ORLANDO—Land is starting to sell in Orlando as the next wave of multifamily development begins. The latest example is the sale of 15.5 acres of vacant land at the northwest corner of Waterford Lakes Parkway and Woodbury Road.

“We are seeing a slow, but steady increase in interest in vacant land from apartment developers in the Metro Orlando area as the occupancy rate has continued to increase and the level of new supply has continued to be constrained,” Bob Thollander, senior vice president of Realty Capital Advisors, tells GlobeSt.com. “Apartment developers' primary interest for vacant sites is for well located parcels in urban locations with close proximity to established retail and restaurant hubs as well as downtown Orlando and UCF.”

Thollander was the exclusive listing broker. Camden Property Trust bought the property and plans to develop 308 luxury apartment units on the site. The parcel is on Waterford Lakes Parkway and is within walking distance of the Waterford Lakes shopping center, which includes many major retailers, restaurants and a movie theatre. The site is also 
within a few miles of the University of Central Florida.

The seller was JLS East, which originally had plans to build 216 for-sale town home units on the parcel. The buyer was Fund Waterford Lakes, LLC, a legal entity set up by Camden to own the project. Although financial terms of the deal were not disclosed, Thollander says the land sold at market value.

“The biggest challenge for multifamily developers continues to be the lack of acceptable debt financing and equity requirements,” Thollander says. “However, those top tier developers with unblemished track records and high liquidity are moving forward on new deals in great locations with acceptable financing terms and/or cash.”