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.
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.
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 growthPembrook 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).