Group IV Breaks Into Local Apartment Market

ORLANDO-Group IV of Jacksonville, FL is adding its name to a growing list of active multifamily developers here with the ground-breaking of Heritage Estates Apartment Homes, a $23-million, 272-unit venture within the 911-acre Woodland Lakes mixed-use development in fast-growing East Orange County.

The project is being built at an average per-unit hard cost of $84,559 on Curry Ford Road about a half mile west of Alafaya Trail. Summit Contractors of Jacksonville is the general contractor for the one-, two- and three-bedroom apartments which will start pre-leasing activity in the spring, says Gus Sankers, president of 20-year-old Group IV which has a portfolio of 2,000 operating apartment units in northeast Florida.