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May 6, 2024 at 12:00:00 AM

Fern Grove Apartments Now Pre-Leasing

Rosewood Pointe Apts 5-3-24 03 TB_edited.jpg

Fern Grove Apartments is a 100% senior, multifamily, affordable-housing development that will consist of several 4-story, energy-efficient, concrete block and plank apartment building with elevators across a 25-acre parcel of land in Orlando, FL. A total of 138 units (70 one bedroom one bath units and 68 two bedroom two bath units) are part of the current design. The development will also include a dedicated on-site management office, fitness center, a large gathering room, meeting/card rooms, and a courtyard with a screened-in porch and multiple gazebos.

The development will serve low to very low income senior families in the area, with 100% of the units considered certified affordable housing and set-aside for tenants earning incomes of 60% of that Area Median Income (AMI) on average. 5 units are set aside for tenants earning 22% of AMI and another 21 units for tenants earning 30% of AMI.

Construction has commenced, and the project is expected to be completed and fully leased by the 3rd quarter of 2024.

The project will be funded by 4% Housing Credits, Multifamily Mortgage Revenue Bonds (MMRB), National Housing Trust Fund (NHTF), State Apartment Incentive Loan (SAIL), Extremely Low Income (ELI) Gap Loan, and HOME Investment Partnership Program.

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