking garage, amenities, and a leasing office.

Spanning over 2 two acres, the property is located at 1801 Prospect Ave. and just 4 miles from Orlando’s Central Business District. The greater Orlando area remains one of the fastest-growing metro areas in the nation, gaining nearly 61,000 new residents in 2020 and expecting 2.9 million residents by 2025. This growth has created substantial investment and development opportunities across Orlando specifically within the multi-housing market.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.

Gables Residential’s Florida team, led by Regional VP, Micah Cohn and Development Associate, Scott Clark, had been searching for “build-to-core” development opportunities in Central Florida.

“After identifying targets submarkets within Central Florida, we set out to find a site to meet their investment criteria,” Ballard said. “We identified a former bank site within Baldwin Park, and, through some understanding of the overall Baldwin Park PUD, knew that there were unused ‘entitlements’ that could be acquired and combined with a rezoning of the former bank property. It was a competitive bid, and Gables was able to provide the seller with a certainty of close, which, ultimately, resulted in Gables being awarded the deal.”