ORLANDO, FL⁠—Canyon Partners Real Estate LLC and Fore Property have formed a joint venture to develop 19 South, a 384-unit apartment community here. Canyon invested $29.8 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.

A spokesperson for Fore tells GlobeSt.com that 19 South is a 4-story, wood-framed development that is LEED-designed and will feature two resort-style courtyard pools, a modern arcade and gaming area, a 24-hour fitness center, an outdoor park area, as well as a fitness trail.

The rents at 19S are currently estimated to start around $1300 per unit for a studio, with three-bedroom units estimated to start around $2100 per unit.

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 centers 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, coworking 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," said James Sullivan, managing partner at Fore.

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 $900 million in debt and equity in multifamily investments nationwide, supporting the financing of over $2.8 billion of project capitalization.

Instant Insights /

Canyon Partners, Fore to Build Apartment in Orlando Opportunity Zone

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