"There is obviously a very strong market for this particular product," Joel Deines, sales and marketing director for Centex Homes/Orlando, tells GlobeSt.com. "We expect our sales to jump even higher as our models get further along."

Deines' observation follows a new Grubb & Ellis Co. analysis on the multifamily market published this week by GlobeSt.com. Grubb & Ellis noted a 92.4% occupancy level in the for-rent apartment sector with 11,147 units rented for the 12 months ended March 31. Strong population and job growth are fueling demand, the brokerage's study states.

Centex's strategy appears to fit in with that assessment. The builder is targeting young professionals and move-down buyers as its primary market, although Deines says the townhomes "appeal strongly to anyone who desires a maintenance-free lifestyle."

Pre-construction prices are $146,000 to the mid $190s for 1,400 sf to 2,300 sf of under-roof area. All homes have two-car parking garages. The community has a gated entryway, swimming pool and walking trail.

"This project has generated as much excitement and interest as anything we have done in the market previously," Deines says. "This product is a great fit for this market."

In nearby Flagler County, 60 miles north of Downtown Orlando, Centex is building Marina Ray, a luxury waterfront condominium community with prices frm the high $120s to the mid $220s.

Centex has previously developed the multifamily concept, along with its single-family product, in key growth areas of California and Texas.

Instant Insights /

GlobeSt.com EXCLUSIVE: Centex Racing to Sell Out First Multifamily Project Here

Related Stories

Recommended For You