Weekly Real Estate News
Summary
Construction has begun on 325 apartments at Wyld Oaks near Orlando, backed by Carlyle.
Construction has begun on a 325-apartment development within Wyld Oaks, a 215-acre mixed-use project in Apopka, northwest of Orlando. The developer, Dewfall Hathaway, is backed by Carlyle Realty Partners X, according to an October 15 project announcement.
The apartments, called Exchange at Wyld Oaks, will be the first residential buildings to rise within the planned district near State Road 429 and West Kelly Park Road. Proposed floor plans include one-, two- and three-bedroom units. The announcement lists average sizes of 741, 1,081 and 1,307 square feet, respectively.
Wyld Oaks is planned to combine housing with shops, medical offices, recreation and other commercial uses. The development team said roads, sidewalks and street lighting are substantially complete, while the broader town-center amenities remain in the planning and development pipeline.
The company’s description of the project as a mixed-use destination should not be read as confirmation that the proposed retail, hospitality or healthcare facilities are open or fully leased. It did not disclose apartment rents, the construction-loan terms, total development costs or a first occupancy date.
The developers cited more than 2,200 homes under construction within two miles of the site and more than 13,000 homes planned or underway within five miles. Those figures are company estimates and include future housing that may not be delivered on the announced timetable.
For the Orlando rental market, the immediate development is a funded institutional-backed apartment project moving into vertical construction. Its eventual impact on vacancy and rents will depend on when the 325 units become available and how much competing supply reaches the market.
