Wendover Housing Partners has opened the 60-unit Monroe Landings, an affordable community in Sanford, Fla. The owner developed the community in partnership with the Orlando Housing Authority and the Sanford Housing Authority.
Wendover financed the property with $11.5 million in tax credit equity, $1.3 million from the Sanford Housing Authority, and a $2.8 million permanent loan from Neighborhood Lending Partners. According to Yardi Matrix data, the community is subject to a 55-year unsubordinated net ground lease held by the Sanford Housing Authority, which will expire in 2075.
Focused on southern affordable housing markets
The company developed the three-building property on the site of a former affordable housing community, which was demolished after being deemed uninhabitable by HUD in 2013. The newly constructed community will house the residents of the previously demolished property. Monroe Landings features one-, two- and three-bedroom units with washers and dryers in all units. Property amenities include a clubhouse, computer center, pool, tot lot, gazebo and a community gardening area.
Located at 1410 Halstead Lane, the asset is 1 mile west of downtown Sanford, with several dining, retail and entertainment options available within a 1-mile radius. Downtown Orlando is some 24 miles southwest via Interstate 4.
Active in other Southern states, Wendover Housing Partners, in partnership with Cabretta Capital, opened the 131-unit Hartland Station in Atlanta in September 2021. The mixed-income project has 40 units for individuals earning 50 percent or below the area median income and 70 units reserved for those earning up to 60 percent of the area median income.