Developers have landed $110 million in construction financing for a pair of luxury apartment complexes in Osceola County.
Cleveland-based NRP Group and equity partner Angelo Gordon closed a $59 million loan from Truist Bank on Dec. 9, the same day they received the notice of commencement from Osceola County to begin site construction on a project called Windsor Hills.
The partners paid $7 million for the 14.85-acre site on Old Lake Wilson Road at Teascone Boulevard, just north of the Mystic Dunes golf resort. The parcel is part of the Bunker Hill Planned Development and was originally approved for 197,000 square feet of commercial space. The developers were able to amend the PD to convert the commercial entitlements for up to 360 multifamily units.
NRP Construction submitted building permits for the community, which comprises 337 units across four 4-story buildings with four detached parking garages and about a dozen units with tuck-under garages or attached storage. Slocum Platts incorporated a hint of Spanish Mediterranean style in the white stucco buildings with wood accents.
The community will offer a variety of one-, two- and three-bedroom floorplans, including several with a separate den/office to accommodate WFH needs.
Abdul Alkadry with Harris Civil Engineers did the site plan, and Lowndes shareholder Rebecca Wilson assisted the developer with the PD amendment.
Also last week, The Dinerstein Companies closed a $51.3 million construction loan from PNC Bank to build the 264-unit Atlas Ballpark apartment in Kissimmee’s LOOP/Tupperware submarket. The Houston-based multifamily developer paid $14 million in October for the 9.55-acre site, which came with entitlements and more than $3 million in impact fee credits. The community represents the second phase of residential development on the site of the former Osceola County Softball Complex.
Elevation Development and JV-parter The Latigo Group are currently building phase 1, Infield Apartments, which will have 384 units with premium in-unit and resort-style amenities, including a clubhouse with a bar lounge, flexible work seating, a wellness room with a dry sauna, golf simulator, secure package room, lakefront resort-style pool with cabanas and hammocks, and a state of the art fitness center, yoga deck, and dog spa.
The property is across the street from Millenium Kissimmee, a 400-unit complex Dinerstein is building on Ball Park Road. That project is scheduled for completion in the first quarter of 2023.
NRP Group also has multiple projects underway in greater Orlando, with three communities in Kissimmee, Ocoee and Sanford all scheduled for completion in 2023. Multifamily development has maintained a scorching pace in 2022, where Orlando ranked eleventh nationally in terms of the number of multifamily units scheduled for delivery, right behind Los Angeles (11,536 units) and Washington, D.C. (12,176 units). The study from RentCafe estimated 11,334 new apartments would be completed here this year representing a 2.2% increase in total housing units.
Despite the availability of new inventory, Orlando was the nation’s third most competitive rental market in 2022, according to Rent Cafe’s year-end report. Here again, 72.5% of apartment dwellers chose to stay put this year, so 96.8% of apartments for rent in Orlando were occupied. And, with 21 prospective renters competing for an apartment, the average vacant rental in Orlando was filled in 28 days.
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