Fore Property Gets $68M Loan to Build Orlando Asset
PCCP provided the financing for the 309-unit community to be developed in Kissimmee, Fla.
Fore Property Co. has received a $67.8 million loan from PCCP to build Parkway Crossings, a Class A, 309-unit multifamily community in Kissimmee, Fla.
Construction has begun and the project is expected to be completed in 2025.
The six-acre site is situated near the corner of Orange Avenue and Osceola Parkway and is about 20 miles south of downtown Orlando, Fla. The location provides access throughout the region via Osceola Parkway and the Florida Turnpike. Major regional employers like Disney, KMPG, the United States Tennis Association and the University of Central Florida are nearby.
The Orlando MSA is one of the fastest-growing large cities in the country. In-migration from other states and major company relocations continue to establish the region as a significant employment hub. Kissimmee, an Orlando suburb, has seen its population and economy grow as residents searching for affordable housing with proximity to major employers are moving south of Orlando. The metro added 71,000 jobs in the 12 months ending in November, leading to a five percent growth rate that was above the national figure, according to a recent Yardi Matrix report.
The LEED Silver-certified, four-story building will have elevators and an approximately 570-space parking garage. The unit mix at Parkway Crossing will be studios, one-bedrooms, two-bedrooms and three-bedrooms, with an average size of 939 square feet. Apartment features will include quartz countertops, tile backsplashes, vinyl plank flooring, Energy Star stainless steel appliances, in-unit washers and dryers and a Smart Home technology package.
Community amenities will include a tenant clubhouse, 24-hour fitness center, outdoor BBQ area, pool and lounge area, a dog park and EV chargers.
The firms have worked together in the past. In January 2022, PCCP and Fore formed a joint venture to develop a 410-unit garden-style community near Orlando. The Alibi at Lake Lilly will be built on a 16.7-acre site in site in Ocoee, Fla., and also feature studios through three-bedrooms. The property will have five, four-story multifamily buildings as well as seven carriage-style/townhome unit buildings. At that time, officials said it was the fifth joint venture between PCCP and Fore. They had previously partnered to develop a 352-unit community near Winter Garden, Fla., before selling it to Ortsac Capital Group.
PCCP also has another residential property being developed in Kissimmee in a joint venture with Mill Creek Residential. The joint venture partners broke ground in April on Amavi Kissimmee, a 187-unit single-family rental project on 25 acres that is expected to start delivering in August 2024.