PRIME Luxury Apartments, first project in Osceola to sell for over $100 million.

Birmingham-based Arlington Properties is making its Orlando market entry as the fifth multifamily developer in the popular Sunrise City mixed-use community.

The developer paid $6.32 million last week for 27 acres on the north side of Osceola Parkway, across the street from Oasis at Shingle Creek, and scored construction financing to the tune of $56 million from Synovus Bank.

The developer already has approved construction plans for Arlington at Shingle Creek, a 316-unit luxury apartment complex. The development matrix calls for 151 one-bedroom units and 165 two- and three-bedroom units.

Orlando’s Intram Investments is the master developer of the community on S.R. 535/Vineland Road. Vice President Randy Hodge told GrowthSpotter this was the last parcel available in the 238-acre community, which has two completed apartment communities and a third under construction, as well as a Publix-anchored shopping center on Vineland.

He said Arlington is new to Orlando, but the midrise product they intend to build is similar to one now under construction in Tampa called Tapestry Big Bend, which is scheduled to deliver in 2023.

The project will kick off just as another luxury apartment community in Sunrise City sold for a record price. Toronto-based real estate investment firm Brass Enterprises paid $108 million last week for Prime at Sunrise City, which was developed in 2021 by Tampa-based 2nd Wave Development. The sale price breaks down to an average of over $317,000 per unit — the highest price per unit ever paid for an Osceola County multifamily asset.

“Yes, this was the first in Osceola to sell for over $100 million, and yes we had multiple offers,” Newmark’s Scott Ramey told GrowthSpotter.

The sale price dwarfs the prices paid for similar assets in the submarket. Just two years ago, Bluerock Real Estate acquired the 300-unit Integra Sunrise Parc for $67 million. In 2018, Starlight U.S. Multifamily paid $75.3 million for the Oasis at Shingle Creek community, developed by The Altman Companies and directly across from the new Arlington project.

The unit interiors at Prime are decorated with contemporary finishes including granite countertops, kitchen islands, vinyl-plank flooring, stainless-steel appliances, floor-to-ceiling stacked cabinetry, smart thermostats and 10-foot ceilings on first and fourth-floor units. Managed by Greystar, the community was leased up in December 2021 and has maintained nearly 100% occupancy since stabilizing.

“Kissimmee is absolutely exploding with growth, and Prime is one of the nicest properties to deliver in the submarket,” Ramey said. “The physical design, which included interior air-conditioned corridors with elevator service, 10-foot ceilings on half of the units and one of the largest amenity packages in the area catered to a very high-end resident base and allowed the property to lease-up in less than 9 months from having first move-ins. The combination of the exceptional physical product, rapidly growing location and strong property performance trends made it highly appealing to a large contingent of buyers who pursued the opportunity.”

Prime’s amenity package includes a 9,000-square-foot clubhouse with a sports simulator, multiple gathering areas, a resort-style pool, 24-hour fitness center with its own spin studio. The developer also introduced a new indoor-outdoor “cave” amenity zone concept that offered space for a bar/lounge area, functional fitness gym, work-from-home space, and game area.

Hodge said the retail center is almost entirely leased, except for about 10,000 square feet in the final multi-tenant building. The interior buildout is underway now for First Watch and Flippers Pizzeria.

In early 2019, an affiliate of Northwood Ravin and Tampa-based Framework Group paid $25 million for 45-plus acres immediately east of the shopping center and straddling both sides of Sunrise City Drive. The firms are currently building 465 units with an unprecedented amenity package designed to recreate a luxury hotel experience. The first units are scheduled to be delivered this summer, and construction will be completed in 2023.

“Sunrise will be an exceptional one-of-a-kind apartment community in Orlando,” Marketing Director Courtney Patterson said. “It will have two large zero-entry resort pools, two large gyms, an on-site barista and concierge, and a large lazy river with three waterfalls and a water basketball court. The community will also offer two dog parks and splash pads, a two-story outdoor kitchen, an indoor spa with hot tubs, saunas, and steam rooms and a golf simulator room.”

In 2020, Lantower Residential, a Dallas-based multifamily developer and operator, bought a 41-acre multifamily site in Sunrise City. The developer has an approved SDP for a 321-unit complex but has not commenced construction.

Just over the Orange County line, Intram has a deal with California-based Lincoln Avenue Capital to build 200 units of affordable senior housing north of Sunrise City.

Laura Kinsler

More Apartments in the Works Near Lake Nona as Job Growth Fuels Demand

Tampa-based 2nd Wave Development is under contract to buy seven parcels with single-family homes to convert those properties into apartments and commercial space. The demand for apartments there is “incredibly strong,” said apartment expert Scott Ramey, senior managing director of New York-based real estate brokerage Newmark, who isn’t involved with the proposed developments.” So much of that area draws off of the growing job center that is Lake Nona.

