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.