ORLANDO, FL – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the financial closing and groundbreaking of Alora Lofts, an 88-unit affordable housing community in Kissimmee, Florida, 18 miles south of Orlando. The development will provide high-quality, accessible housing for individuals and families earning between 30% and 70% of the Area Median Income (AMI).
Alora Lofts represents an vital step in The NRP Group s broader affordable housing strategy in Florida at a time where the region is experiencing unprecedented population growth and housing affordability challenges, said Bill Zunamon, Vice President of Development at The NRP Group. What excites us most about this project is the opportunity to bring much-needed affordable housing to a well-located, high-demand neighborhood without compromising on design, quality or residents overall experience. This is our first affordable housing project in Florida in over a decade, and we are proud to partner with the city to deliver critical housing for the residents of Kissimmee for generations to come.
Alora Lofts is a single, four-tale building located on a 4.49-acre site, and features a mix of one-to three-bedroom apartments designed to accommodate families of varying sizes. Strategically located at 1300 Windsor Drive along the John Young Parkway corridor, the development will offer residents convenient access to community amenities, public transit and employment centers throughout Central Florida.
The property is located less than one mile from multiple LYNX bus stops along North John Young Parkway, providing connections across Kissimmee and the greater Orlando region. Residents will also be close to everyday essentials, including Publix, Publix Pharmacy and Highland Elementary School, as well as nearby healthcare providers, retail destinations and major regional employers.
Designed by FK Architecture, Alora Lofts was thoughtfully plotted to complement the surrounding neighborhood while introducing a modern, high-quality residential product to the area. The community reflects NRP’s commitment to making housing that meets residents’ needs while enhancing the neighborhoods in which it builds. The project also emphasizes long-term resilience, including a concrete construction system designed to withstand Florida s severe weather conditions and hurricane risk profile.
Residents will delight in a robust amenities package designed to support wellness, recreation and community connection. Offerings include a fitness center, outdoor resort-style swimming pool, multipurpose room and community kitchen, outdoor grill area and tot lot.
Alora Lofts is a fantastic addition to Kissimmee s housing landscape and an vital investment in our city s future, said City of Kissimmee Mayor Jackie Espinosa. Projects like this help support our community by expanding housing options, supporting our workforce, and making more opportunities for residents and families to thrive. We appreciate The NRP Group s commitment to bringing high-quality housing to our city and being a partner in our continued efforts to achieve intentional and sustainable growth.”
Financial partners for the new development include the Florida Housing Finance Corporation, which provided housing tax credits, as well as tax-exempt bonds and Community Development Block Grant–Disaster Recovery (CDBG-DR) funding administered through the U.S. Department of Housing and Urban Development (HUD). Disaster recovery funding was made available through resources allocated in response to Hurricane Ian, helping advance the development of critically needed affordable housing in Central Florida. Additional financing partners include Truist and Grandbridge.
Central Florida remains a priority market for The NRP Group, and the firm s latest expansion reflects strong confidence in the region s long-term fundamentals. Since 1994, The NRP Group has developed more than 68,000 apartment homes nationwide and currently manages over 33,000 residential units across the U.S. In Florida, NRP owns and manages over 1,700 apartment homes statewide, including projects actively under construction. Following last year’s groundbreaking of Adria and Maren, two market-rate luxury communities totaling 665 apartment homes and townhomes in Venice, Florida – Alora Lofts reflects The NRP Group’s renewed commitment to addressing Florida’s growing need for attainable housing.
Construction of Alora Lofts is already underway, with completion scheduled for December of 2027.

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SAN ANTONIO, TX – Cove Capital Investments, a Delaware Statutory Trust sponsor company that operates a portfolio of over 4.3 million square feet of real estate nationwide, has bought the Cove San Antonio Multifamily 119 DST, a 170-unit multifamily community in San Antonio, Texas.
According to Dwight Kay, Managing Member and Co-Founder of Cove Capital, the property was bought through a lender’s REO disposition process at a buy price below its appraised value, as well as below the outstanding loan balance, making an attractive basis relative to replacement cost and recent comparable transactions.
“This multifamily asset aligns well with our investment strategy of acquiring quality assets at an attractive basis in markets with potentially favorable long-term fundamentals. We believe the property’s location, value-add potential, and positioning within one of Texas’ strongest long-term growth markets provide a solid opportunity for long-term value creation potential.”
San Antonio remains one of the nation’s fastest-growing metropolitan areas, supported by a diversified economy spanning advanced manufacturing, data centers, cybersecurity, healthcare, military, logistics, and tourism. Located in northeast San Antonio, the Cove San Antonio Multifamily 119 DST offering is in direct proximity to one of the region’s largest industrial and logistics corridors and continues to benefit from major public and private investment, anchored by Joint Base San Antonio, Brooke Army Medical Center—the Department of Defense’s premier medical facility—and the ongoing expansion of San Antonio International Airport.
“REO acquisitions directly from a lender require extensive due diligence, patience, and the ability to navigate a unique transaction process. Acquiring the property below its appraised value and the outstanding loan balance provided an attractive basis that we believe potentially offers meaningful long-term value to our DST investors,” said Chay Lapin, Managing Member and Founder of Cove Capital Investments.
Cove Capital’s acquisition comes as San Antonio’s multifamily market, like many other growth markets in the US, moves past a period of elevated new construction. With new apartment deliveries expected to decline, continued population and employment growth are expected to support the absorption of existing inventory, making a potentially favorable environment for well-located multifamily communities.

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SAN LEANDRO, CA – Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity firm focused on preserving existing affordable housing in high-cost markets, announced the acquisition of Quail Run Apartments, a 104-unit affordable housing community in San Leandro, California.
Originally developed in 1987 with Low-Income Housing Tax Credits (LIHTC), Quail Run provides affordable housing for families earning 50% to 80% of Area Median Income. Located in the heart of the East Bay, the property offers convenient access to Interstate 580, Interstate 238 and California State Route 185, and is within two miles of the employment center of downtown San Leandro, which also offers local amenities such as grocery stores, parks and healthcare.
Quail Run is a low-density community consisting of 10 two-tale residential buildings across four acres, with 104 one- and two-bedroom homes averaging 737 square feet. Community amenities include a business center, swimming pool and spa, bike racks, a car wash area and ample parking spaces. Apartment homes feature ceiling fans, private balconies or patios, exterior storage closets and accessible units. As of closing, the property was 95.2% occupied.
PEF Advisors plot to invest in capital improvements to modernize the community and address aging infrastructure and deferred maintenance. Plotted improvements will enhance both the resident experience, ongoing operating costs, and the property’s long-term sustainability.
“This was an opportunity to invest in an affordable community at an attractive basis in a high cost market,” said Ann Caruana, President and Chief Investment Officer of PEF Advisors. “Our goal is to preserve not only the affordability of the community, but also the quality of the homes where residents live.”
Caruana continued, “The East Bay continues to experience strong economic growth and an ongoing shortage of affordable housing. By investing in Quail Run, we’re preserving an vital housing resource in a location that provides residents with access to employment, schools, healthcare and transportation, while ensuring the property remains a safe, well-maintained community for the long-term.”

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