The Millennia Companies have committed $ 72 million to purchase and renovate 256 affordable homes in Jernigan Gardens, formerly Windsor Cove, in Orlando, Florida. The renovation project includes a comprehensive redesign of the apartment complex and the property.
The development sits on 16.8 acres and includes 28 residential buildings, a community center and separate buildings for laundry and maintenance. Upon completion, Jernigan Gardens will offer updated two and three bedroom apartments, a new community center with amenities, an expanded play area, improved safety features and significant improvements to the heating, cooling, mechanical and electrical systems.
The area outside the community center has lattice seating and a patio. Inside, residents will find modern amenities such as a fitness room and a computer lab. The space is designed to support a robust resident services program and enable resident hosted events.
“We are grateful to our partners for helping us complete this important transaction to preserve much-needed affordable housing in Orlando. The transformation of this community will have a significant impact on the lives of residents who will lead vibrant, modern lives . ” An affordable home to thrive in, ”said Frank T. Sinito, Millennia CEO.
Improvements to the exterior of the buildings include new windows and doors, clapboards, siding, landscaping, and stairs as needed. Planned interior renovations include new, highly efficient heating and cooling systems, energy-efficient appliances, and environmentally friendly materials for countertops and cabinets.
Construction is scheduled to start this month. The renovation work is expected to be completed in spring 2022. Empty buildings are renovated first so that any household can move into a renovated apartment after construction is complete. Apartments can be rented to those earning at least 30% of the area median income. This housing option will remain affordable in the future as the rents are subsidized for at least 20 years through a project-based federal contract in accordance with Section 8.
Support for this complex transaction includes financing and resources from Berkadia Commercial Mortgage (lender), RBC Community Investments (syndicator), Orange Country Housing Finance Authority (bond issuer), Florida Housing Finance Corp. (Tax credit issuer) and the Seltzer Management Group (bond) and tax credit insurer), the Jacksonville and the City of Orlando branch office of the Department of Housing and Urban Development. NEI General Contracting and Dimit Architects are also involved in this project. Millennia Housing Development is the developer and Millennia Housing Management is the management agent.
With a diverse portfolio of over 30,000 apartment buildings in 275 communities in 26 states, Millennia ranks 3rd on AHF’s (2020 Affordable Housing Finance) list of the 50 best affordable housing owners and 7th on AHF’s top 10 most successful corporate acquisitions.