PARKWAY SELLS 300-UNIT MULTIFAMILY DEVELOPMENT IN LAKE MARY, FL

12.05.2022/Announcements

Orlando, FL – Parkway Property Investments, LLC (“Parkway”) announces the sale of its 300-unit Helix at Lake Mary apartment community. 

The Helix was developed by Orlando-based Parkway, one of Central Florida’s largest privately held companies, through a joint venture with New York-based Silverpeak Real Estate Partners, and construction of the $60 million project was completed in 2021. The project was 98% occupied at the time of the sale.

Positioned within the 165-acre Lake Mary Wellness & Technology Park, The Helix was designed with health and wellness at its core with resort-style amenities and expansive floor plans. 

“One of our primary initiatives when we went private in 2017 was to diversify our holdings and operations in order to contribute to the company’s long-term growth strategy,” said Parkway’s Chairman, Jim Heistand. “This project has been a huge success, and we’re excited for the multifamily, industrial, and mixed-use projects we have in the pipeline.”

The buyer was IMT Capital, a private real estate investment firm based in Sherman Oaks, California. CBRE’s Orlando office represented Parkway in the transaction.

The Helix is part of Lake Mary Wellness & Technology Park, an $800M mixed-use project containing Orlando Health’s Medical Campus with a 240-bed hospital, 20,000 sf emergency room, and a helicopter pad. The Park also includes more than 600,000 SF of Class A office space, 190,000 SF of medical office space, a 212-bed assisted living and memory care facility, a 120-room Hilton hotel, and 50 high-end townhomes. 

In 2015, Parkway acquired the 165-acre site for Lake Mary Wellness & Technology Park for $7.5M then sold subdivided portions of the site and developed the infrastructure.  

The last 2.2-acre parcel in the Park is anticipated to close by year’s end and will close out Parkway’s development of Lake Mary Wellness & Technology Park.

About Parkway

Parkway is a privately owned, full-service real estate investment firm led by a team with a strong track record of investing in high-growth markets across the U.S. and across economic cycles. Parkway owns, operates, and manages institutional quality real estate assets throughout the Sunbelt region. In addition, Parkway identifies and structures acquisitions and provides best-in-class property and asset management, leasing, accounting, and development services. Parkway currently operates and/or provides accounting services for approximately 27 million square feet of high-quality office properties located in attractive submarkets in California, Texas, Florida, and Virginia.

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A. Noni Holmes-Kidd