Maple Multi-Family Land SE, L.P., doing business as Trammell Crow Residential, has purchased 21.1 acres of land at the intersection of International Drive and SR 536 in Orlando for $5.2 million. The proposed development, a 314-unit luxury multi-family apartment complex, will be Trammell Crow’s first new construction project in Florida since the recession. The seller had to rezone through a Land Use Plan Amendment and negotiate a roadway agreement for the proposed International Drive extension, which will run through the corner of the property. It also had to manage school and transportation encumbrances.
“The area’s job growth, coupled with the favorable climate and cost of living, has created a booming apartment market in Central Florida,” said Nick Jones, Associate, Land and Hospitality Services for Colliers International Central Florida. “The buyer recognized the value of this location.”
