Fort Lauderdale-based BTI Partners, a real estate developer and land investor, has closed on the sale of a parcel of land in the 130-acre master planned community known as Posner Park.
As the master developer, BTI Partners, and its partners, sold 5.8 acres to Eastwind Development for $2.72 million.
Posner Park is located on US 27 off the I-4 interchange, just southwest of the Orlando Metro area near Davenport, Florida.
Cushman & Wakefield of Florida, LLC, marketed the site and brokered the sale.
Eastwind Development plans to develop the site into a 55+ community that will consist of rental apartments. BTI Partners recently sold 21.5 acres to Posner Group Holdings LLC for $4.1 million; 9 acres to Cadence Partners for $1.1 million; and 18 acres to Wisconsin developer Continental Properties, which is currently building a 288-unit apartment complex in Posner Village. Continental Properties is the eighth largest multifamily developer in the United States. In 2018, it delivered 3,140 new apartments. In 2017, BTI Partners sold 30 of the 130 acres to Intram Investments Inc., a Florida-based real estate development and restaurant investment company. In recent years, the area has seen a residential and commercial development boom as Greater Orlando’s boundaries expand.
“BTI’s flagship investment strategy is predicated on acquiring residential and mixed-use land located in a path of economic growth, with a focus on major MSA’s across Florida,” said Justin Onorato, CIO of BTI Partners. “Our recent land sales at City Center to apartment, vacation townhome and warehouse developers confirm this approach and serves as concrete evidence of the continued maturation of central Florida, specifically in the I-4/US 27 corridor.”
BTI Partners is now selling the last parcel available at Posner Park’s City Center. The remaining 11.4-acre development site, which is situated on nearly 800 feet fronting I-4, is ideal for warehouse clubs type of discount stores, Onorato said. The site’s zoning is flexible and permits a wide range of mixed-uses, including tourist commercial, retail, hospitality and entertainment. Cushman & Wakefield is marketing the property.
BTI Partners is known for acquiring land tracts ideal for master planned communities, managing horizontal development and then partnering with homebuilders for the actual delivery of homes. Since 2010, BTI Partners, with its institutional investors, has acquired or controlled more than 20,000 residential lots and today is a trusted land supplier to several national homebuilders. BTI Partners recently acquired 1,400 acres of undeveloped land located in Osceola County, about 20 miles south of downtown Orlando and west of Davenport.
BTI Partners is also behind The Grove Resort & Water Park, an award-winning condo hotel resort five minutes from Walt Disney World. The Grove consists of 878 fully-furnished two- and three-bedroom luxury vacation homes.