Landmark Developments are delighted to present you with the Lake Lotus Condos situated in the renowned Altamonte Springs area of Orlando. The properties are located next to the Seminole State College and are within walking distance to the myriad retail and restaurant establishments in central Altamonte.
One, two and three bed condos are available starting at $99,900 and offering over 8% NET yield. The residences benefit from private entries, vaulted ceilings, updated countertops, full-size washers and dryers, screened patios and balconies, spacious walk-in closets, roman tubs, and ceiling fans.
Amenities on the development include:
The development was substantially remodeled in 2006 with a renovated clubhouse, new roofs, new exterior paint, new screened patios and new railings. Each unit features its own screened balcony or patio. Buildings are very low density with only 2 stories, each unit having its own private entry from the ground level.
The site is a mere 10 minutes from Downtown Orlando, Altamonte Mall, and Uptown Altamonte, the planned waterfront development. Uptown Altamonte has a striking 37 acre lakeside park with lighted boardwalks, park benches, a floating stage and a 900 seat amphitheatre.
M/PF Torto Wheaton Research projects that the Altamonte Springs submarket will “outperform” the Orlando MSA in terms of occupancy and rent gains over the next two years. With no new unit deliveries in this submarket in 2011 and 2012, this location continues to stabilize and values rapidly increasing.
Condos in this development have previously sold for in excess of $300,000. This investment offers over 8% NET yield. Located in a highly sought after area of Orlando. Orlando has in excess of 55 million visitors per year and is the USA’s number one tourist destination thanks to all of the local attractions including Disney World. The development is in a Grade A school district and has a fine selection of shops and restaurants within easy walking distance.
Lake Lotus witnessed a robust condo sales period in 2007 with prices reaching $325,000 per unit. The remaining 25 units are presently offered at well below replacement cost. Lake Lotus has massive potential to command such pricing again once the market improves.
Starting price $99,900
ORLANDO RENTS ARE PROJECTED TO GROW FROM 15% BY 2014
MP/F Torto Wheaton Research predicts that multi-housing rents in Orlando will increase 15% over the next 2 years. That same report suggests that average occupancy will reach 96%+ by 2013. With assets like Lake Lotus selling for well below replacement cost, investors are likely to see significant returns in the future as the market continues to improve.
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