The first multifamily development at Xentury City will break ground in the next 60 days  

The Allen Morris Company, Xenel International U.S.A. and Principal Real Estate Investors have closed on a $57.2 million construction loan for The Maxwell at Xentury City, a 311-unit multifamily development located in Osceola County. The loan is being provided by Regions Bank.

 The Maxwell at Xentury City broke ground in September and has a completion date set for the second quarter of 2024. The General Contractor for the project is Deangelis Diamond.

 It will be the first residential phase of a larger 200-acre mixed-use development in Xentury City that will offer live, work, play offerings like first-class dining, entertainment, and now, a residential offering.

 The 293,000 square feet community will contain five garden-style buildings with a total of 311 residential units and features world-class amenities throughout. The project site is adjacent to the Gaylord Palms Resort and Convention Center.

 “We are very pleased to expand our relationship with Regions Bank for the construction loan of The Maxwell – Regions was steadfast throughout the process and provided a strong execution for the partnership,” said Spencer Morris, President of the Allen Morris Company.

 “We are proud to be the Allen Morris Company’s lending partner to start construction on a project that will transform the area into a thriving multifamily destination,” adds Mercedes Montalvo, Senior Vice President, of Regions Bank.

“From our early conversations with Allen Morris, Principal Real Estate Investors gained a lot of confidence in being culturally aligned along with Allen Morris’ ability to execute on The Maxwell development plan. We have been watching this area of Orlando evolve and are excited to partner with the team they’ve put together as well as the opportunity to extend our relationship with Regions. Principal believes in the strong fundamentals within this market and looks forward to delivering a first-class multi-family community.” adds Rob Klinkner, Managing Director for Principal Real Estate Investors.

Dwell Design Studio, an award-winning architecture, planning and interior design firm, and Shim Studios as interior designer will spearhead the project.

The Maxwell at Xentury City is close to all the theme parks including Disney World and Universal Studios and has developed a major transportation network to access the site. The site is also 30 minutes from Downtown Orlando and 20 minutes from Orlando International Airport.

 For additional information visit www.allenmorris.com.

This is Resia’s Fifth Project in Texas

Resia (formerly known as AHS Residential) announces it has closed on construction financing for a 322-unit apartment community located in the Dallas-Fort Worth area.  Regions Bank provided the construction financing for this project, which is one of several brand-new Resia developments as the company continues to develop throughout Texas. This is Resia’s second multifamily development in the Dallas-Ft. Worth market.  The project broke ground in the first quarter of 2022 and is expected to be delivered in the second quarter of 2023.

“We are grateful to Regions Bank for their partnership on this project, as well as for their continued commitment to supporting our vision as we continue to grow and expand in Texas,” said Carlos E. Gonzalez, chief investment officer for Resia.

Located at 3130 Heritage Trail, the new Resia apartment community will deliver 322 units across two 7-story mid-rise buildings. With one-bedroom, two-bedroom, and three-bedroom floor plans, all apartments will feature modern finishes, stainless steel appliances, and in-unit laundry. Resia communities are built with young professionals and families in mind and include desirable amenities like assigned parking, business center, and a multipurpose clubhouse complete with a swimming pool and fitness center.

Resia is rapidly scaling up its development activities with the goal of delivering 8,000 new apartments annually by 2025.  The company is on a mission to help solve the U.S. housing crisis by building quality apartments in growing metros where many renters are getting priced out by rising rents.

Resia, formerly known as AHS Residential, is an award-winning, vertically integrated real estate company that specializes in developing, building, and managing quality multifamily communities across the United States. Our mission is to deliver exceptional living experiences to the millions of American households currently spending more than half of their income on rent. Resia is a division of MRV&Co (MRVE3:BZ), one of the largest homebuilders in the world. For more information, please visit www.liveresia.com.