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Richman Group to build apartment complex

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  • | 11:06 p.m. December 10, 2010
  • Commercial Real Estate
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BUYER: Fort King Colony Ltd. (TRG Member LLC and FKC CDC GP LLC), West Palm Beach

SELLER: King Investments LLC

PROPERTY: 6885 Aqua Vista Drive and 37730 Daughtery Road, Zephyrhills

PRICE: $1.62 million

LAW FIRM ON DEED: Broad and Cassel PA, Boca Raton

PLANS, DESCRIPTION: The Richman Group of Florida Inc. purchased 13.33 acres for $1.62 million.

The price equated to $121,530 per acre.

The Zephyrhills property, on Fort King Highway and Daughtery Road, is known as phase I of Haven Hill. The Richman Group plans to develop a 120-unit multifamily residential development called the Fort King Colony Apartments on the site.

The five-building project will feature a 3,600-square-foot clubhouse with a fitness center, a business office for residents and a grand clubroom with a coffee bar and a game/activity room. The development will also include a laundry facility, a pool and kiddie pool and a playground with a picnic pavilion and grill area.

The developer received a $9-million mortgage with favorable financing from the Florida Housing Finance Corp. in exchange for capping rental rates. Prospective tenants must earn no more than 60% of the annual median income for Tampa, roughly $59,400.

First Florida LLC is the contractor for the project and Forum Architecture and Interior Design Inc. is the architect and designer. Construction is expected to take a year.

Mark Cooney and Randy Mills with The Land Sharks represented the seller. Eshenbaugh Land Co. represented the buyer.

The Richman Group of Florida is an affiliate of The Richman Group Development Corp., a national developer of market-rate and affordable housing. It has completed more than 15,000 units and has an ownership interest a total of in 90,000 units.



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