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Richman Group of Florida building Booker Creek Apartments
BUYER: Booker Creek Apartments Ltd. (The Richman Group of Florida Inc.), West Palm Beach
SELLER: Adams Land Holdings Inc.
PROPERTY: 2494 and 2468 13th Ave. N., St. Petersburg
PRICE: $3.68 million
PREVIOUS PRICE: $2.2 million, July 2008
LAW FIRM ON DEED: Broad and Cassel, Boca Raton
PLANS, DESCRIPTION: West Palm Beach's
Richman Group of Florida Inc. purchased 7.82 acres at the southeast corner of 13th Avenue North and 25th Street North for $3.68 million.
The purchase price equated to $469,949 per acre. The Richman Group plans to developing the land into the 156-unit Booker Creek Apartments.
The development is being partially financed through Multifamily Housing Revenue Bonds from Housing Finance Authority of Pinellas County, which locks a portion of the development into being rented to lower income tenants. Three of the units will be rented to tenants with incomes of 50% of the area median income and another 60 units will be rented to tenants at 60% of the area median income. The remaining units will be rented for market rates.
The community will feature a clubhouse, outdoor pool with a kiddie pool, fitness center, computer room and laundry facility.
Construction has started on the project and the first few buildings in the development are scheduled for completion in June.
The Richman Group Development Corp. is a developer of market-rate, mixed-income, and affordable housing, having completed more than 15,000 units and it has an ownership interest in more than 90,000 units.
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