SOVEREIGN PROPERTIES AND INVEST CAPITAL GROUP ANNOUNCE THE GRAND OPENING OF THE CLASS A 360-UNIT ATLANTICA AT TOWN CENTER
The event will celebrate the project's first phase; phase two is scheduled to break ground in late 2023
DAVENPORT, Fla., Sept. 27, 2023 /PRNewswire/ -- Sovereign Properties and Invest Capital Group have announced the grand opening of Atlantica at Town Center, the first phase of its two-phased development. They are hosting a ribbon cutting event on September 28th at the property to celebrate the completion of its first phase.
Atlantica at Town Center is located at 1121 Loblolly Lane, Davenport, FL. The 360-unit Class A apartment community offers one-, two- and three-bedroom units ranging from 683 square feet to 1,435 square feet, which are some of the largest units in the area.
The community was designed to give residents a resort-style feel and boasts a large pool area featuring cabanas, an outdoor kitchen, gas grills, outdoor TVs, and more. Other on-site amenities include a state-of-the-art fitness center, a pet park, dog spa, yoga studio, clubhouse with a game room and coffee station, elevators, valet trash stations, Luxor One package lockers, storage units, ample surface parking, attached and detached garages, and 24/7 on-site security.
"We wanted to build a community where residents felt relaxed, comfortable and safe. Sovereign Properties and Invest Capital Group carefully designed and selected all of the amenities and finishes so that the families living there feel like they can call Atlantica at Town Center home," David Amiel, Investment Manager of Invest Capital Group.
All units have wood-inspired flooring, stainless steel appliances, quartz countertops, shaker kitchen cabinets and walk-in closets. Some units have screened balconies and patios and nine-foot-high ceilings.
The 360-unit property is over 60% leased. The 352-unit second phase, situated on land adjacent to phase one, is scheduled for a late 2023 groundbreaking, with completion anticipated by late 2024.
Atlantica at Town Center contracted the Davenport land in 2018 when there was little development in the area. "We believed that this was going to be the focal point for Davenport, and that's what it's become during the past five years," said Katie Clarke, Sovereign Properties' Chief Investment Officer.
Situated near Osceola Polk Line Rd. and Old Lake Wilson Rd., Atlantica at Town Center is close to Interstate 4, within a 15-minute drive from Disney World, Universal Studios, Orlando International Airport and Downtown Orlando. Davenport is also close to technology, trade, transportation and logistics employment hubs.
The property is Sovereign and Invest Capital's second to be built under the Atlantica brand. The first, Atlantica Burleson, was completed in late 2022.
More Atlantica projects are being planned or underway. These include the second phase of apartments in Davenport, Atlantica at Town Center Phase II, as well as Atlantica at Alamo on the west side of San Antonio, TX; and Atlantica at Daytona in Daytona Beach, FL.
Sovereign and Invest Capital Group target growing population and job centers across the Sun Belt market where median incomes are typically higher than the national average, and that offer A-rated school. Most often, the Atlantica brand focuses on locations in secondary markets that are close to larger metropolitan areas.
"Sovereign and Invest Capital Group, have been able to deploy capital and start new construction deals in a very challenging time," Clarke said. She noted that even as multifamily construction has slowed, Sovereign and Invest Capital continue focusing on developments and unit delivery. "We remain very bullish on multifamily," she added.
About Sovereign Properties
Sovereign Properties is a real estate development firm focusing on building quality, affordable multifamily properties that produce stable cash flows, long-term asset appreciation and generational tax benefits for investment partners. Led by founder and CEO Russ Krivor, the company has generated $250 million in equity and sponsored the development of more than 6,000 Class A units in across the country. Experience in construction, lease-up, and ongoing management of apartment communities makes Sovereign Properties qualified to identify, underwrite, and execute quality multifamily investment opportunities.
About Invest Capital Group
ICG is an investment management firm that capitalizes on residential and commercial real estate. The company focuses on capital preservation, risk management and value creation by sourcing, evaluating, and investing in income-generating properties, ground-up developments and repositioning of distressed properties. During the past 25 years, Gabriel Amiel CEO of Invest Capital Group has invested more than $2 billion in multiple asset classes.
SOURCE Sovereign Properties and Invest Capital Group
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