ORLANDO, January 25, 2022 – JLL Capital Markets today announced that it has completed the $6.25 million sale of Fairwinds Credit Union Baldwin Park, a multi-unit development site in Orlando, Florida.
JLL worked on behalf of the buyer, Gables Residential. Fairwinds Credit Union sold the asset.
Known as Fairwinds Credit Union Baldwin Park, the development site will be transformed into a five-story multi-unit community consisting of 230 apartments, a parking garage, amenities and a rental office.
Sprawling over 2 acres, the property is located at 1801 Prospect Ave. and just 4 miles from Orlando’s central business district. The greater Orlando area remains one of the fastest growing metropolitan areas in the country, gaining nearly 61,000 new residents in 2020 and expecting 2.9 million residents by 2025. This growth has created significant investment and development opportunities in Orlando, particularly in the multi-unit market. .
The JLL Capital Markets sales and investment advisory team representing the seller was led by managing directors Jay Ballard and Ken DelVillar.
The Gables Residential team in Florida, led by Regional Vice President, Micah Cohn, and Development Associate, Scott Clark, was looking for “build-to-heart” development opportunities in Central Florida.
“After identifying target submarkets in Central Florida, we set out to find a site that met their investment criteria,” Ballard said. “We identified a former banking site in Baldwin Park and through some understanding of the entire Baldwin Park PUD we knew there were unused ‘rights’ that could be acquired and combined with a rezoning of the bank’s former property offered, and Gables was able to provide the seller with certainty of closing, ultimately allowing Gables to win the deal.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is sales and investment advice, debt advice, equity advice or recapitalisation. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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