The Real Deal Miami

North Palm Beach firm buys South Daytona parcel for a 256-unit rental development

Capital Apartment Group just paid $4.5 million for a 12.5-acre parcel, and the firm expects to break ground for construction of 3230 Ridgewood in March
November 03, 2018 02:30PM

Brian Mylett

A firm based in North Palm Beach just bought a 12.5-acre parcel 1.5 miles from the ocean in South Daytona and plans to build a 256-unit apartment complex there.

North Palm Beach-based Capital Apartment Group (CAG) paid $4.5 million for the parcel and expects to break ground in March for construction of the apartment complex just south of Daytona Beach, called 3230 Ridgewood.

“The area needs quality Class A, highly amenitized apartments,” Brian Mylett, managing partner of CAG, said in a prepared statement.

CAG plans to have 3230 Ridgewood ready for occupancy by March 2020. The apartment complex would be a cluster or four residential buildings, each four stories tall, and an 8,000-square-foot clubhouse.

The complex would have one-, two- and three-bedroom garden apartments with interior features that include granite counter tops, stainless-steel appliances, full-size washers and dryers, ceiling fans and private balconies.

Planned amenities include a gym at the clubhouse, swimming pool and spa, fire pit, grilling area, dog park and dog-washing station, children’s playground and car center, and café.

CAG has arranged financing for the 3230 Ridgewood from mezzanine lender Magnifico Capital, LLC, and has hired Land South Construction as the project’s general contractor. MSA Architects Inc. designed the apartment development. – Mike Seemuth