DLP Capital Breaks Ground on North Florida Project

Cottages at St. Johns. Image courtesy of DLP Real Estate Capital

DLP Real Estate Capital has begun construction on the Cottages at St. Johns, a 194-unit duplex-style rental community located at 6805 St. Johns Ave. in Palatka, Fla. Cottages Holdings is overseeing the project’s planning and development, while the Palmer Group is serving as a managing partner. Construction and design at the community is being led by Group One and FK Architecture. Construction is expected to finish at the end of 2024, with the leasing of space beginning at the same time.

After the Cottages at St. Johns are built, the community will feature a mix of single-story one-, two- and three-bedroom homes, private patios and backyards, walk-in closets, kitchen islands, in-unit laundry machines, plank flooring and energy-efficient appliances. Residents have access to amenities including a swimming pool and private pond, as well as a clubhouse, fitness center and dog park. Situated along St. John’s Avenue, one of Palatka’s main streets, the community offers quick access to many essential services and retail offerings and is within 1 mile of two of the city’s largest employers. Downtown Palatka and the St. John’s River are less than 5 miles away.

DLP’s Southern dives

DLP remains an active multifamily player through the South, with recent involvement in a number of high-profile acquisitions and development efforts, with Texas being a major focus for the firm. In August, DLP purchased a 350-unit community in La Porta in a joint venture with Elevate Commercial Investment Group. The firm also acquired 140 acres in Fort Worth, Texas, with plans to construct two rental communities totaling more than 1,300 units. In another joint venture with ORP investments, the firm purchased Elan Memorial Park, a mixed-use development in Houston’s Neartown-River Oaks submarket.