Patoka Capital and MMI Development have teamed up on a Florida-based multi-family residential development. Named Village Apartments, the $45 million project is expected to break ground in the next 30 days.
RIVERVIEW, Fla., Aug. 20, 2018 /PRNewswire/ — Patoka Capital, a Southern Indiana private investment firm, and MMI Development are proud to announce their partnership on a Florida-based multi-family residential development.
The to-be-built Progress Village Apartments will be located at the southwest quadrant of S. Falkenburg Road and Progress Boulevard, within the Tampa, FL MSA.
The $45 million project will consist of 291 Class A for-rent multifamily units, developed within five, elevator serviced, four-story buildings and is expected to break ground in the next 30 days. Each building will be a fully enclosed, secure, air-conditioned structure with the facilities to include a free-standing clubhouse that will offer a variety of amenities along with a resort style swimming pool.
The area surrounding this new project has experienced steady growth and development as residents within the market seek to reside in suburban communities. The apartments will offer easy access to a plethora of retailers, employment centers, and public schools as well as entertainment venues and grocery-anchored shopping centers.
“We continue to pursue targeted real estate development projects in vibrant markets with favorable demographics. MMI’s track record of success and local market expertise make them the ideal strategic partner.” – Chance Ragains, CEO, Patoka Capital.
About Patoka Capital
Patoka Capital is a closely-held private equity firm with a track record of partnering with management teams and successfully scaling businesses. Their sole mission is to build long-term value by acquiring and growing privately held businesses.
Patoka Capital is actively looking to partner with owners who are dedicated to ensuring the long-term success of their business. Patoka Capital invests a pool of its own committed equity capital and is not an institutional fund. They define success by the contributions they make to their customers, employees, stakeholders and the community. For more information visit www.patokacapital.com.
About MMI Development
MMI Development specializes in large-scale projects that are consistently completed on time and within budget. Their lean organizational structure is the basis for efficiency, and that proficiency results in a very attractive return on investments for their equity partners.
MMI’s strategy is to identify and acquire various existing commercial real estate properties based on sound criteria and fundamentals. They then convert these properties into successful investments that pay above-average returns over the entire holding period. To learn more about MMI Development visit www.mmi.com.