Developer Begins Work on 476-Unit Delray Beach Rental Community
North American Development Group (NADG) broke ground on NUVO Delray Beach, an apartment complex in the Agricultural Reserve west of Delray Beach. The South Florida Business Journal reports Wells Fargo Bank was the lender of the $120 million construction loan. NADG acquired the 33-acre site for $41.84 million in 2022.
Nuvo Delray Beach will be a four-story, garden-style community with a clubhouse, fitness center, pool, and pickleball courts. Verdex is the builder. 25% of the 476 apartments at Nuvo Delray Beach will be workforce housing for residents making 60% to 120% of area median income.
The first apartments should be available in fall 2027. Verdex is the builder.
In May, NADG broke ground on an apartment complex in Boca Raton.
Connect Texas Multifamily in Dallas on August 13 brings together the owners, developers, brokers, investors, and lenders shaping the future of Texas multifamily for a day of market intelligence, networking, and actionable insights. Join 300+ decision-makers and be part of the conversations driving the Texas multifamily market. Register today: www.ConnectTXMF2026.com.
Other News
Gilbane Development Acquires Sheepshead Bay Site Suited to Large-Scale Affordable Housing
Ariel Property Advisors has arranged the $37-million sale of 2185 Coyle St., a mixed-use development site offering 408,400 buildable square feet on a 96,000-square-foot lot in the Sheepshead Bay neighborhood of Brooklyn. The recently rezoned property is ideally suited for a large-scale affordable housing development. An Ariel team comprised of founding partners Victor Sozio and...
Learn more
JV Acquires Seniors Facility in San Diego’s Clairemont Neighborhood
Marcus & Millichap arranged the sale of Canyon Villas, a 122-unit, 122-operating bed, independent living, assisted living and memory care facility with 133 licensed beds in the Clairemont neighborhood of San Diego. Pricing was not disclosed. “Our marketing process on Canyon Villas generated multiple high-quality offers and provided the buyer with a compelling value-add opportunity...
Learn more
SJP Partnership Tops Out Construction on Jersey City Apartments
SJP Properties, in partnership with Claremont Development and Battery Global Advisors, announced that The Lucy, a new luxury residential tower, has topped out. Located at 619 Grove St. in Jersey City, the residential community includes 444 apartments and a full suite of amenities. The design preserves and restores historically significant portions of the site’s original...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout