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.
PEMBROOK PROVIDES $10.5 MM IN PREFERRED EQUITY FINANCING FOR CONSTRUCTION OF MULTIFAMILY DEVELOPMENT IN TAMPA, FL
NEW YORK, April 3, 2019 /PRNewswire/ -- 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).
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…
2ND WAVE DEVELOPMENT BREAKS GROUND ON WILDGRASS, A NEW LUXURY APARTMENT COMMUNITY IN THE FAST GROWING RIVERVIEW AREA
Wildgrass Luxury Apartment Homes community will provide much needed housing to the Riverview area, which has seen a spike in population growth.
RIVERVIEW, Florida, December 3, 2018:2nd 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.
2ndWave Development will be building these new apartments with a modern garden style, farmhouse design with emphasis placed on the natural beauty of the surrounding area. The 3-story apartments will feature a large clubhouse and state-of-the-art fitness center, with an accompanying beer garden, yoga lawn, and general amenities area of about 15,000 sq. ft. that will offer up a new level of luxurious nature-centered style of living. From community amenities that foster a true neighborhood experience, such as a half-mile continuous walking nature trail, rec field, and salt water pool, to interior touches that make residents feel right at home, 2ndWave Development strives to deliver communities of superior value.
The Tampa development company is led by a team of industry veterans with over 35 years and $3 billion of combined development experience. 2nd Wave Development represents the second venture Bruce Keene and Steve Sembler have formed together after successfully developing multifamily projects under the name Ballast Point Communities during the 2000’s. During their careers they have developed over 18,000 multifamily units, including 1,500 multifamily units in their previous venture, Ballast Point Communities.