PCCP is pleased to announce it has provided $20 million of preferred equity to AMAC for the ground-up development of a Class A 380-unit multifamily community located in Kissimmee, Florida.
Situated on a 27.69-acre site, the garden-style multifamily community will be comprised of one-bedrooms (43.2%), two-bedrooms (46.8%), and three-bedrooms (10%) with an average unit size of 914 square feet. The property will consist of nine, three- and four-story buildings, of which 140 units will be elevator-served and 240 will be walk-up (all buildings will be open air breezeways). Interior unit finishes will feature luxury vinyl tile flooring, carpets in bedrooms and closets, quartz kitchen countertops, granite bathroom countertops, porcelain tiles in bathrooms, balconies in all units, Honeywell thermostats, and GE stainless steel, and Energy Star appliances throughout.
On-site amenities are planned to include a one-story, 7,000-sf clubhouse with an oversized gym, clubroom, offices, yoga room, pool area with lush landscaping throughout, pickle ball courts, EV charging stations, BBQs, and open lawn areas. The community will also provide 608 parking spaces with 55 reserved garage parking spots available for rent.
“This investment provides an attractive opportunity to work alongside AMAC for the ground-up construction of a Class A apartment community in a desirable, high-growth corridor of the Orlando MSA,” said Andrew Barbakoff, Senior Vice President with PCCP. “Given the strategic location proximate to employment and projected population growth, we believe the property is primed to benefit from a number of favorable tailwinds.”
Kissimmee is the largest city in Osceola County which is the second fastest growing county in Florida. The property’s strategic location provides convenient access to a number of employment nodes including downtown Orlando which is 28-minutes away; the I-4 Corridor, a 15-minute drive, with 93,000 employees between Disney and Universal; Lake Nona Medical City, a 650-acre health and life sciences park, located 20-minutes away, and projected to provide 30,000 jobs by 2029 and produce $7.6 billion of economic impact; and Orlando International Airport, a 22-minute drive.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $24.2 billion in assets under management on behalf of institutional investors as of June 30, 2024.
AMAC is a national real estate investment firm founded in 2012. Subsequently, AMAC Development was formed by Maurice Kaufman to develop multifamily properties nationwide. Since inception, the firms have successfully acquired and developed more than $3 billion of multifamily properties within diverse primary and secondary markets in states such as Florida, Maryland, New York, North & South Carolina, and Texas.
