Eastwind Development is putting its 48-unit Little Torch Cottages rental community on the market next week, Cushman & Wakefield said.
The complex, which opened in 2014, sits on the eponymous Lower Keys island of Little Torch Key at 28501 Channel View Drive. Its 3.7 acres include 400 feet of shoreline along the Big Pine Channel, which separates the eastern edge of Little Torch from the western edge of the much larger Big Pine Key, near mile marker 28.5 of the Overseas Highway.
Listing broker Calum Weaver, a Cushman & Wakefield senior vice president, told The Real Deal that the Little Torch Cottages listing would be published without an asking price. But he estimated that the complex would sell for about $20 million.
“It’s the newest rental building on the market in the Keys, simple as that,” Weaver said. “Waterfront. Has a marina. It’s in excellent condition.”
Little Torch Cottages is composed of 24 three-story duplexes, each built in the wooden Bahamian conch style that is common in Key West. The buildings are elevated above a carport and contain two levels of living space. Each unit has two bedrooms and two-and-a-half baths with 1,081 square feet on average, Cushman & Wakefield said.
All units have impact glass designed to handle winds of up to 180 mph, as well as at least one porch.
Amenities at Little Torch Cottages include the 14-slip marina, two pools, a fitness center and a 3,500-square-foot clubhouse. The average rent is $2,688 per month and all but two of the units are currently occupied with 12-month leases, according to Cushman & Wakefield.
Eastwind Development purchased the site in Dec. 2012 for $3.25 million, Monroe County records show. The Monroe County Property Appraiser’s Office assessed the property at $10.4 million in 2016.
Within the Keys, Palm Beach Gardens-based Eastwind is also the developer of the 106-unit Tarpon Harbour community in Marathon.
Founded in 2007, Eastwind has also built or is working on market-rate rental projects in Pembroke Pines, Lantana, Jupiter, Orlando and Boynton Beach, according to the company’s website.
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The managing member of Palm Beach Gardens-based multifamily builderEastwind Development LLC already has two projects just a few miles away from the Osceola Parkway SunRail Station near the headquarters of Tupperware Brands Corp. (NYSE: TUP).
And now, the firm is investing another $85 million into two more projects just steps from the new commuter rail platform at the new mixed-use, transit-oriented development(TOD) being prepared by Tupperware’s related Deerfield Land Corp.
Earlier this week, Orlando Business Journal learned Deerfield Land had lined up several interested developers for projects to be part of that complex, including market-rate apartments and an active-adult community on the border of Orange and Osceola counties.
And Weir confirmed that Eastwind Development is under contract to buy both sites, one in Orange County and the other in Osceola, with plans to possibly break ground later this year.
“There’s proximity to Disney, access to roadways like [State Road] 417 and John Young Parkway, The Loop is a strong retail area and now there’s SunRail,” Weir told OBJ. “There’s a lot going on.”
Here are details on the two projects:
SunRail Osceola TOD: Eastwind Development is planning a two-phase, market-rate, 350-unit apartment complex across the street from the SunRail stop on the Osceola County side. The complex, estimated at about $52 million-$53 million, will feature six four-story mid-rises with elevators and detached garages, as well as a separate clubhouse. Interior amenities will include stainless steel appliances, upgraded light fixtures, nine-foot ceilings and a mix of wood-plank, tile and carpeted floors. The first phase will include 238 units.
SunRail Senior: The developer wants to build a $32 million, 200-unit, age-restricted apartment community on the north side of the county line. Though it’s still early in the planning stages, it may include a large clubhouse, community room, concierge services, bike storage and repair, a pet salon, fitness center and separate yoga room, as well as a dining area with a warming kitchen. Amenities would include a pool and deck area along with a courtyard with a Zen garden, fountains, benches, pergola and putting green.
Eastwind Development began work last year on the $20 million, 150-unit Monterey Point luxury living community for those age 55 and older. The complex on Greenwald Way North, near the north side of Osceola Parkway and east of John Young Parkway, is expected to open in September and there’s already interest in a third of the units, Weir told OBJ.
Monterey Point is near Eastwind’s other project in the area, the 216-unit Sonoma Point apartment complex, which leased up in just 10 months.
“I think the market area is fairly strong,” Weir told OBJ. “It has good demographics, good projected growth and the potential of this corridor is underdeveloped. I like the demographics and all the economic development happening further south in Kissimmee.”
Read more about what’s happening with Tupperware’s project and SunRail, and come back to OrlandoBusinessJournal.com for more.
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