Group IV has the first 87 units at Heritage Estates completed and 50% leased at average asking monthly rents of $695 to $1,490 for one-, two- and three-bedroom units. Living areas range from 629 sf to 1,584 sf. The remaining units are scheduled to open in May.
Heritage Estates is the first multi-family development in Woodland Lakes, a 911-acre, mixed-use undertaking being developed and marketed by LMC Properties, the real estate arm of Lockheed Martin Corp.
Group IV purchased the 22.65-acre parcel from LMC Properties in spring 2002 for $2.23 million or about $98,454 per acre but didn't begin construction until January of this year because of pending local government approvals. Castle Commercial Realty Inc. of Orlando handled the sale for LMC Properties.
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