GlobeSt.com EXCLUSIVE: Centex Racing to Sell Out First Multifamily Project Here

ORLANDO-In its first multifamily venture in Central Florida, Dallas-based Centex Homes has posted $4 million in pre-construction sales, selling 24 of the 70 townhomes at an average $168,000 at the gated Park Maitland Villas in suburban Maitland in 30 days.

“There is obviously a very strong market for this particular product,” Joel Deines, sales and marketing director for Centex Homes/Orlando, tells GlobeSt.com. “We expect our sales to jump even higher as our models get further along.”

Deines’ observation follows a new Grubb & Ellis Co. analysis on the multifamily market published this week by GlobeSt.com. Grubb & Ellis noted a 92.4% occupancy level in the for-rent apartment sector with 11,147 units rented for the 12 months ended March 31. Strong population and job growth are fueling demand, the brokerage’s study states.