1669218148 Cottages E1669154379354

DLP Capital Breaks Ground on North Florida Project – Multifamily Real Estate News

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

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

After the cottages at St. Johns, 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 washing machines, plank floors and energy-efficient appliances. Residents have access to amenities including a pool and private pond, as well as a clubhouse, fitness center and dog park. Located next to St. John’s Avenue, one of Palatka’s main streets, provides the community with 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 is less than 5 miles away.

DLP’s southern dives

DLP remains an active multifamily player throughout 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 build 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.

Related Posts