Orlando real estate investor Jordan Theis, who owns dozens of rental homes, duplexes and small apartment buildings, is launching his first affordable workforce housing community.
“I’ve seen the need for affordable options,” he told GrowthSpotter. “There’s a huge demand for it and I didn’t see enough projects being built to address that need.”
Theis’ Trident Property Group filed a Master Plan with City of Orlando in late March for a 72-unit multifamily community at 5750 Stonewall Jackson Rd., just off Semoran Boulevard in east Orlando. The project is scheduled to go to the city’s Municipal Planning Board in May.
“I just feel it’s a completely underserved market,” Theis told GrowthSpotter. “There’s not a lot of competition because a lot of folks are in the market rental space and the Class A. And when I looked around, I said where can I kind of make my mark? And it’s on the affordable spectrum.”
Trident bought the 1.4-acre lot in 2019 for $375,000, and Theis is in the process of applying for HUD financing and non-competitive 4% Low Income Housing Tax Credits. He said 10% of the units would be classified as market rate while the rest are income-restricted. Theis engaged Stratis Housing as a consultant to assist with the tax credits and financing.
The Evans Group designed the 3-story walk-up garden-style buildings. Stephens Barrios Engineering rounds out the development team. The project consists of 60 one-bedroom units and a dozen two-bedroom units.
“The site plan is pretty simple,” Theis said. “There’s not a space for dog spas and stuff like that. It’s a half-mile from the Englewood Neighborhood Center, which has every amenity you could need. So we’re hoping the tenants will utilize that. And there’s another park across the street."