DLP Capital

Private real estate investment and financial services firm DLP Capital has broken ground on a new 194-unit multifamily rental community, the Cottages at St. Johns, in Palatka, Florida. Thirty miles inland from St. Augustine and 60 miles from Jacksonville, the 97 duplex cottages will offer more affordable rents compared with coastal cities.

“As Florida continues to see rapid population growth, DLP Capital is committed to developing solutions that address the resulting crisis in affordable housing—including expanding our footprint into attractive submarkets,” says Don Wenner, CEO of DLP Capital. “Palatka is a prime community for rental community development, offering an attractive Florida lifestyle, easy access to the coast, and affordability.”

Slated to deliver in late 2024, the Cottages at St. Johns is the first non-rent-restricted multifamily housing to be built in the Palatka area in over 30 years, according to DLP Capital. The area along the St. Johns River is close to the HCA Florida Putnam Hospital, St. Johns River State College, and various restaurant and retail businesses.

The new community will introduce a unique model under the DLP Capital umbrella of multifamily development with single-story duplexes, which offer a private home lifestyle with outdoor areas resembling single-family spaces. Located in the side yards that divide the cottages, private fenced-in gardens, ranging from 250 to 500 square feet, will lend space for entertaining, play, and pets.

The one- to three-bedroom units will offer 9-foot ceilings, oversized closets, designer cabinetry, and energy-efficient systems. Residents will be able to enjoy a clubhouse with a loggia and an exercise room, a pool, a playground area, a dog park and wash, a pond, and other amenities.

In Central Florida, DLP Capital has also broken ground on Westwood at Winter Haven. Located between Tampa and Orlando, the 280-unit multifamily community, also expected to deliver in late 2024, will include 17 two- to three-story garden-style buildings on 22 acres.

Finishes for the one- to three-bedroom apartments will include granite countertops, stainless steel appliances, in-unit washer and dryers, and water and energy conservation features. Planned amenities will offer a clubhouse with a resident lounge, a fitness/aerobics center, a business center, a pool with cabanas, a dog park, a pet/jogging trail, and a playground.

“Winter Haven attracts not only tourism but leading Fortune 500 companies as well, with robust job growth expected over the next decade,” adds Wenner. “As job growth places increased pressure on multifamily availability in the near future, we’ll be ready to step in and deliver 280 quality units to area residents.”