2nd Wave Development Secures Tampa Apartment Project Funding

2nd Wave Development has secured a $14.2 million preferred equity investment for its 360-unit apartment complex it is building in Tampa. Pembrook Capital Management provided the capital for the property, which will be called The Asbury Apartments. Doug Wilberding with Pembrook originated the loan.

When it delivers, The Asbury Apartments property will include 27-buildings with 366,656 square feet of rentable area. The 34-acre site will have 14 residential buildings, 10 garages, two clubhouses, one maintenance building, and 655 total parking spaces.

“The opportunity to help bring a substantial multifamily project to this area was a compelling deal for us to fund,” Stuart Boesky, CEO of Pembrook, said in prepared comments. “Even in today’s difficult economic conditions, the Tampa market continues to flourish, and this Class-A development will bring new multifamily options to a supply constrained region.”

Tampa developer selects site on Lake Whippoorwill for second Orlando-area multifamily project

Tampa-based 2nd Wave Development has chosen a site on Narcoossee Road in Southeast Orlando for its next luxury apartment community.

Alissa Sieben, development manager, told GrowthSpotter the firm is under contract to buy the 25-acre assemblage on Lake Whippoorwill, subject to the annexation and rezoning of the property. This follows the completion of and opening of Prime at Sunrise City, 2nd Wave’s first Central Florida community. The developer is a subsidiary of Sembler Investments.

Deal Dash: Tampa developer lands in Antioch

2nd Wave Development, of Tampa, Florida, paid $3.5 million for 34 acres in Antioch. The land, at 1500 Bell Road, is poised for several hundred apartments to be developed. This appears to be 2nd Wave’s first Nashville project.

2nd Wave Development Breaks Ground On Wildgrass, A New Luxury Apartment Community

2nd Wave Development, a multifamily development company, broke ground today on their newest project – a 321 luxury apartment community located on 38 acres. Wildgrass will begin delivering housing at a time of tremendous economic growth, driven by a number of major job drivers moving to the immediate area. The apartments are expected to be available for occupancy in the fall of 2019.

Riverview ranked No.8 on SmartAsset’s list of boomtowns in the nation. SmartAsset is a personal finance technology company headquartered in New York that collected data on 581 of the largest cities in the U.S. and compared the towns on five critical factors: net migration rate, GDP growth rate, housing growth rate, the annual change in the unemployment rate, and unemployment rate. With a population growth of 1.9% in 2017, SmartAsset described Riverview as having “a great school system and a host of recreational facilities.” This has helped support much of the new business growth, creating a strong demand for housing.

Tampa developer to break ground next week on $70M apartment complex

Tampa-based 2nd Wave Development is scheduled to break ground June 16 on Prime Orlando, 340-unit luxury apartment community in Kissimmee’s Sunrise City development.

The developer, a subsidiary of Sembler Investments, bought the 11-acre site late last year for $7.5 million and received approval from Osceola County for its Site Development Plan in the spring.

Jeff Armstrong, director of acquisitions for 2nd Wave, told GrowthSpotter the company secured a $70 million construction loan from Bank of the Ozarks with preferred equity investment from Marble Capital. Closing is scheduled for June 13 and delivery of the first units should take place in the summer of 2020.

Tampa developer to build $65M luxury apartments in Kissimmee’s Sunrise City

Tampa-based Sembler Investments has filed construction plans for a 340-unit apartment complex in the Sunrise City mixed-use district in Kissimmee’s tourism corridor.

This would be the second multifamily community in Sunrise City, following the completion in 2018 of Integra’s Sunrise Parc.

Sembler’s 2nd Wave Development purchased the 11-acre site last year from master developer, Intram Investments, for $7.5 million. The property lies east of the Publix-anchored retail center, between Sunrise City Drive and Osceola Parkway.

Development Director Mark Sembler told GrowthSpotter the company was drawn to the Orlando market because of its strong economy, job growth and population growth

Pembrook provides $10.5MM for construction of multifamily development in Tampa, FL

Pembrook Capital Management LLC (“Pembrook”) announced the closing of a $10,514,597 preferred equity investment for the construction and development of a multifamily project located at 6617 Simmons Loop in Riverview, FL, within the growing Southshore area of Tampa.

With the financing in place, the sponsor, 2nd Wave Development, plans to construct a 321-unit garden-walk-up multifamily development called Wildgrass at the site, spread across 13 three-story buildings. Upon completion, the Class-A development will be comprised of one, two and three-bedroom market rent units and will feature a host of community offerings including a clubhouse, fitness center and other amenities. The site also offers a great location directly off of Route 301 and near Interstate 75 which provides easy access to the many employment drivers of the Southshore and downtown Tampa regions.  The underwritten rents are approximately 80% of the area’s Average Median Income (AMI).