Delray Beach Apartments

Related Development, LLC is breaking ground on four new rental properties included in a development pipeline from Miami-Dade to Palm Beach counties in one month.

The Miami based company builds condominiums, multi-family residential developments, mixed-use properties and attainable housing. In 2012, Related took advantage of the renewed rental demand after historic lows in multi-family developments, and announced eight new projects in a development pipeline.

Steve Patterson, President of Related Development, set a mission for these properties to deliver well-located, highly amenitized apartments worthy of demanding residents in urban-core, class-A luxury areas. He wants these properties to appeal to professionals who used to buy homes.

“The market of millennials leaving their parent’s homes and starting their own households is growing rapidly, so there will definitely be more renters next year and the year after than today, and we intend to be ready with new luxury rental product for them to call home,” added Patterson.

Axiometrics, a company offering proper research and understanding of the apartment market with precise and actionable apartment data, labeled 2014 the strongest year for multi-family developments since the market began to recover. Despite the fact that 2014 multi-family development is expected to barely reach pre-recession numbers, Related is confident that there is a real demand for the 4,000+ rental units that are scheduled for completion in the pipeline for development and/or groundbreaking during the next year.

“Related’s continued growth and sizable development pipeline in South Florida is driven by our belief in real demand,” said Patterson. “In spite of a significant increase in apartment completions during the last two years, occupancies have held firm and rents are growing above the historic norm.”