Orlando Multifamily Wrap-Up – September 2020

Site work begins on $78 million luxury community. Riverpass Holdings takes $21 million in Freddie Mac financing. Here’s our September list of Orlando must-reads.
Orlando
Orlando. Image by Brady Pevehouse via Pixabay.com

As Florida’s average number of new coronavirus cases began to trend downward in the second half of September, Governor DeSantis lifted all restrictions for businesses operating at a reduced capacity, essentially moving the state into its last phase of reopening. At the same time, the statewide eviction moratorium expired as the month came to a close. This leaves struggling renters to rely on the Trump administration’s nationwide eviction ban, which could leave some tenants by the wayside.

Orlando’s multifamily market maintained a healthy amount of activity through the month. Developers forged ahead with new projects, and investors continued taking advantage of federally-backed mortgage terms to finance stabilized assets. Read our September selection of Orlando must-knows:

1. DEVELOPMENT – W5 Group begins construction of UCF student housing property.

The company started site work for The Retreat at Orlando, a 138-unit community encompassing 602 bedrooms. The firm tapped Landmark Properties to develop and oversee operations for the asset. The joint venture expects to deliver the cottage-style property by August 2021. The amenity package will include a gym, swimming pool and clubhouse with a study lounge.

2. FINANCING – Riverpass Holdings refinances two communities.

The firm received two loans totaling $20.7 million for Aqua Links and Stoneridge Pointe, two properties comprising 260 units in Sanford. Greystone originated the two Freddie Mac notes, which are both set to mature in 2030, Yardi Matrix shows. Completed in 1991, the 140-unit Aqua Links occupies 9 acres at 2450 Hartwell Ave. The 120-unit Stoneridge Pointe at 1505 W. 25th St. was built in 1972.

3. DEVELOPMENT – American Landmark JV breaks ground on upscale project.

The company partnered with Dezer Development to build Deseo Grande, a 365-unit luxury community with an estimated cost of $78 million. The property, slated for completion in April 2022, will take shape at 5250 International Drive next to Dezerland Park Orlando, an upcoming indoor attraction. The unit mix will have one- to three-bedroom floorplans between 754 and 1,250 square feet. Amenities will include a resort-style pool, gym and dog park.