New opportunities in Florida continue to arise as leaders in a variety of asset classes continue to demonstrate their opportunistic outlook for the area. Just as we’ve seen the influx of new residents continue to grow in the Sunshine State, we are beginning to see new real estate developments following close behind.
What’s New?
Real estate teams are taking notice of the Florida market, as developers from across the country are heading to Florida to capitalize on the upward trajectory of the region.
Arizona-based real estate firm Walton Global Holdings LLC has recently formed a partnership with Boston-based real estate equity firm Rockpoint to develop build-to-rent communities throughout the Southeast in cities like Jacksonville, Atlanta, and Austin.
The build-to-rent model is still relatively new for Walton Global Holdings, as they only entered the space last year, yet have seen steady growth in that timeframe. The Walton team plans to build these new communities from their existing and extensive land portfolio, such as the 1,276 acres located near Jacksonville International Airport.
The executive vice president of Walton, Paul Megler, was quoted on the future of their build-to-rent communities saying, “We're going to develop the land together and then we're going to build the houses. So we don't have that neighbor issue within our own community because we're starting the community fresh in all these different locations." Needless to say, there are some exciting new developments coming towards the Jacksonville area.
Florida-based LeCesse Continues Their Expansion
Nearly six months ago, Altamonte Springs-based LeCesse Development Corporation publicly announced its plans to grow their business by creating upwards of 5,000 apartments throughout the United States. Despite the increase in interest rates and the various other challenges that have come with this calendar year, LeCesse is proving good on their word as they will have started 2,000 units come 2023.
Caleb Keenan, Chief Operating Officer for LeCesse, is estimating roughly 1,500 starts in 2023, with more than half of them being constructed in Florida. Keenan has explained the rationale behind their decision saying, "Access to jobs is probably the No. 1 thing we look for. You're trying to provide housing that's convenient to where people work." This explains why LeCesse is targeting up-and-coming areas such as downtown Orlando.
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Florida Digest