The Real Deal Miami

Georgia builder closes $6M land deal for new Delray apartments

Community will have 284 units and 7,500-square-foot clubhouse

March 23, 2016 12:45PM
By Sean Stewart-Muniz

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Joseph Keough, CEO of Wood Parnters

Joseph Keough, CEO of Wood Parnters

Wood Partners, an Atlanta-based builder of multifamily projects, just closed its $6.25 million purchase of land in Delray Beach, where it’s planning a new apartment community.

The deal includes about 12.3 acres of land just north of Delray’s historic but dilapidated train station at 1720 Depot Avenue. It’s split into five parcels, county records show, and Wood Partners financed the purchase with a $42.65 million loan from NXT Capital.

Wood plans to build a seven-building rental apartment complex with 284 units and a 7,500-square-foot clubhouse, as previously reported, and 71 of those units would be dedicated to affordable housing.

Wood Partners closed its deal through an affiliated limited liability company called Alta Delray Station, according to county records. The seller was Depot Industrial Center, a limited liability company managed by developer Thomas Head.