Growthspotter: NM Residential begins planning second phase of Marden Ridge apartments in Apopka
NOV 17, 2020 AT 6:03 PM
Summer House will consist of 264 multifamily units surrounding a lake in Apopka, next to the Marden Ridge Apartments. (Forum Architecture) Ohio-based NM Residential is expanding one of its first multifamily communities in Central Florida.
According to a recently filed St. Johns River Water Management District application, the developer is seeking environmental permits that will allow for the construction of the second phase of its Marden Ridge Apartments in Apopka.
It will be teaming up with Maitland-based Nvision Development on the project, which calls for a 264-unit multifamily community called Summer House. The multifamily development will abut their Marden Ridge Apartments, built in 2017 at 1595 Marden Ridge Loop.
The 16-acre development site located on the northeast corner of the S.R. 451 and S.R. 414 interchange, south of Ocoee Apopka Road, will contain four, four-story apartment buildings spanning 20,900 square feet each, with an accompanying two-story clubhouse and a resort-style salt-water pool.
The proposed 264-unit Summer House community in Apopka will surround a large stormwater pond and feature a running track field. (SJRWMD/Orange County Property Appraiser) Plans also show the developer intends to dedicate about 2.44 acres for a future running track, open space areas, roadways and stormwater ponds. Currently, the property consists of vacant cleared land and wooded areas.
Nvision Development will manage the design, development, and construction of the project and NM Residential will be the property and rental manager upon completion. Construction is slated to begin in late summer 2021, with leasing beginning around the fourth quarter 2022.
Residents will have access to a lounge, golf simulator, nautical-theme bar, two-story gym overlooking the pool, a meditation room and a dining area that can be rented out for private parties. The second floor of the clubhouse will feature a balcony with a shuffleboard table and lounge seating.
Walking paths will connect the Marden Ridge playground and dog park with Summer House, which will also have its own walking trail around its lake, as well as an outdoor dog wash station, fire pits and hammocks.
The partners are behind several other apartment communities across Central Florida, including multifamily projects in Maitland, Sanford, ChampionsGate and Lake Wales. NM Residential is also building a student housing development called Vale East Student Living, near Valencia College’s East Campus.
The project in Apopka was its first in Central Florida. It’s part of a larger master-planned development created by MMI Development. In addition to the apartments, the developer helped bring about the construction of a new K-12 Central Florida Preparatory School in Apopka.
MMI also contributed $6.5 million for the construction of a half-diamond interchange, built in 2017, west of Marden Road on the north and south sides of S.R. 414. That same year, the $200 million AdventHealth Apopka hospital was built nearby.
A growing amount of development in the area has been activated in part by the construction of S.R. 414 (Apopka Expressway) in 2009 and the interchange connecting S.R. 414 and S.R. 429, built in 2011. The new roads and interchanges connect to S.R. 429, which stretches all along metro Orlando’s western edge.
Nearby, a joint venture tied to The Collier Companies and Benge Development has plans to develop a new town center community that will feature 200,000 square feet of retail/restaurant space, a new YMCA and more than 600 new apartments.
Park Square Homes is developing the second phase of its Emerson Park (105 townhomes) residential community and DHI Communities, a wholly owned subsidiary of D.R. Horton, is prepping about 26 acres at 2901 Ocoee Apopka Rd. for a 240-unit apartment complex.
In recent months, vacant property along S.R. 429 has also lured in high-profile companies and investment dollars from industrial real estate developers.
Companies such as e-commerce giant Amazon, Goya Foods, Universal Studios Orlando and Coca-Cola Co. are building or planning to lease distribution centers near the roadway.
Just recently GrowthSpotter reported that Orlando-based real estate firm Cadence Partners LLC partnered with New York-based real estate investment group Clarion Partners on a proposed speculative 189,000-square-foot industrial project directly off the Daniel Webster Western Beltway.
Editor’s note: This story has been updated with information provided by Nvision, a partner on the project.