THE SPRUCE – Targa | Real Estate Fund

THE SPRUCEadmin2026-01-20T14:35:38+00:00

A 270-unit multifamily community in West Palm Beach, FL, delivering 117 workforce housing units through layered incentive programs.

THE SPRUCE AT A GLANCE

Project Financing

$50M Construction Loan Incentives totaling $11.7M (TIF + grants + workforce program)
$33M in Equity

Development Team

Verdex Construction
Affiliated Development
Affiliated & Rinka

Completion Date

February 2026

Location

2501 Spruce Avenue, West Palm Beach, FL

Area Features

Proximity to downtown West Palm Beach

Near transit corridors and local employment hubs

Project Highlights

8-story building with 270 units in the Northwood Village area of West Palm Beach.

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CONSTRUCTION UPDATES

News Update – April 2023

The Spruce

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The Spruce

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DISCLAIMER

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITIES. THE PROJECTIONS CONTAINED IN THIS DOCUMENT CONSTITUTE FORWARD-LOOKING STATEMENTS. THESE PROJECTIONS MAY NOT REFLECT ACTUAL PERFORMANCE.
THE PROJECTIONS SET FORTH HEREIN, FINANCIAL OR OTHERWISE, SOLELY REFLECT THE MANAGER’S JUDGMENT AND EXPECTATIONS AND ARE SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES INCLUDING THOSE SET FORTH IN THE PRIVATE PLACEMENT MEMORANDUM OF TARGA 1, LLC DATED SEPTEMBER 2020, MANY OF WHICH COULD CAUSE THE ACTUAL FINANCIAL RESULTS TO BE MATERIALLY LESS THAN THE AMOUNT PROJECTED. TARGA 1, LLC MAKES NO GUARANTY OR PROMISE OF PERFORMANCE, AND ALL RISKS OR UNCERTAINTIES ARE EXPRESSLY ACKNOWLEDGED AND ASSUMED BY ANY INVESTOR.