South Florida-based Mas Development secured permits for the 210-unit Solamar townhouse development on Kissimmee’s Old Vineland Road and brought in JV partners with ties to Mexico to help fund the project as build-to-rent community.
Mas purchased the 14.4-acre site known as phase 2 of Solamar in early 2021 with an approved plan for 210 townhomes, which were intended to be constructed as short-term rentals. The unit count was kept the same but the buildings were redesigned as a mix of one- and two-story townhomes.
In December, Mas sold the site with an approved Site Development Permit for $4.95 million. to a joint venture led by Agador Spartacus Development, Trusot and T.D.G Enterprise, two multi-national real estate investment companies with holdings in Mexico and the United States.
Alan Benenson, president of MAS Development, is also a principal of Agador Spartacus along with Samy Cohen and Alberto Dichi, both former executives with AD1 Global.
The JV partners formed Old Vineland Road LLC and engaged JLL to secure $35 million in construction financing from Churchill Funding in January. The JLL Capital Markets Debt Advisory team representing the borrower was led by Max La Cava, Brian Gaswirth and Drew Jennewein.
“With north of $80 billion raised to acquire or develop single-family rental assets, the build-to-rent sector is quickly establishing itself as a major asset class and experiencing a growth trajectory comparable to that of the apartment sector during the 1990s and 2000s,” La Cava said. “Lenders were attracted to Solamar Kissimmee given the property’s low-density layout, which is sought after by tenants, the market’s robust fundamentals characterized by population and employment growth and the major institutional appetite to acquire BTR assets offering a clear path towards an exit strategy.”
Once completed, Solamar Kissimmee will feature two- and three-bedroom units housed in more than 35 buildings, with six attached one- and two-story housing types offering semi-private backyards. The property will benefit from a robust amenities package, including a resort-style swimming pool, a spacious sun deck with private cabanas, a professional fitness studio with on-demand spinning classes, two dog parks, BBQ pit areas and a Class A clubhouse.
The site is across the street from Vineland Landings, 377-unit mixed-income rental community by Atlantic Housing Partners that was completed in 2018. Adjacent to that site, Dominium Partners is building a Heron Ridge, a 331-unit affordable senior housing community.
It’s one of several locations across Central Florida where MAS Development is seeking or sought permits for BTR communities. Those include two projects in Wildwood and one in Davenport, where the firm closed on nearly 29 acres off U.S. 27 and Florence Villa Grove Road in December, paying $4.2 million.