Applications are now being taken for Parramore Oaks in Orlando, Florida. Phase I of Parramore Oaks is a 120-unit two, three, and four-story affordable and market rate development close to downtown Orlando. A temporary leasing office has been setup at 711 S. Parramore Ave., Orlando, FL 32805. The leasing office can be contacted at (850)-914-3238 from 8:30 – 5:30 Monday through Friday. For more information, please click on the following link: www.ParramoreOaks.com.
Invictus Development has been working on securing both 9 and 4 percent affordable housing sites in Georgia. Preliminary analysis shows that Invictus in partnership with the Zimmerman Group has a strong potentially funded 9% site in Ringgold. Invictus is also pursuing 4% sites in several areas in the State.
The Lodges on Lincoln, a 56-Unit HOME and tax credit financed development in Selma, Alabama is 40% completed. The projected completion date for the units is October of 2019. The equity provider for the development is RBC Tax Credit Equity and the construction lender is Wells Fargo. The general contractor is Olympia Construction out of Albertville, Alabama. The units will be managed by Olympia Management also in Albertville.
The development will consist of 32 two-bedroom and 24 three-bedroom units in four buildings with an additional clubhouse building that will include a laundry, fitness area, community room, and leasing office. The development is off of Lincoln Drive in Selma with the clubhouse address being 55 Tower Drive, Selma, Alabama.
Construction financing has been provided by Wells Fargo Bank and equity is being provided by RBC Tax Credit Equity. This 56-Unit development also has HOME funds. The funding allocation was provided by Alabama Housing Finance Authority (AHFA). The Alabama Housing Finance Authority was established by an act of the Alabama Legislature as a public corporation to create housing opportunities for low- and moderate-income citizens.
InVictus is proud to announce that a Ground Breaking celebrating the start of construction of Appaloosa Run Apartments took place September 5th in Andalusia, Alabama. Mayor Earl Johnson, Councilmember Hazel Griffin, members of the Board of the Chamber of Commerce joined State Representative Mike Jones, Gene Gant of Alabama Housing Finance Authority, and representatives from all facets of the development to mark the coming of 56 new apartment units affordable to working families in Andalusia.
Olympia Construction out of Albertville, Alabama is the General Contractor for the development and its affiliate, Olympia Management, will serve as the property management company. McKean & Associates, Architects, out of Montgomery displayed their floor plans for the 2-bedroom and 3-Bedroom units that will be housed in two 3-story and one 2-story building. Also on display were the architect’s elevations for the three residential buildings and community building that are styled to complement the City’s architectural tradition.
We were pleased to be joined by Mike Marra of Wells Fargo Bank, the construction lender for the development, and Stephen Lee of RBC Tax Credit Equity, the investor who purchased the Housing Credits awarded to Appaloosa Run by AHFA. In addition to the Housing Credits, AHFA also awarded HOME and Housing Trust Fund (HTF) funds.
The apartments at Appaloosa Run are expected to be completed July 2020. Questions regarding leasing should be directed to Debbie Smith with Olympia Management, Inc. firstname.lastname@example.org.
Parramore Oaks continues its progress toward completion. The construction is currently at 75% complete and remains on schedule and within budget. The timeline continues to be 16 units available in September and the balance of 104 available in October.
InVictus Development is a certified State of Florida as a Women-Owned Business Enterprise.
Click this link for a copy of the certificate. OSD_MBE_Certificate
Paula Rhodes has resigned as Chair of CAHP but continues to serve on the board. Ms. Rhodes has been a board member for the past seven years. Ms. Rhodes was the second female board chairman in CAHP’s 21 years of existence but chose to resign based on her availability.
The Coalition of Affordable Housing Providers (CAHP) is a strategic alliance of developers and professional services providers in Florida, designed to: advocate legislative initiatives; promote the affordable housing industry through networking and disseminating information; and, act as a liaison to the Florida Housing Finance Corporation to promote the private sector interests in affordable housing development in Florida.