Husband-Wife Development Team Spots Rural Apartment Niche

WILDWOOD, FL-Spotting a multifamily niche in an area where affordable apartments are scarce, the husband-wife development team of Diana and James Couillard expects to break ground this month on Dibarco Haven, an estimated $16 million, 200-unit gated townhome community a half mile east of Wildwood, FL (Pop. 4,120) and 65 miles northwest of Downtown Orlando.

The Couillards couldn’t be reached at GlobeSt.com’s publication deadline. But area brokers tell GlobeSt.com on condition of anonymity rents for the planned three bedroom-two bath townhomes will be $700 to $800 a month–a bargain compared to comparable shelter in Downtown Orlando where rents begin at $1,200 a month.

Brokers tell GlobeSt.com the Couillards figure they can build their project at an estimated hard construction cost of $80,000 per unit. The construction track is expected to be 14 months. The Couillards purchased the 37.3-acre development site earlier this year for an undisclosed sum. About 1,000 tenants are expected to occupy the project at buildout.