Eden Crest
Apopka, FL
Eden Crest, PPAF's newest investment with partners DDC Management and Hartizen Homes, is located in central Florida. This large community development spans 95 acres with nearby access to plenty of shopping and recreation choices. Initial sales of single family and townhome lots are expected in March of 2025.
Spring Garden Townhomes
DeLand, FL
PPAF invested in the planned unit development, Spring Garden Townhomes, in November 2023. PPAF will be working alongside DDC Management and Hartizen Homes to deliver this 90-lot subdivision in DeLand, Florida. Demand for new housing in this area makes this an extremely desirable location. Lots are expected to be completed in November 2024.
Harmony Townhomes
St. Cloud, FL
PPAF has invested in Harmony Townhomes, located in St. Cloud, Florida. This development will be part of the existing Harmony Master-Planned Community centered around two lakes, biking and walking trails, and access to a wide variety of amenities. Our operating partners are DDC Management and Hartizen Homes. Final townhome sales are expected in August 2024 with an expected equity multiple of 1.45x.
Melbourne Storage
Melbourne, FL
PPAF made a joint venture investment in a land development project with TRG. Melbourne Storage consists of 662 rentable self-storage units and totals 89,250sf. Expected project duration is 2 years with an estimated stabilization in 2025.
Magnolia Reserve
Ocoee, FL
PPAF invested in a joint venture with our partners at DDC Management and Hartizen Homes. Magnolia Reserve is a 48-lot single family residential land development project located 20 minutes from downtown Orlando, FL. The expected duration for this project 2.5 years, with initial lot sales beginning May 2024.
PPAF Cap5 Pursuit Fund
Southwest, United States
PPAF is investing $2,540,000 as lead JV Partner in a targeted pursuit capital fund that will entitle land for sale to development projects with our partners. We expect to receive outsized returns with a minimum 50% uplift regardless of duration that is backstopped by the parent company of our JV. This venture will be spread across multiple entitlement projects including residential, industrial and self-storage land uses. The total venture JV equity is $3,000,000 and PPAF is an 80% lead member. The beginning duration is 3.0 years.
Brooks Landing
Space City, FL
PPAF is investing $2,150,000 in a residential land development project in the Space City area of Florida, a rapidly growing location for multiple Fortune 500 companies. This development will include 138 single-family homes on 71 acres of land. The total project cost is $8,000,000 and the duration is 3.5 years. Our potential equity multiple is 1.7x.
Seidel Road
Orlando, FL
PPAF invested $1.1 million as part of a larger investment of $6.5 million in equity into a residential land development project in southwest Orlando. Our JV Partner is DDC Management, a land development company that invests and develops land for sale to national homebuilders in Ohio, Florida, and the Carolinas. Our JV entity is acquiring a 49% ownership in the project, with an expected duration of 2 years and potential multiple of 1.5x.
Champions Gate
Orlando, FL
This is one of two land development projects we have with our operating partner DDC Management. The Champions Gate land is well located along Interstate 4 in Champions Gate, metro Orlando Florida. We entitled the project to develop 420 multifamily units for sale to a national homebuilder, and our final entitlements were received in Q2 2020 with lots on the ground for sale by Q3 2020. Upon final entitlements, we partnered with both an institutional private equity firm as well as an institutional lender to develop the project.
Ford Plot
Orlando, FL
This is one of two land development projects we have with our operating partner DDC Management. The Ford Plot is well located along Interstate 4 in Deland, metro Orlando Florida. We are currently entitling the project to develop 440 residential lots for sale to national homebuilders, and our final entitlements are expected to be received in Q2 2020 with lots on the ground for sale by year-end 2020. Upon final entitlements, we will likely partner with both an institutional private equity firm as well as institutional lender for developing the project.