W
hite Oak Development, a Coral Springs-based company, and Ares Management, a Los Angeles-based investment firm, have secured a $67 million construction loan for a 286-unit apartment project in Davie. The development will be built on a 4-acre site purchased by White Oak from the Davie Community Redevelopment Agency for $11.4 million.

    The project will feature workforce housing and a mix of one- to three-bedroom apartments, as well as two-story lofts. A total of 54 units will be designated for households earning no more than 120% of the area median income, while three units will be reserved for those earning no more than 80% of the AMI.

    White Oak Development will serve as the master developer, with Ares Management as a capital partner. The project is expected to include a four-story garage with approximately 480 parking spaces. Los Angeles-based Kayne Anderson Real Estate provided the construction loan.

    The property has been slated for redevelopment since 2020, after a previous plan for the Altis Davie project fell through in 2023. White Oak's proposed purchase price of $11.4 million was higher than that of Paragon Group of Florida, which had also expressed interest in developing the site.

    White Oak Development was founded in 2011 by Armando Codina, Jim Carr, and Andrew Burnham, who is currently CEO. The company has developed several projects in South Florida, including the AMLI Toscana Place apartments in Davie. Ares Management, led by Michael Arougheti, has been an active investor in the region, with recent purchases including the Midway Miami Park industrial complex and the Ceru apartment building.

    The planned project comes amid a multifamily supply overhang in South Florida, driven by a slowdown in new leases and a drop in construction starts. However, the supply is expected to be leased up this year and next year due to a decrease in construction activity.