Wood Partners, a national leader in multifamily real estate development and acquisition, announced earlier today that it has commenced vertical construction on a new residential community—Alta Headwaters—in Orlando, Florida.
Located at 10501 S. John Young Parkway, Alta Headwaters will feature 328 luxury apartments spanning seven, four-story elevator-enabled buildings with an integrated clubhouse. The site is situated on 15.31 acres at the heavily trafficked intersection of John Young Parkway and Central Florida Parkway, half a mile east of Shingle Creek—considered the northernmost headwaters of the Florida Everglades.
“Alta Headwaters is prominently situated between the Grande Lakes Orlando Resort and the headquarters of Darden Restaurants at the heart of the Tourism Corridor,” said Bryan Borland, Managing Director for Wood Partners. “This latest development comes on the heels of our successful lease-up of Alta Grande, located just east of the Alta Headwaters site. Alta Grande welcomed its first residents in June 2017 and was over 98% leased as of the date of sale on June 13.”
Proximity to some of Orlando’s most prominent employers and popular tourist destinations, as well as accessibility to major transportation networks, make Alta Headwaters a prime location for a new, Class A apartment community. Nearby employers include Darden Restaurants, Lockheed Martin, SeaWorld, Tupperware Brands Corporation and Whirlpool Corporation, as well as three major office and industrial parks: Infinity Park, SouthPark Center, and Southridge Commerce Park, all less than one mile from the site.
“The Tourism Corridor continues to outperform the larger Orlando apartment market and has consistently proven to be Orlando’s most dynamic renter-by-choice submarket,” said Borland. “Given our recent experience at Alta Grande, we are thrilled to have another project under construction in the vicinity on what we consider to be the best apartment site in the submarket.”
Alta Headwaters has been thoughtfully designed to offer residents a best-in-class luxury living experience. Community amenities include Wi-Fi throughout all common areas, a resort-style, zero-entry saltwater pool with sundeck and covered poolside pavilion, cabanas, hammocks, lounge seating and outdoor grilling areas, a state-of-the-art fitness center and yoga room, game lounge with billiards, cyber lounge with lease-able offices, automated “smart” package room and a fenced dog park.
Unit finishes include wood-style plank flooring in all entryways, kitchens, bathrooms and living rooms, premium quartz countertops, low-profile stainless-steel appliance package with side-by-side refrigerator with water and ice dispenser, glass-top cook range, soft-close kitchen cabinetry with under-cabinet lighting and kitchen tile backsplash.
Scheduled to open in early Q2 2020, Alta Headwaters will offer a mix of studio, one-, two- and three-bedroom units at an average unit size of 960-square-feet. Pre-leasing is expected to begin in Q1 2020.
Alta Headwaters joins a list of three projects currently under construction by Wood Partners in Orlando, with three more slated to start before the end of the year. Along with the Alta Headwaters site, Wood Partners also recently closed on a 7.85-acre site at the intersection of S. John Young Pkwy and Taft Vineland Road, which represents a future second phase of the Alta Headwaters development.