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Richman Group of Florida builds Cross Creek Apts
BUYER: Sligh Avenue Apartments Ltd. (The Richman Group of Florida), West Palm Beach
SELLER: Thomas J. Murphy as Trustee of the Sligh 301 Trust
PROPERTY: 8102 E. Sligh Ave. (future address of 6950 Emery Mill Drive), Tampa
PRICE: $3.55 million
LAW FIRM ON DEED: Broad and Cassel PA, Boca Raton
PLANS, DESCRIPTION: The Richman Group of Florida Inc. purchased 26.7 acres on Sligh Avenue north of Woodbranch Drive between 78th Street and Maple Lane for $3.55 million.
The purchase price equated to $132,842 per acre, but nine acres of the property is covered by undevelopable wetlands.
The developer has already started construction on the 192-unit, eight-building Cross Creek Apartments. The affordable rental housing is being partially funded through low-income housing tax credits, which requires tenants to meet a low-income threshold.
“It is a great location near job centers and services,” says Robin Druckman, marketing and design coordinator for The Richman Group Development Corp. “Also, the land seller was someone we have worked with before.”
First Florida LLC of Miami is the general contractor for the project.
The apartment complex will feature a 4,376-square-foot clubhouse, a pool, tot play area, computer room and access to bus transportation.
The Richman Group is the seventh largest apartment owner in the United States, according to the National Multi Housing Council. It has developed more than 15,000 units and has ownership interest in more than 85,000 units. Richman Property Services Inc. manages 7,631 units in 42 properties across Florida. Several hundred more units in Florida are also in various stages of development.
Sligh Avenue Apartments mortgaged the property to JPMorgan Chase Bank NA for $16 million.
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