Disney Fuels Apartment Market

ORLANDO-This area’s multifamily market is experiencing one of its best years in decades as investment sales and rising rents continue to attract local, regional and national buyers, according to new market studies by Marcus & Millichap Real Estate Investment Brokerage Co. and CB Richard Ellis Inc.

Walt Disney World’s addition of 4,000 employees this year and its 2005 plans to open two large child care centers in Kissimmee and near its 30,000-acre enclave in Lake Buena Vista are expected to generate renters for the projected 2,250 new units surfacing this year, mostly in five south Orlando submarkets near Disney.

“The Orlando economy and its apartment market have begun to rebound after drab performances a few years ago,” says Steven M. Ekovich, Marcus & Millichap’s Florida regional manager. The impact of Disney’s staff growth is “being felt far beyond payroll gains,” the broker says. “Employment expansion at local hotels, restaurants and other tourist activities will add another 6,000 jobs by year end.”