The Groves at Victoria Park – Developer of Senior Community Breaks Ground

Osprey Ventures Sebring, LLC, a joint venture between Osprey Property Company and Regency Advisors International, Inc. (RAI), is developing The Groves at Victoria Park, a 122-unit affordable senior rental community located in Sebring, Highlands County, Florida. The community will be ideally located on Route 27 South, next to the Highlands Medical Center and close to shopping, restaurants and retail services.
The Groves was awarded Low Income Housing Tax Credits (LIHTC) and the State Apartment Incentives Loan Program (SAIL) by the Florida Housing and Finance Corporation as part of the community financing plan.

The Groves will offer quality independent living for adults 62 and over and income guidelines will apply. One bedroom units will range in size from 601-720 s.f. with rents from $174-$417 per month. Two bedroom units will range in size from 837-907 s.f. with rents from $210-$501.

The attractive three-story wood framed building will have a stucco exterior, ample parking, and decorative landscaping. Two elevators will provide quick and easy access to spacious apartments with many amenities designed for charm, comfort and accessibility. Apartments include a full-service kitchen, frost-free refrigerator, dishwasher, disposer and abundant cabinet and counter space. Other amenities include wall-to-wall carpeting; individually controlled air conditioning and heating; wiring for cable, internet and telephone; and emergency pull cords for the safety of the residents. Ten percent of the units will be handicap adaptable.

Nestled by nearby orange groves, the residents will enjoy the lush beauty of the outdoor terrace, gardens, pool and gazebo and recreational games area. The community amenities include a two-story lobby, library and sitting area, resident community room, fitness room and game room. Resident services will include wellness seminars, arts & crafts, holiday parties, card and game nights, educational seminars, grandchildren programs and many opportunities for socializing with other residents.

Construction began in July and the project is scheduled to open in the summer of 2005. Other members of the development team include: Neighborhood Lending Partners, equity financing; Related Capital Company, equity partner; Aiken Harper Partners, Inc., architects; Polston Engineering, engineers and Summit Contractors, Inc., general contractor; CALEX Realty Group, community manager.

Osprey Property Company and is principals have a long and productive track record in the development of senior housing. In the last eight years, Osprey has received over $7,627,000 in reservations of annual Low-Income Housing Tax Credits, converting these in $57,200,000 in equity. This equity has funded the development of over 1,200 housing units, including over 770 for elderly residents.

info@ospreypc.com