Miami-based Archway Partners is expanding into the Metro Orlando market with a newly planned senior affordable housing development within walking distance of the Sanford SunRail station.
Brett Green, founder and president of Archway Partners, told GrowthSpotter the company plans to build an 80-unit transit-oriented multifamily community where rentals will be set aside for residents ages 55 and older who make less than 60% of the Area’s Median Income (AMI).
The Monroe Place Apartments is one of the company’s first in the Orlando metropolitan statistical area.
“We’re focusing pretty significantly on the I-4 corridor,” he said. Sanford’s growth and initiatives to revitalize its downtown drew the company to the area, Green adds. At the same time, Archway Partners is pursuing similar projects across the state in cities like Springfield, and cities in the Tampa Bay area of Florida. The company is also involved in a project in St. Johns County.
The proposed Monroe Place project in Sanford is located on a roughly 5-acre site at 2306 W. 1st St., less than a half-mile east of the SunRail station. Around 2014, Picerne Real Estate Group attempted to develop a similar project on the site, but plans fell through.
Monroe Place will feature ground floor amenities, including a community center/event space. Outdoor recreational features include a bocce ball court, a large gazebo, and shaded sit-down areas for residents.
“The building is being outfitted very similarly to other market-rate projects in the area,” Green said. Units will have elevator access, state-of-the-art appliances, hardwood floors and large kitchens. The community will also feature an on-site management and maintenance staff.
Green said Archway Partners is using a combination of Low Income Housing Tax Credit (LIHTC) equity, private debt, and local funds to finance the project. The company was able to secure the competitive 9% LIHTC housing credits from the Florida Housing Corporation for the project.
LIHTCs can be sold to investors to raise equity on affordable housing projects. The higher the tax credit rate, the more attractive it becomes to corporate investors that receive a reduction on federal income taxes for 10 years based on the rate after purchasing.
Construction is slated to begin by the first quarter of next year, and an anticipated opening date is set for the second quarter of 2023.
The SunRail station is attracting a number of new developments nearby.
Prior to forming Archway Partners last year, Green was a director at the affordable housing division of The Related Group based out of Miami. Throughout his career, he’s overseen the development of approximately 2,000 affordable housing units.
Last year, Related Group opened the Preserve at Emerald Villas affordable housing complex in Orlando’s Pine Hills neighborhood. The 55+ apartment community is restricted for active adults and seniors making less than $39,000.
Other affordable housing developers active in the market include Wendover Housing Partners, which is pursuing a development opportunity south of Lake Bumby, in the Orange Blossom Trail corridor in Orange County. Wendover is proposing to build a 102-unit income-restricted housing project that will set aside a certain number of units for those that were formerly homeless.
Just north of the proposed project, Gorman & Company is planning to build an attainable housing rental community that’s made up of 36 multifamily units and 40 tiny home units.
Meanwhile, Banyan Development Group is requesting Orange County review on plans to build an affordable housing complex near the Central Florida Fairgrounds, west of downtown Orlando. According to a recently submitted Preliminary Review Item, the developer is drawing up plans for a five-building,156-unit rent-restricted community at 817 Swiss Lane.