South Florida’s newest real estate investment management firm’s first investment shows its commitment to revitalizing Palm Beach County.
Targa 1 LLC, formed by a group of private South Florida businessmen, announced its investment with Affiliated Development for workforce housing residential projects in Palm Beach County.
An initial project is The Bohemian is Lake Worth Beach. It will have 200 units over seven stories, retail space, co-work space, a rooftop deck, a parking garage and amenities including a fitness center and a swimming pool.
“There is a pent-up demand for mixed-income housing, and Affiliated is meeting that need with dynamic projects that help revitalize metro areas offering Class-A living at affordable prices,” said David Greer (pictured right), principal of Targa 1 LLC with Chad Moss (pictured left). Greer is vice president and chief investment officer at Moss Construction while Moss is executive vice president.
Added Affiliated CEO Jeff Burns, “We are incredibly humbled to have Targa participate in the Affiliated Housing Impact Fund, LP. We have tremendous respect for the Moss family and their organization. They have played an important role in the growth of South Florida, so it’s very fitting that they continue to make an impact on the industry by investing in workforce housing.”
The firm, which is restricted to accredited investors, has raised $7 million of its $40 million goal. It’s a promising start for Targa 1, which has plans to extend its reach beyond Florida.
“Targa 1 LLC plans to invest primarily in residential developments, particularly in workforce housing in Florida, Texas and Hawaii,” Moss said. “Targa was started to help support developers/owners in equity raising efforts for their projects.”