Delray Beach Apartments Get Construction Funding

Delray Beach, Fla.--Wood Partners has closed on the construction financing of Alta Congress, a four-story, 369-unit apartment property near downtown Delray Beach.

Delray Beach, Fla.–Wood Partners has closed on the construction financing of Alta Congress, a four-story, 369-unit apartment property near downtown Delray Beach. The multifamily developer didn’t specify the terms of the financing, but did say that construction on the $66.5 million project will begin in August, with the first residents expected to occupy their homes by Dec. 2012.

Wood Partners originally bought the 9.8-acre site for Alta Congress in 2007 for $22 million. But the contraction of the economy put the development on ice for a number of years.

The project is the newest in a market in which new rental units are scarce. According to MPF Research, Palm Beach County began 2011 with an apartment occupancy rate of 93 percent, a figure that’s expected to rise by 1.7 percentage points by the end of the year. The homeownership crash, which has been especially hard in Florida, still seems to be encouraging people to rent rather than own.

Alta Congress will offer a mix of living spaces from efficiencies to three-bedroom, two-bath units ranging from about 530 square feet to 1,530 square feet. Monthly lease prices will range from $1,200 to $2,300, compared with an average monthly rental rate in the county of $1,060, according to MPF.

In-unit amenities will include stainless-steel Energy Star appliances, granite countertops and walk-in closets, and most of the units will have balconies. Common amenities include a clubhouse, golf course views and two courtyards, one with a swimming pool. The development also counts as transit-oriented, since its location is near the Delray Beach TriRail station, which links Miami, Fort Lauderdale and West Palm Beach along a 70-mile system with 18 stations.