DLP Capital, a private real estate investment firm, today announced that it has broken ground on Westwood at Winter Haven, a 280-unit multifamily community in the burgeoning tourist region of Winter Haven, in central Florida. Winter Haven serves as an intermediary destination between two of Florida’s largest cities, Tampa and Orlando, and is home to the largest Legoland resort in the world with over 5 million visitors annually. There is high demand for affordable rental apartments in the region, yet there are no new deliveries of product planned for the next 24 months, with the exception of Westwood at Winter Haven. The new community, expected to be ready by late 2024, further expands DLP Capital’s multifamily footprint in Florida, adding to a portfolio that will total more than 2,400 units in the state, aimed at helping to alleviate the affordable housing crisis in America.
“Winter Haven attracts not only tourism, but leading Fortune 500 companies as well, with robust job growth expected over the next decade,” said Don Wenner, CEO of DLP Capital. “As job growth places increased pressure on multifamily availability in the near future, we’ll be ready to step in and deliver 280 quality units to area residents. As we expand in Florida, DLP Capital will continue to focus on providing affordable rental solutions to area workforces.”
Westwood at Winter Haven, located at 3800 Avenue J Northwest, is surrounded by retail, restaurants, countless lakes, and golf courses, among other amenities. Its central Florida location is convenient to the I-4 thoroughfare, which connects Florida’s east and west coasts, from Daytona Beach in the east to Tampa in the west, and Disney World is only 30 miles away. Large corporations have been adding jobs in Winter Haven, including Coca Cola, Publix Super Markets (founded in Winter Haven), an Amazon Air Hub, and a Walmart Fulfillment Center. In addition, tourists add approximately $1.5 billion in annual spending to the local Winter Haven economy.
The new Westwood at Winter Haven community will feature 17 two- to three-story garden-style buildings, situated on 22 acres. Amenities are expected to include a clubhouse with a resident lounge, fitness/aerobics center, business center, pool with poolside cabanas, dog park, pet/jogging trail, and playground. Apartments will include one to three bedrooms and feature stainless steel appliances, granite countertops, dishwasher, washer and dryer, walk-in closets, and water and energy conservation features. These quality amenities, combined with affordable rents, are expected to result in swift apartment leasing. Vacancies in the immediate area stood at only 3.3 percent as of October 2022.