Davie Development Site Purchased For $4.8 Million
An 18-acre site in Davie, where a controversial residential development is planned, has changed hands for $4.8 million.
An affiliate of the West Palm Beach-based Richman Group of Florida Inc. bought the property from Deerfield Beach developer Southeast Property Associates Inc. in a deal that closed Oct. 29, Broward County property records show.
The deal was brokered by Atlanta-headquartered ARA, which focuses on the multihousing industry. Troy Ballard, ARA's land division vice president, arranged the deal alongside brokers Avery Klann and Marc deBaptiste.
The site was approved for development in May 2012 with the Davie Town Council greenlighting a 224-home gated garden-apartment community in spite of what the Sun Sentinel called "residents dead-set against a sprawling apartment complex."
Construction of the Palm Ranch project is set to begin in May, according to the Richman Group's website. The community will feature a community pool and recreation center on a former agricultural nursery at 7201 Stirling Road between University Drive and Davie Road Extension.
"Davie is emerging as a key central Broward submarket with several new, well-amenitized garden communities at attractive rents," Ballard, the deal's primary broker, said in a statement. "This new dynamic is changing the makeup of this area."