Ohio-based multifamily developer PLK Communities is making its entry into the Florida market with plans for a new project in Sanford.
PLK founder Peter Klekamp purchased 26 acres along Lake Mary Boulevard in March and is now requesting a meeting with city staff for a preliminary review of a 240-unit apartment complex on this property, located a short drive west of U.S. 17-92.
Nick Lingenfelter, the company’s chief development officer, told GrowthSpotter that the land’s former owner had previously secured entitlements and a land-use plan for an apartment community on the property. He said permits have also already been obtained.
The land was previously owned by Casselberry-based 3rd Wave Development, according to Seminole County deed records.
“They had permits ready to go when we closed on the land,” Lingenfelter said.
PLK, which has assets in Ohio and Kentucky, wasn’t looking to expand into Florida, he added. But when they got word of the land availability, the opportunity was too good to pass up.
“It was purely opportunistic,” he said. “We love the location.”
He said the company is seeking minor revisions to the already approved plan.
Concept plans submitted to the city by Altamonte Springs-based Forum Architecture show three L-shaped apartment buildings rising four stories in height, totaling 289,704 square feet. The buildings would be set back 50 feet from Lake Mary Boulevard.
The apartment community would consist of 12 studio apartments, 84 one-bedroom units, 108 two-bedroom units, and 36 three-bedroom units available in six floor plans. The site plan includes 340 surface parking spaces, eight handicapped spaces and 36 private garages, for a total of 384 spaces.
The clubhouse includes a yoga studio, a fitness studio, a “knowledge bar,” and several private study rooms for remote employees.
A pool area sits behind a clubhouse and a dog park is positioned near the middle of the project site.
An entity titled 1010 West Lake Mary LLC purchased the assemblage of parcels for $3.6 million in March. The entity is managed by the founder of PLK Communities and the address matches that of the company.
Founded by Klekamp in 2001, PLK Communities started out as a real estate management company with a focus on multifamily and industrial properties, according to its website. Throughout the years, PLK evolved into the ownership and management of retail, office, and self-storage facilities in the Eastern United States.
Today, PLK has nearly 200 full-time associates and manages over 6,200 apartment homes across Ohio and Kentucky. It’s grown into the largest owner of multifamily units in the Cincinnati Metropolitan Statistical Area, the website says.
The company posted recently on its LinkedIn page that its goal is to deliver 9,000 apartment units by the year 2029.
Demand for apartment units remains robust throughout the Orlando market, according to a recent market report by Marcus & Millichap that reflects multifamily activity during the third quarter of this year.
“Apartment demand is still strong by historical standards, as renters absorbed more than 10,300 units over the trailing 12-month period ending in June,” the report says.
Developers are working to add to the housing stock with more than 24,00 units currently under construction in the Orlando market, according to the report.
“The delivery pace may place upward pressure on availability over the near term,” the report says. “Nevertheless, a rate of household formation nearly three times the national average and a projected increase of more than 230,000 new residents over the next five years suggests renter demand will remain elevated in Orlando.”
Over the past 12 months, 7,500 new units have been delivered to the Orlando market, according to a market report by Co-Star.
Several multifamily projects are in the pipeline for the Sanford area. Recently, GrowthSpotter reported that while the Atman Companies dropped out of plans to build an apartment community at the Seminole Towne Center mall, another developer has now filed plans for a 350-unit project.
Miami-based Royal Palm Companies is working on its Tuscany Village mixed-use concept for property along the south side of State Road 46, roughly three miles west of downtown. The project calls for the development of a luxury 462-bed apartment community, with more than two acres set aside for more than 10,000 square feet of commercial space.
Atlanta-based Carter USA submitted early site plans to the city this month seeking approval for a 320-unit apartment community with room for commercial growth just south of S.R 46 near the northeast intersection of St. John’s Parkway and Rhinehart Road.
The NRP Group, a Cleveland-based multifamily developer and property manager, has received approval for a 352-unit apartment on 21 acres at 1150 Upsala Road.
Meanwhile, Wendover Housing Partners is looking to add to Sanford’s affordable housing stock by adding another phase to its Monroe Landings apartment community within the city’s historic Goldsboro neighborhood.
The first phase of Monroe Landings is 60 units. Phase 2 would bring another 84 affordable units to the property next door. All of the units will be affordable, according to criteria set by the federal Department of Housing and Urban Development.
Editor’s note: An earlier story has been updated with additional information from the developer