A 2018 study laid the groundwork for justification for more apartments in Sumter County, and The Villages is relying on that study to push multi-family housing in Florida’s Friendliest Hometown.
The study, “Sumter County Multi-family Market Analysis June 2018,” has been dusted off and more and more is being used as a reference, including in Monday night’s presentation before the Sumter County Special Master by The Villages’ new legal representative, Jo Thacker.
“Nationally, since the 2007 Recession, the multi-family sector has remained one of the most profitable commercial real estate sectors. In most multi-family markets demand outpaced supply as job growth and the migration of people continued to rise. The multi-family market is projected to continue its growth as there is a deficit in the amount of production for the market,” the study said.
Apartments could be attractive to aging Villagers.
“Some nearing retirement and looking for housing that promises less maintenance but can still offer space for the material possessions they’ve acquired over the years are candidates for apartment living. With the national recognition of The Villages community lifestyle and convergence of seniors, there exists an additional opportunity for multi-family development to provide an alternative to this mode of housing,” it said.
The two-year-old study pointed to the boom of communities like Sumter Grand (which changed ownership earlier this year and is now Sumter Senior Living.)
“It is important to note The Villages Sumter Grand, a 150-unit continuing care community providing independent and assisted living, as well as memory care services within The Villages community has asking studio rents of $3,300, asking one-bedroom rents of $5,156, and asking two bedroom asking rents of $6,165,” the study said.
It added that “this type of product is viewed as having tremendous potential for growth over the next few decades.”
The Villages opted to demolish the long-shuttered Hacienda Hills Country Club, along with the Priority Pool, to make way for a nearly 300-unit apartment complex. Katie Belle’s was closed earlier this year and is targeted as the first site for apartments at Spanish Springs Town Square. A map that was part of Monday night’s presentation, indicated that multiple buildings in Lake Sumter Landing are also viewed as fertile space for apartments.
The Villages has indicated “that lack of commercial demand” is driving the desire to put apartments in the town squares. However, when pressed during a Sept. 14 Lady Lake Planning and Zoning Board meeting, Villages Vice President Marty Dzuro admitted the only vacancy in Spanish Springs was at Katie Belle’s.
The Villages has revealed that 80 percent of the people who have moved to the new Lofts At Brownwood are Villagers who have moved from elsewhere in Florida’s Friendliest Hometown.
However, the study suggests that apartments could simply bring in more money.
“For over a decade, the multi-family sector has remained one of the most profitable commercial real estate sectors,” the study.
You can read the entire study at this link: Sumter County Multifamily Analysis Final Version 06202018_201902141130044385
