ORLANDO, FL - The Latigo Group based in Los Angeles will develop Infield Apartments on the site of a former county softball field at 1900 Ball Park Rd. in the Kissimmee submarket of Orlando. The 384-unit project will be highly amenitized, with a two-story clubhouse, fitness center with dry sauna, golf simulator and resort-style pool. The community will be comprised of four 5-story buildings and one 4-story building. Infield Apartments will feature 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units.
Latigo acquired the 25-acre site with a favorable land basis and has an option to develop a second phase of apartments at the location. The firm has two other ground-up projects under development in Central Florida, and currently owns a stabilized apartment property in Orlando. Orlando is among CrowdStreet’s “Best Places to Invest in 2021,” a national ranking of top markets.
207 individual investors on CrowdStreet provided equity for this project.
Construction will begin in July. Initial occupancy is expected in late summer 2022. The property will be managed by Greystar, the largest multifamily management firm in the U.S.
Background on Project Capitalization
$22.6 million investor equity with $10.0 million from CrowdStreet investors
$15.7 million preferred equity
$45.0 million senior debt from Principal Life Insurance Company
$82.0 million total development value
Mark Maron, Co-Founder and Managing Partner of The Latigo Group stated, “We’re super-excited about this property, because Infield Apartments will set a new bar for amenities for residents in the area, and because the long-term outlook for the Orlando market is so favorable.”
Scott Whittaker, Co-Founder and Partner of The Latigo Group added, “Hats off to CrowdStreet for helping produce a successful capital raise that will enable us to bring Infield Apartments to life. We were impressed with CrowdStreet’s real estate acumen, and now we know what the platform can do. There’s individual investor capital there that we can tap again as we scale up.”
Ryan Straub, Managing Director of CrowdStreet concluded, “The Latigo offering on CrowdStreet is an example of our Marketplace bringing to investors opportunities that reflect our investment thesis, which ranks Orlando highly as an investment market overall and for multifamily product in particular. We’re pleased to help The Latigo Group move some of their fundraising online to access the deep capital pool we’re creating on CrowdStreet. We look forward to reviewing future deals they ask us to consider for the Marketplace.”
About The Latigo Group: The Latigo Group is a privately-owned Los Angeles based residential, mixed-use real estate development and investment company focused on high quality ground up development and stabilized properties in strategic markets. Current development projects are under way in California and Florida, among other markets, that feature high barriers to entry, and are carefully selected to optimize value and enhance the fabric of existing communities. For more information, visit www.latigo-group.com
About CrowdStreet: CrowdStreet operates an award-winning online real estate investment marketplace that gives investors access to private equity real estate. By combining real estate investment education with an advanced online marketplace that offers the ease and convenience of online investing, CrowdStreet gives individual investors direct access to the most diverse range of institutional-quality investment opportunities. To date, thousands of investors have invested over $1.9 billion in more than 480 projects, receiving approximately $200 million in distributions. CrowdStreet is helping to create a community where individual accredited investors and experienced commercial real estate firms can work together to expand participation in real estate investing. For more information, visit www.crowdstreet.com.