Gables Residential breaks ground on Wilton Manors rentals - South Florida Business Journal:

fixyruw.wordpress.com
The 145-unit mixed-use Gables Wilton Park project is to be seton 5.49 acres at Wilton Drive and Northeast 21st It is to contain 19,030 squarew feet of ground-floor retail space, whicjh is being leased by Sighla Finazzo of the . The residentiao mix includes 72 loft nine apartment homes and 64 townhomes withattachexd garages. Opportunity knocked for Gablese Residential because Wilton Manorxs currently has no ClassA rentals. Additionally, no new rental propertie s have been developed withina 10-miler radius in the last four and only 685 apartment homes were buily since 2006 in all of Broward according to county records.
"We plan to start rentingv in the 2009 Q3 forQ4 move-ins," said Omar del Rio, regional VP of investments for the Atlanta-baseds private REIT. Gables Residential is co-owned by and Netherlands-based investment company giant . "They provide our del Rio said, "although I couldn't tell you at this poinf exactly which fund will bethe lender." The new communityy replaces a former service station and retaipl nursery. The redevelopment is another step towardd a town center that includesa pedestrian-friendlg environment of retail, housing, entertainmenf and cultural options.
Real estates analyst Jack McCabe, CEO of Deerfield Beach-basex , has praised Gables Residential and its Gables Wilto nPark project, for which he sees a "definite demand." "[Gable Residential is] smart," McCabe said. "Sources for cond financing and demand have dried up in this but there is still appetite for multifamilt projects where the numbers makesense - and Gablez has a history of qualitg jobs." Monthly rents are projected to be in the $1.50-a-square-footf range. That would translate to about $1,200 to $2,400 a monty for a mix of units inthe 779- to 1,667-square-foog range.
Gables Residential owns, develops and managesw multifamily communitiesand mixed-use developments, with a focus on Souty Florida, Atlanta, Austin, Dallas, Houston, Southermn California and metropolitan D.C. It has third-party management operations inthe Chicago, New Phoenix, Central and North and Washington state markets.