Canyon Partners and Fore Property Invest in Southwest Orlando Opportunity Zone Multifamily Project
A joint venture between Canyon Partners Real Estate (Canyon) and Fore Property (Fore) has invested in the development of 19 South, a 384-unit apartment community in Orlando, Florida.
Canyon invested USD29.8 million of equity into this project, which is located within a qualified opportunity zone. Construction is slated to begin in March 2020 and achieve completion by May 2022.
19 South is centrally located between downtown Kissimmee, the Lake Nona Medical District, Walt Disney World Resort and Orlando International Airport, and near several transportation options. The project is in proximity to the Osceola Parkway and Sun Rail light rail station, which provide convenient access to major employment centres within the Orlando metropolitan area. The project will consist of four, four-story residential buildings and feature keyless Bluetooth entry throughout the property, 10-foot ceilings within several units, co-working space, and a lakeside fitness track.
“Rapid employment and population growth in the Orlando area are driving significant demand for accessible housing near transit and other convenient amenities,” says James Sullivan, Managing Partner at Fore. “We look forward to breaking ground on 19 South and providing a well-located, high-quality option to the area as it continues to undergo strong economic development.”
The Orlando market has experienced notable growth in recent years due to its low cost of doing business, high quality of life and warm climate, which also attracts new business to the area and encourages expansion of existing companies. The Southwest Orlando submarket has attracted a roster of corporate tenants, including several prominent technology and healthcare companies. Specifically, as Orlando has grown, Southwest Orlando has benefited from the growth of healthcare providers including the expansion of Orlando Health, Osceola Regional Medical Facility, and Adventhealth.
This investment marks Canyon’s third joint venture equity investment into opportunity zones, and second investment in partnership with Fore. Over the last five years, Canyon has invested more than USD900 million in debt and equity in multifamily investments nationwide, supporting the financing of over USD2.8 billion of project capitalisation.