An Orlando-based private equity firm that owns and operates over 8,000 multifamily units is seeking permits to build a ground-up Class-A apartment community on John Young Parkway in Kissimmee.
Code Real Estate Partners has submitted a preliminary site plan to the city for the proposed 320-unit community that would rise on 22.3 acres just south of Shingle Creek and the planned Shingle Creek Regional Trail extension.
Jared Remington, founder and managing partner, told GrowthSpotter they hope to get their permits approved in early 2022 and be under construction by mid-year. The community would consist of eight 4-story, elevator-served multifamily buildings with detached garages and a separate clubhouse and pool.
The building design will be based on a prototype for an open corridor building with elevator service. Remington said the finishes will be Class-A. “It will be really nice finishes with granite countertops, stainless steel appliances, vinyl plank floors, individual HV/AC units, HardiePlank siding,” he said. “It won’t be enclosed corridors. We like the open corridors because it allows for more light and better airflow.”
The outdoor amenities will also feature a grilling station and entertaining area near the pool and a gated dog park. The property is bordered by Thacker Lagoon, which connects to Shingle Creek, but it’s still to be determined if the community will offer any type of water access.
The property is owned by Kissimmee real estate broker Rajia Ackley, who updated the PUD zoning to allow for High-Density Residential use. It previously was intended for an assisted living facility. During the Development Review Committee meeting last week, city staff told the project engineers from Kimley Horn they would have to redo some of the environmental studies that had been completed for the earlier project.
The property is surrounded by new regional parks, trails and mixed-use development. Lancaster Ranch, a 153-acre city park, is right across John Young Parkway/U.S. 17-92. Osceola Village Center, a 163-acre mixed-use development anchored by a new rehabilitation hospital, is just north of the Code RE project. That project also has a multifamily component that will be developed by NRP Group.
Remington said Code RE Partners was drawn to the Kissimmee site strictly because of the market dynamics.
“It’s interesting. We actually weren’t aware of the park or the development activity to the north when we went into the property,” he said. “We were just purely interested in the general Kissimmee market, and we’re big fans of Orlando. We really love Orlando, I reside here, and we own other properties in Orlando.”
Remington said the team is still finalizing its capital structure, but the plan includes a 1031 exchange that will comprise a substantial portion of the equity.