Prospect Real Estate Group is planning a new apartment community in Kissimmee, just south of Orlando, bought by Prospect Real Estate Group, after clearing a $10.4 million land acquisition.
The plot in Kissimmee’s Medical Arts District about 22 miles south of downtown Orlando along 900 Rose Ave., bought by Prospect Real Estate Group, cleared the way for a new high-end, 355-unit apartment community developed in partnership with American Landmark Communities.
The seller received over ten offers below asking price, with potential buyers citing a higher interest rate environment and supply chain issues in the aftermath of the COVID-19 pandemic. A cash buyer from the Miami area, however, saw the plot’s potential and the deal was closed after 13 months.
Helping broker the deal was David Calcanis, an executive vice president at Colliers who represented the Boston-based seller Saxon Partners. Moushimi Chinni Ganguli, managing broker with CityLights RE, represented the buyer.
For successfully overcoming difficult market conditions, navigating the entitlement process and resolving challenges such as parking requirements and easements would have impacted the site’s future development, the sale was selected for a 2024 CoStar Impact Award for sale of the year for Orlando, according to an independent panel of judges familiar with the market.
Located in an opportunity zone that covers much of the Medical Arts District along N. Rose Avenue and Martin Luther King Jr. Boulevard, the parcel is directly across the street from Osceola Regional Medical Center and a little under two miles from AdventHealth Kissimmee, the apartments slated for development will bring “strong density and adding much-needed housing into Osceola county,” according to one of the judges.
The developers are working on a four-story Advantis-branded Noa Apartments designed by Scott+Cormia and WGI. Plans include 16 units of live-work product along W Oak St., with both residential and ground floor commercial space designed for medical professionals looking for potential medical offices. Also planned are studio, one-bedroom, two-bedroom and three-bedroom units.
About the Deal: Prospect Real Estate Group purchased 10.68 acres of land in Kissimmee, Florida, for $10.4 million. The buyer has partnered with American Landmark Communities for an Advantis-branded apartment community.
What the Judges Said: "A great deal of effort went into this transaction to get things closed," said Gregg Ickes, president of real estate services at Foundry Commercial.
They Made it Happen: David Calcanis, executive vice president at Colliers International; Moushumi Chinni Ganguli, vice president of City Lights Real Estate; Navish Chawla, a managing partner of Advantis Development and Willie Frias, also a managing partner at Advantis Development.