ORLANDO, Fla., Jan. 17, 2020 – Canyon Partners Real Estate LLC (“Canyon”) and Fore Property (“Fore”) today announce their joint venture in the development of 19 South, a 384-unit apartment community in Orlando, Florida. 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.
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. “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 $900 million in debt and equity in multifamily investments nationwide, supporting the financing of over $2.8 billion of project capitalization.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $26 billion in assets under management. Over the last ten years, Canyon has invested more than $5.1 billion of debt and equity capital across over 180 transactions capitalizing approximately $13.4 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With over 28 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com.
About Fore Property
Throughout its 25-year history, Fore Property has proudly created a legacy by developing, building, and managing more than 25,000 market-rate, affordable, and senior living units in apartment communities and mixed-use developments nationwide. Led by an executive team of recognized industry visionaries, Fore employs its time-tested expertise to generate reliable, opportunistic returns for its investment partners—a strategy that the company adapts to every region and neighborhood in which it works. As one of the nation’s 20 largest multifamily developers, Fore maintains a commitment to quality through its vertically integrated approach, earning the company a growing base of long-term investors and collaborators.
For more information visit: www.foreproperty.com.
(310) 652 1411