Developer 13th Floor Homes and partner Florida-based BTI Developers just announced they will be delivering 500 new homes to Riviera Beach in Palm Beach County.
The single-family home community, called Arbor Parc, will target millennials and first-time home buyers, according to a press release. Arbor Parc will be built at 4046 Woods Edge Circle, west of I-95.
The three- and four- bedroom homes will range from 1,558 square feet to 2,086 square feet, with prices ranging from $278,990 to $336,990, according to its website. Construction is slated to begin in the third quarter of this year, a spokesperson told The Real Deal.
Arbor Parc homes will each feature $30,000 worth of amenities including granite kitchen countertops, stainless steel kitchen appliances, wood cabinetry and a washer and dryer, according to the release. The community will also offer a community fitness center and pool, walking trails, lakefront observation areas and community parks.
Stefanie Mogull, the director of sales and marketing for 13th Floor Homes, told TRD homes in the area are typically sold at higher prices.
“There is no other single-family community filling the [affordable housing] void in the area. We’re really filling in a niche,” Mogul said, pointing to an increasing price of a single-family homes in Palm Beach County. In May the average single-family home rose 7.9 percent from a year ago to $335,000 from $310,500, according to the Realtors Association of the Palm Beaches. Residential sales increased by 5.8 percent to 3,188 from 3,012 in May of the previous year.
Last year, 13th Floor nearly sold out its Central Parc single-family home development in Tamarac, which offers prices ranging from $274,000 to $332,000. In less than two years after launching sales, 13th Floor sold 248 of the 253 homes at Central Parc.
13th Floor owns and manages a portfolio of more than 150 properties throughout the United States and Puerto Rico, according to its website. 13th Floor Homes is a division of Miami-based 13th Floor Investments. Last month, 13th Floor Investments and Tricera Capital paid $19.5 million for the former site of Boulevard 57 in Miami’s Upper East Side with plans to build a mixed-use project.