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Capstone is pleased to present a capitalization opportunity to support the development of Kelly Park Village on behalf of Wingspan Development Group and ABC Capital Corp (the “Sponsor”). The to-be-built, 368-unit Class A apartment community is situated on 21.47 acres in Apopka, FL—a burgeoning suburb of Orlando, FL. Apopka has seen extensive growth in its residential, commercial, and employment sectors following the 2018 completion of the $1.6 billion Wekiva Parkway Expansion, which connected the city with all the major population and employment hubs of Greater Orlando and greatly reduced travel time within the metro. As such, there is 8 million SF of new industrial space within a 10-minute drive of the site. The Sponsor owns the site, which is zoned and entitled for the proposed development and is located along Kelly Park Road directly across the street from a new Publix-anchored retail development. The site’s location is in the heart of the growing Kelly Park interchange and will benefit from ongoing commercial and retail development in the area. The proposed unit mix ranges from studios to three-bedroom units, will feature Class A interior finishes and community amenities, and will be able to draw from a wide-ranging resident base. Additionally, Apopka has some of the best multi-family fundamentals in the Orlando MSA, with below-average stabilized vacancy and above-average absorption rates compared to the rest of the metro. Overall, Kelly Park Village provides an ideal investment opportunity to deliver a new product to meet the ever-growing employment that will continue driving residential demand in a submarket experiencing transformational growth.
Sponsor-Owned Site with On-Site Retail
Extensive Nearby Completed, Ongoing, and Planned Developments in Apopka
Excellent Connectivity to Greater Orlando Employment Hubs
Superb Submarket Multi-Family Fundamentals Incredible Proximity to 8 Million SF of Industrial Development