Source: ZOM / #Multifamily #Apartments
FORT LAUDERDALE, FL - Hamptons PBG, L.P., a joint venture of ZOM Florida and Northwestern Mutual, recently commenced construction on a 224-unit luxury apartment rental community in Palm Beach County Florida. Current Builders has been selected as the general contractor. Offering the most expansive and cutting edge amenity package in the market, The Hamptons at Palm Beach Gardens is expected to be completed by December 2013, with leasing starting in Spring 2013. Located just minutes from the new Scripps Research Institute and the Jupiter campus of Florida Atlantic University, this new development is ideally situated to take advantage of the growing multifamily rental market in Palm Beach County.
The 22.7 acre site provides an ideal low density setting for 25 two-story buildings and two three-story buildings in a neighborhood setting. The project is modeled after ZOM’s successful “Hamptons” and “Arbors” style products. With a tailored mix of each, the Hamptons will be housed in the two-story format, with only six apartment homes per building, and will look and function similar to a single-family home, with dedicated ground floor entryways and direct access garages. The Arbors units are designed in a three-story format, with breezeway access garages. The more traditionally sized one- and two-bedroom Arbors units will have superior view orientations of the lake. The project will also feature a luxurious clubhouse with resort style pool, fitness center, e-lounge, and pet salon. All highlighted by a central 2.5 acre lake with walking trail, as well as a perimeter nature preserve. ZRS Management, LLC has been retained to provide property management services for the project.
“We believe this new project, our twenty-third multifamily project in Florida, has the right combination of attributes to provide reliable project cash flow during operations and above average total investment returns,” said Kyle Clayton, ZOM Florida’s Development Vice President. “Coupled with favorable employment growth for Palm Beach County, and emerging employment hubs near the site, housing demand in the area continues to strengthen."
“We believe this unique, high-finish product will be in high demand in the north Palm Beach market, and that Northwestern Mutual’s policy owners will benefit from the long-term value we are creating in our venture with the ZOM group,” said Felix Figueroa, Director for Northwestern Mutual Real Estate Investments.