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House Construction
La Zenia

DEVELOPMENT PIPELINE

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TAVARES MANOR APARTMENT HOMES
Tavares, FL

  • Class A, ground-up development of multifamily apartment community featuring 336 units

  • Great location off US 441 and adjacent to Advent Waterman Hospital

  • Seven 4-story, garden-style buildings with elevators

  • Modern floor plans, upscale interiors, best-in-class amenities, and expansive green space

  • Initial approval of project received in July 2022

  • Height Variance approval received in September 2023

  • Target construction kickoff: Q4 2024

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472 & MINNESOTA

Deland, FL

  • 45-acre mixed-use development site

  • Acquired in January 2023 for $1.6 million

  • Located ½ mile from I-4 intersection near the UF Halifax Health Medical Center and Amazon distribution facility

  • Obtained agricultural exemption to reduce annual taxes to approximately $100

  • Seeking entitlements for 300 multifamily units and over 50,000 sf of retail/restaurant/office space

  • Excellent opportunity with an extremely low basis in the Orlando MSA

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COMPLETED DEVELOPMENTS

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The Tribute

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  • The Tribute was a 22-acre multifamily development site in Palm Coast, Florida (Daytona MSA) located directly of I-95 and less than 1 mile from AdventHealth Palm Coast.

  • Arazi Principals sourced the land off-market and completed all predevelopment items (including rezoning, comprehensive plan amendment, and site plan & building plan approval). 

  • Arazi Principals secured construction financing from Valley Bank and equity from BCDC and were 30 days from closing when they were presented an offer for the shovel-ready site.

  • After surveying market conditions and negotiating with Purchaser to obtain aggressive pricing and closing terms, Arazi Principals decided to sell the Tribute site.

Return Metrics

Total Cost                        $3,290,000

        Per Unit                           $13,375

Sale Price                          $5,525,000

         Per Unit                           $23,460

Profit                                   $2,235,000

        Per Unit                               $9,100

Date Sold                           11/2022

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