Winter Park-based Atlantic Housing Partners LLLP is opening a new $27 million affordable housing project in Orange City next month.
The Parc Hill Apartment Homes community will offer 158 units serving those making between 40 percent to 80 percent of the area median income. It’s the first part of a two-phase project that will also include a 88-unit senior-living development for residents 55 or older.
Parc Hill Apartment Homes was built on about 11.6 acres of land north of Parc Hill Boulevard and west of Veterans Memorial Parkway. Records show Southern Falkenburg Holdings LLC, an entity tied to Atlantic Housing Partners, paid a little more than $2.4 million for the property in October 2019.
The 158-unit affordable housing development was financed in part by $13.7 million in tax-exempt bonds from the Housing Finance Authority of Volusia County, $10.5 million in equity from the sale of federal housing tax credits allocated through Florida Housing Finance Corporation, and other sources provided through by the developer.
The community is designed for working families, so most of the units will have three bedrooms and below-market rental rates.
By Mike Salinero
Jan 13, 2020 at 1:43 PM
Parc Hill Apartment Homes will consist of a mix of two-story and three-story multifamily buildings. Units will offer up to four bedrooms and feature chef-style kitchens with granite countertops and steel energy efficient appliances. Residents will have access to a clubhouse and fitness studio.
Parc Hill Senior Living is scheduled to open in September. The roughly $16 million development consists of a four-story mid-rise building with elevators, a resort-style pool with sundeck and a cardio and fitness studio.
Scott Culp, a principal at Atlantic Housing Partners, told GrowthSpotter the company also has under construction a 105-unit multifamily project around the corner, called the Reserve at Orange City.
Its completion will follow in sequence with the delivery of Parc Hill, he said. Concord Rents will manage the property. The firm often partners with Atlantic Housing Partners and oversees about 18,000 apartment homes in Florida.
Nearby, D.R. Horton is building out its Cadence at Parc Hill single-family residential subdivision, where homes start at about $230,000.
Other Atlantic Housing Partners properties in the Volusia area include Taylor Place Apartments in DeLand and Cape Morris Cove Apartments in Daytona Beach.
The company recently completed Amelia Court in downtown Orlando’s Creative Village and Vineland Landings in Kissimmee.