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Osceola County Developments

Miami developer secures $50.5M in financing for new Reunion-area apartments

Miami-based Pinnacle Housing and new co-developer Ram Realty Advisors are gearing up to break ground on a 312-unit apartment complex in the ChampionsGate-Reunion submarket after securing a construction loan for $50.5 million from Pinnacle Bank.

Pinnacle has spent more than two years rezoning and permitting the 25.8-acre site at 6507 Sinclair Road, just east of the S.R. 429/Western Beltway interchange. Pinnacle initially sought to build over 400 units on the site but redesigned the project to reduce the density and lower the building heights from four stories to three. The approved site plan also increased building setbacks and buffers between the apartments and the residential neighborhood to the north.

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The community dubbed Ezelle will feature 10 garden-style walk-up apartment buildings with a mix of studio, one-, two-, and three-bedroom units with open floorplans, stainless steel appliances and granite countertops as well as smart thermostats and smart locks. The total project budget will be $77 million, according to a release. The development team intends to begin leasing in early 2023.

Travis Williams, Vice President of Development for Ram Realty Advisors, said they joined the project because of the strong demand for multifamily housing in Orlando and the location close to employers such as theme parks. “The Orlando Metro multifamily sector has experienced incredible rent growth and increased occupancy over the last year,” he said. “We believe this momentum will continue as the Orlando job market and hospitality industry rebound to pre-pandemic levels.”

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The design team from Forum Architecture & Interior Design and Harris Civil protected wetlands and maintained green spaces with native fruit trees, fitness and nature trails. The amenity center will feature a resort-style pool, 24-hour fitness center, pet spa and park. The building also offers co-working space with WiFi, coffee & tea station, meeting rooms and lounge areas will also enable residents to connect and collaborate, supporting a productive WFH environment.

“We look forward to welcoming future residents to the Ezelle community. This beautiful new development provides a unique, high-quality and modern housing option for theme park team members,” said David Deutch, Co-founder of Pinnacle. “The nearby wetland preserve with walking trails that celebrate the natural surroundings, resort-style amenities, thoughtfully designed interiors and convenient access to area shopping and retail make this a highly desirable place to live.”

General Contractor Clancy & Theys received a notice to proceed from Osceola County on March 21. The developers will be pursuing a National Green Building Standard (NGBS) Certification for the project.

Pinnacle purchased its site in December 2020 for $3.6 million. The parcel is part of 126 acres that Avanti Property Group bought for $8 million in May 2015. The Avanti assemblage at one time covered all four quadrants of the Sinclair Road-S.R. 429 interchange, but portions have been sold off in recent years for a new convenience store, a church and three apartment complexes.

D.R. Horton is the contracted buyer for the 60-acre parcel as the southwest quadrant of the interchange. The homebuilder received county approval in February for a preliminary subdivision plan that creates a 146-unit townhouse community and two future development parcels for commercial and multifamily use.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on FacebookTwitter and LinkedIn.


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