Future multi-housing development in Florida sells for $20.475M

MIAMI, Jan. 10, 2022 – JLL Capital Markets announced that it has closed the $20.475 million sale of PGA Station development site, an approximately 3.61-acre asset located in Palm Beach Gardens, Florida.

JLL represented the seller, Catalfumo Companies. The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.

Situated at 4001 Design Center Drive, the property is located within an existing office park with significant redevelopment underway and planned and is strategically located near an abundance of demand drivers, such as The Palm Beach Gardens Mall.

The JLL Capital Markets team representing the seller was led by Director Simon Banke, Managing Director Maurice Habif and Executive Managing Director Manny De Zárraga.

“This property represents an incredible opportunity for The Richman Group to develop a residential community within a larger mixed-use context adjacent to employment, transit and other uses that will further drive demand. We look forward to watching the project progress,” said Banke.

“We’re incredibly excited about our new venture in the Palm Beach Gardens market,” said Kristin Miller, President of The Richman Group Development Corporation. “We have a long-standing commitment to bringing to market the perfect complement to the local area with dynamic floor plan designs, innovative amenity packages and stunning architecture.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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