ORLANDO, FL - Affiliates of Harbor Group International ("HGI"), a privately owned international real estate investment and management firm, and The Altman Companies announced the joint venture for the ground-up development of Altis Twin Lakes, a 346-unit luxury multifamily community in Orlando, Florida. HGI will contribute 85% of the required common equity for the development, with an approximate development cost of $104.5 million. Construction is expected to start in June 2023 and to be completed in two years.
Altis Twin Lakes will be located approximately 20 miles south of downtown Orlando. Proximate to US-441 (Orange Blossom Trail), Osceola Parkway and Florida's Turnpike, the community will offer residents convenient access to Orlando's major employment, retail and entertainment hubs, including two major technology-focused mixed-use communities, NeoCity and Lake Nona.
"As economic headwinds continue to impact the market, we see an opportunity to collaborate with experienced development partners with local market knowledge to execute on attractive investment opportunities," said Richard Litton, President, HGI. "We look forward to partnering with The Altman Companies to capitalize on Orlando's strong in-migration trends and provide well-located housing that offers access to employment opportunities and lifestyle drivers."
"Harbor Group International is a leading global real estate investment and management firm," said Seth Wise, CEO of The Altman Companies and President of BBX Capital Real Estate. "We are excited to partner with such an esteemed group to bring another dynamic multifamily community to Orlando."
Altis Twin Lakes will consist of 13 three- and four-story residential buildings comprising of one-, two- and three-bedroom units with an average size of over 1,000 square feet. Unit interiors will include quartz countertops, stainless steel appliances, designer cabinets, LED fixtures, private balconies and patios, in-unit washers and dryers and smart home features.
The property will also feature a desirable amenities package, including a resort-style pool with cabanas and grilling stations, a clubhouse, coworking spaces, game rooms, a state-of-the-art fitness center, a yoga studio and a coffee bar.
HGI continues to be an active investor in Florida, last year acquiring five Miami based multifamily assets, including ParkLine Miami, two luxury apartment towers in Downtown Miami and Oak Enclave, a newly developed, 420-unit, mid-rise multifamily community in Miami Gardens.