St. Augustine-based DLP Capital Partners, a company that develops and finances “attainable housing,” acquired 37.88 acres in Vilano Beach on Aug. 5 for $15.03 million, including oceanfront and riverfront property.
DLP Capital acquired the undeveloped commercial property through Dream Vilano OC LLC. The seller was 3455 Coastal Highway Land Trust of St. Augustine.
DLP Capital is a private financial services and real estate investment firm “investing in, developing, and financing attainable housing for America’s working families, including multifamily and single-family rental homes, along with related investments, including RV resorts, among other live-work-play communities aimed at enhancing the lives of working Americans.”
The sale comprises three adjacent parcels split by Florida A1A, also called Coastal Highway. Two parcels are on the west side of Florida A1A, a 34.06-acre property along the Tolomato River and a 3.16-acre site adjacent to the highway. The third 0.66-acre parcel is oceanfront east of Florida A1A.
The properties are north of the Seaside of Vilano Condominiums and Mussallem Beachfront Park.
DLP Capital Partners then received a $27.5 million mortgage from DLP Lending Fund LLC, which is part of DLP Capital Partners.
DLP Lending Fund says it provides capital to “top-tier operators and builders to create, improve, and preserve affordable workforce housing.”
DLP Capital also is an investor in the Gateway Jax project in Downtown Jacksonville that launched in 2023.
The founder and CEO of DLP Capital is Don Wenner.
Wenner said in a 2023 Daily Record story that DLP Capital is a partner and lender on Jacksonville-based JWB Real Estate Capital on projects as well as with Corner Lot and Southern Impression Homes.
According to DLP Capital’s Spring 2024 impact report, it has more than $5 billion of assets under management.