North Carolina developer scoops up 20 acres next to The Villages in Lake County

Evolve Cos. buys land in Fruitland Park for $4.5 million.

North Carolina developer scoops up 20 acres next to The Villages in Lake County

A multifamily developer from out of state has bought nearly 20 acres in Lake County, adjacent to The Villages.

Evolve Fruitland LLC is a subsidiary owned by Evolve Cos. of Greensboro in North Carolina. It paid T.D. $4.5 million, or approximately 230,770 an acre. Burke, a property owner who is a private individual, purchased the two parcels located at 305 County Road 4666A, in Fruitland Park. This is just east of Colony Plaza, which houses the Publix store in The Villages.

The transaction was closed on April 25th and the public record of Lake County was posted April 28th.

Burke's contact information and the executives of Evolve Cos. could not be reached for comment.

A few buildings are located on the two parcels, including an old restaurant that was built in 2013 and measures 6,420 square feet.

Evolve has completed or is currently working on multifamily housing in Florida, North Carolina South Carolina and Tennessee, according to its website. It has built and developed more than 10,000 student and multifamily housing units in the Southeast.

In 2022, The Villages will have more than 71,000 houses in its 82 square miles of master-planned development that spans Lake Sumter and Marion counties.

CBRE's Q1 Multifamily Report for 2023, released last week, shows that the multifamily housing market in metro Orlando is still strong.

According to the report, 35 out of 69 markets tracked CBRE experienced positive net absorption during the first quarter 2023. Orlando led the way with 3,200 positive apartments. Charlotte came in second place, absorbing 1,300 units, less than half.

Orlando ranked fifth in Southeast Region for rent growth, with an annual change of 6.1%.

The report notes that "if sustained over the next quarters, [this] national construction slowdown in delivery could help improve market fundamentals."