Multifamily developers buy land in Kissimmee for $10.4 million

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Prospect Real Estate Group II, LLC has purchased 10.68 acres of land in Kissimmee for $10.4 million. Partnering with American Landmark Communities, the buyer plans to develop a high-end apartment community that’s currently approved for 355 units.

David Calcanis, Executive Vice President at Colliers, represented the seller, Boston-based Saxon Partners, LLC. Moushimi Chinni Ganguli, managing broker with CityLights RE, represented the buyer.

Located on the northwest corner of N Rose Avenue and Martin Luther King, Jr. Boulevard in Central Florida’s Medical Arts District, the parcel is directly across the street from Osceola Regional Medical Center and less than 2 miles from AdventHealth Kissimmee. It’s also 4 miles from NeoCity, an up-and-coming 500-acre master-planned technology district.

“The nearest high-end apartment community to this area is at least three miles away,” David Calcanis, Executive Vice President, Colliers. “Given there are two hospitals expanding and NeoCity getting off the ground nearby, this was a great opportunity for the buyer to develop a high-end multifamily community to serve the medical and technology professionals who currently – and will, in the future – work in the immediate area.”

Osceola Medical Center is a 404-bed hospital with 2,163 medical professionals, and AdventHealth Kissimmee has 240 beds with 1,500 employees and 280 physicians. Collectively, the two hospitals have invested over $300 million into campus expansions in the past few years.

The developers worked with Scott+Cormia and WGI to design what is planned to be a four-story Advantis-branded apartment community. It is planned to include 16 units of live-work product fronting W Oak Street, which features two stories of living space over 877 square feet of ground-level commercial space, designed for doctors and other medical practitioners who could use the commercial space as a medical office.

The plan also outlines studio, one-bedroom, two-bedroom and three-bedroom units.

“The buyer and their partners own their own construction company, which keeps building costs down, and they have all the processes in place to bring it all together,” Calcanis said. “While other developers are putting multifamily projects on hold, this project is well-positioned to move forward at a steady pace.”

The developers expect to break ground on the project in the second quarter of 2023 and to complete construction in Q2 2025.

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