FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--A group of private South Florida businessmen has formed Targa 1 LLC, a real estate investment management firm, to invest in development projects and announced its initial investment with Affiliated Development for workforce housing residential projects in Palm Beach County.

“Targa 1 LLC has raised $7 million of our initial goal of $40 million and has invested in Affiliated Impact Fund, LP, which is developing residential developments in Palm Beach County,” said David Greer, who along with Chad Moss is a principal of Targa 1 LLC.

“Targa 1 LLC plans to invest primarily in residential developments, particularly in workforce housing in Florida, Texas and Hawaii,” Moss said. “Targa was started to help support developers/owners in equity raising efforts for their projects.”

Participation in Targa 1 LLC is restricted to accredited investors.

“We are incredibly humbled to have Targa participate in the Affiliated Housing Impact Fund, LP,” said Jeff Burns, CEO of Affiliated Development. “We have tremendous respect for the Moss family and their organization. They have played an important role in the growth of South Florida, so it’s very fitting that they continue to make an impact on the industry by investing in workforce housing.”

“There is a pent-up demand for mixed income housing, and Affiliated is meeting that need with dynamic projects that help revitalize metro areas offering Class-A living at affordable prices,” Greer said.

An initial project is The Bohemian in Lake Worth Beach. It will have 200 units over seven stories, retail space, co-work space, a rooftop deck, a parking garage and amenities including a fitness center and a swimming pool.