Wendover Opens Orlando-Area Affordable Property
JPMorgan Chase provided financing for the development.
Wendover Housing Partners has opened the second phase of Monroe Landings, delivering 84 affordable housing units in Sanford, Fla. Together, the two phases total 144 residences.
Slocum Platts Architects designed the community and Roger B. Kennedy Construction served as general contractor.
Financing for the second phase of Monroe Landings included $13.4 million in bonds from JPMorgan Chase originated by Orange County Housing Finance Authority in 2022, according to Yardi Matrix data. Additionally, the development is subject to a $3.5 million construction loan from the Florida Housing Finance Corp., along with a $2.9 million note from JPMorgan Chase bank, the same source shows.
Monroe Landings Phase II comprises one-, two- and three-bedroom floorplans. The first phase was delivered in 2022. Apartments range from 692 to 1,046 square feet, and are reserved for residents earning up to 60 percent of the area median income, as reported by the Click Orlando. Common-area amenities are shared between the two phases and include a swimming pool, a playground, a fitness center and barbecues.
The community was built on the site of a former affordable property, which was demolished in 2013 after being deemed uninhabitable by HUD. Located at 1410 Halstead Lane, within Sanford’s Goldsboro neighborhood, the property is some 25 miles north of Orlando and 6 miles from the Orlando Sanford International Airport. It is also within walking distance of the Sanford Auto train station and the HCA Florida Lake Monroe Hospital.
Affordable housing development in Orlando
As of April there were more than 120 properties under construction in the Orlando metro area, totaling nearly 33,000 units according to Yardi Matrix information. Of these, more than 2,600 apartments are being built within fully affordable communities, accounting for 8 percent of the total pipeline.
Wendover Housing Partners is currently working on one of the largest income-restricted projects in Orlando. The developer commenced construction last year on Catchlight Crossings, a 1,000-unit affordable and mixed-income community, with its first phase expected to come online in 2026.
