Park Partners Residential to Develop Florida Community
- Mar 09, 2016
Boca Raton, Fla.—PARC 3400, a new gated, five-story, four-building apartment community from Park Partners Residential, is under construction in Davie, Fla. The eight acres at 3400 David Road necessary for the development of the Class A multifamily community was purchased by a joint venture partnership of Giles Capital Group, Rosemurgy Properties and FSG Holdings.
The 259-unit property is expected to be complete in spring of next year.
PARC3400 will feature one-, two- and three-bedroom apartment units with granite countertops, stainless steel appliances, upgraded lighting, walk-in closets, washer-dryers, ceiling fans, impact-resistant windows and sliding doors, and private balconies and patios.
Among the common-area amenities are a clubhouse, swimming pool, and pavilion, 84 bicycle parking spaces and car-charging stations.
“Broward County is one of the strongest rental markets in Florida, and perhaps the country,” said Rick Giles, managing partner of Park Partners Residential and CEO of Giles Capital Group. “The Town of Davie in Broward County offers one of the most convenient locations in South Florida, with easy access to all employment, entertainment, and educational centers.”
The strength of the location is unparalleled, Giles said. “The challenge was that the site plan that was approved was not what we envisioned for the site. We felt that there were improvements that had to be made, and it takes a lot of time to start the approval process all over. However we were focused on getting it right.”
Giles noted his firm does like to compete with other groups when acquiring sites, “This one was not being marketed, so we were the only bidder,” he added.
The biggest hurdle on the project has been the rapid escalation of construction costs, leading Park Partners Residential to focus on containing costs.
“Our plan was to pursue increased density, the site was originally approved for 217 units, and we successfully got 259 units approved, thus reducing our land cost per unit,” Giles said.
The project team includes Land Use-Dunay, Miskel & Backman LLP; architect—RLC Architects, Boca Raton, Fla.; general contractor—Current Builders, Pompano Beach, Fla.; Interior designer—VPA Interiors; and development, management and leasing—Park Partners Residential. The construction financing is managed by HFF, Miami.
“Park Partners Residential is excited to commence construction on what we believe will be one of the most desirable apartment communities in South Florida,” Giles said.
Park Partners Residential (PPR) is a multifaceted firm for the ownership, development and property management of multifamily real estate.