Developers start construction of 336-unit apartment project in Wildwood

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BLD Group and JSB Capital Group have started building a 336-unit garden-style apartment community in Wildwood.

The Wildwood Apartments property in the Beaumont master-planned community next to TheVillages, will include one-, two and three-bedroom layouts.

Materials shortages and price increases have challenged the developers.

The issues confronted by BLD Group are anything but foreign to other developers across the country. “Probably the biggest challenge we faced and continue to face is material and across-the-board price increases,” BLD Group principal Greg Baumann told Multi-Housing News (MHN).

“We’ve been able to successfully address this challenge through a mix of factors . . . Everyone on our team has been very cooperative and flexible, from adjusting numbers where necessary, to value engineering considerations and simply thinking outside of the box.

“We underwrite our projects as conservatively as possible and likewise seek markets with significant pent-up demand. There is an element of luck involved, but being able to take advantage of rent increases has greatly assisted in offsetting many of the cost escalations we have experienced.”

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