Multi-Family Residential Developments

Picerne under contract with Cali firm to sell affordable housing complex in Metrowest

An entity tied to California-based real estate investment firm Levy Affiliated Holdings is under contract to pay $32.74 million for an affordable housing complex in Orlando's Metrowest area.

The 384-unit multifamily complex at 5500 Arnold Palmer Dr. will trade hands for about $85,260 per apartment. The seller, Picerne Real Estate Group, paid $2.84 million for the 21.4-acre property in 1998. The project, called Willow Key Apartment Homes, was built a year later in 1999.


The multifamily community consists of 15 three-story buildings and a one-story clubhouse. Amenities include a pool, fitness center, racquetball court, clubhouse and breakfast/coffee concierge services.

Rents range between $781 to $1,005 per month. Under the county's zoning resolution, units must be reserved for residents making at or below 60 percent of the area median income.


CBRE had the listing and began marketing the property about a year ago. Representatives declined to comment on the story.

According to a bond resolution application filed in Orange County, Levy intends to score about $54 million in housing tax credit equity and loans — $29.73 million of which was deployed from CBRE HMF, Inc., an FHA-approved direct lender, to provide for the acquisition and rehabilitation for the project.

Levy Affiliated focuses on value-add commercial real estate opportunities primarily in the southwestern region of the United States, including Hawaii. A representative from the company was not immediately available.

Picerne is a privately held, family-owned real estate company specializing in development and property management services. Its southeast portfolio includes a mix of luxury and market-rate rental communities as well as affordable housing communities.

In recent years, it has concentrated in developing, building and managing affordable housing properties utilizing a Low Income Housing Tax Credit program, which allows for corporations and banks to offset tax liability by investing directly in affordable housing projects.

The company completed Oasis at Moss Park, a 320-unit luxury apartment community in Lake Nona in 2016, and has another 343 multifamily units planned in east Orlando in a new development called Oasis at Crosstown.

The Willlow Key affordable housing community sits just south of Valencia College West.

CBRE's Shelton Granade previously told GrowthSpotter the region has been heating up with activity thanks nearby major employers, like Universal Studios, announcing plans to increase their minimum wage.


"It's very encouraging and meaningful for the sub-market," Granade said.

Last month, TruAmerica Multifamily paid $64 million for a 472-unit multifamily community nearby at 1401 Kirkman Rd., called Island Club Apartments.

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