Apartment construction activity across Orlando is gaining momentum for 2026 as two more multifamily projects secured $115 million in construction financing in January, bringing the total number of newly funded market-rate projects over the last two months to five.
Living Residential, a real estate owner and operator headquartered in New Jersey, and Land & Company, a property management firm based in Michigan, closed Jan. 14 on a $61 million construction loan from Valley National Bank for Phase 4 of Heritage Key Villas in Kissimmee. Located near the city’s NeoCity tech district, the final phase will consist of 10 buildings on 12 acres with a maximum of 250 units.
To the north in Apopka, general contractor Nicholas & Associates closed Jan. 22 on a $54 million construction loan with Pinnacle Bank for Wekiva Ranch. Illinois-based Wingspan Development, a sister company, started site work last fall on the project, a mixed-use development that will deliver apartments and commercial space at 3103 W. Kelly Park Road.
Meanwhile, Marcus & Millichap, a California-based commercial real estate brokerage firm with an Orlando office, recently released its 2026 Multifamily National Investment Forecast, which ranks Orlando 20th among major U.S. markets for new apartment construction and sales activity. The analysts project that around 7,000 new units will be completed in 2026, which is less than half the number from a few years ago when Orlando was a top-5 market nationally.
“Apartment construction activity in Orlando is moderating after five years of elevated completions. Deliveries are expected to decline in 2026 to less than half the 2024 peak of 15,000 units,” said David Bradley, managing director and market leader – Central and North Florida. “While this marks the metro’s slowest annual growth rate since at least 2020, it still ranks among the 10 fastest growth rates across major U.S. markets.
The Fort Lauderdale market led the nation in the rankings followed by Miami-Dade (third), West Palm Beach (fifth), Tampa-St. Petersburg (11th) and Jacksonville (36th).
The fourth and final phase of Heritage Key Villas is designed for 250 units, bringing the total number of townhomes and apartments to 865. (Site plan by Osceola Engineering)
Heritage Key Villas
The developer awaits final approval of site development plans for the project just minutes from NeoCity. LandCo completed Phase 3 in 2023 and received approval in September from Osceola County’s Development Review Committee for Phase 4, which increases the community’s total unit count from 616 to 865.
The apartment buildings are all 3-story walk-up style garden apartments. Each building has five or six units with tuck-under garage parking. (Elevation by FK Architecture)
The project, designed by Osceola Engineering and FK Architecture, includes tuck-under garages and balconies in all buildings. The development matrix includes 109 one-bedroom units, 133 two-bedroom units and 16 three-bedroom units. The final phase would have its own swimming pool and pickleball courts in the northwest corner of the site.
Wekiva Ranch
The development will include 368 apartments and 35,000 square feet of commercial space. The apartments will be a phased delivery and Wingspan tentatively expects to wrap up the first phase during Q1 of 2027.
The company paid about $5 million for the 21.5-acre property and hopes to have the final buildings ready for occupancy during the third quarter of 2027.
Nicholas & Associates and Wingspan are owned and led by the Papanicholas family. Wingspan serves as the multifamily residential, commercial and mixed-use development arm, while Nicholas & Associates acts as the general contractor and construction management firm. Tampa-based developer ABC Capital Corp. is also working on the project.
According to Wingspan, the proposed unit mix ranges from studios to three-bedroom units and will feature Class A finishes, as well as new, first-to-market townhome-style units. The development will incorporate a variety of community amenities, including a swimming pool, firepit lounge, outdoor dining terrace and a jogging track.
The Wekiva Ranch community will have eight multifamily buildings (shaded in purple), along with four commercial buildings (shaded in red). (Site plan from Poulos & Bennett)
Wekiva Ranch will be located directly across the street from a Publix-anchored retail development and down the street from the 230-acre Wyld Oaks master-planned community.
Plans for Wyld Oaks include about 6,000 residential units, two hotels, multiple parks (including a new dog park concept) and 1.5 million square feet of industrial space. It will feature about 300,000 square feet of restaurant and retail space along with 20,000 square feet of medical office space occupied by AdventHealth, which expects to break ground on an ER this year.
Brian Bell can be reached at bbell@orlandosentinel.com. Have a tip about Central Florida development? Email Newsroom@GrowthSpotter.com. Follow GrowthSpotter on Facebook and LinkedIn.