Casey Babb, CCIM

First Vice President Investments

Email: Casey.Babb@MarcusMillichap.com
Phone:
(813) 387-4723 – Direct
(813) 368-0835 – Mobile

 

Luis Baez, CCIM

First Vice President Investments

Email: Luis.Baez@MarcusMillichap.com
Phone:
(813) 387-4849 – Direct
(813) 767-6275 – Mobile

 

Shawn Rupp

Senior Associate

Email: Shawn.Rupp@MarcusMillichap.com
Phone:
(813) 387-4766 – Direct
(813) 966-7924 – Mobile

The Babb Group of Marcus & Millichap is proud to present The Villages Multifamily Site, a development site located just outside the eastern border of The Villages in Fruitland Park. The site provides the opportunity to develop a greatly needed multifamily project with demand driven by the Villages MSA, the fastest growing MSA in the nation. Located within Fruitland Park in Lake County on County Road 466A, the parcel contains 19.58 acres +/-  on County Road 466A. The southern 4.58 acres of the parcel with frontage on CR 466A are tagged for three retail outparcels, with the northern 15 acres (the offering subject) entitled for multifamily development. Preliminary and conceptual site plans outline a 270-unit multifamily community (18 units per acre) housed within nine three-story buildings totaling 276,696 rentable SF and units averaging 1,025 SF. Proposed unit mix consist of 108 1-bedroom/1-bath units with 756 SF, 135 2-bedroom/2-bath units averaging 1,170 SF, and 27 3-bedroom/2-bath units with 1,248 SF.

 

The Villages is the nation’s premier 55+ active adult retirement master-planned community located in Sumter County in sunny central Florida. It has been ranking in recent years as the fastest growing metro in the nation. Within the last decade alone the population has grown over 40% to an estimated resident base of 130,000. In the next five years, expected growth is nearly 10% growing to a resident base of over 143,000. The Villages was founded almost 30 years ago featuring 12 championship courses and 35 executive courses, the largest single-site golf facility in the world. Residents also enjoy 2,700 social clubs, 90 recreation centers, and three themed town centers with a fourth in planning stages. The community currently spans over 20,000 acres consisting of 65,000 homes with another planned 50,000 homes over 18,000 acres.

  • Founded over 30 years ago, The Villages is the largest active adult community in the United States with approximately 130,000 residents. The area boasts 50 total golf courses with 12 of them being championship graded courses as of February 2019.
  • Residents enjoy an active lifestyle with over 2,700 social clubs, 90 recreation centers, and three uniquely themed town squares, Spanish Springs, Brownwood Paddock and Lake Sumter Landing, offering nightly entertainment 365 days a year. A fourth town square is currently in the early development stages and will be located south of State Road 44 in Sumter County.
  • The Villages was the top-selling master planned community in the United States in 2017 and one of only four communities to sell more than 1,000 homes. In 2018, the area again claimed the top spot as the top selling master planned community in the United States with over 2,100 new home sales.
  • Since 2010, The Villages has been the fastest growing metropolitan area in the United States with an over 40% increase in population. The rapid increase in population has led to a healthy 3.7% employment growth rate over the past five years.
  • Currently, there are only 378 market-rent units that service an employment base of over 30,000 employees in The Villages MSA. This is well below the industry standard of 5:1 jobs per unit, in order to reach that benchmark, the are would require an additional 5,600 units.
  • New home sales in The Villages has been flourishing, but new development outside of The Villages has failed to stay on pace with the tremendous growth of the area. New apartment, retail and office is needed to relieve the imbalance of pent up demand.

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