Apartment Moves

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Apartment Moves

Panhandle

Orlando-based Smith Equities Real Estate Investment Advisors closed on a 356-unit multifamily portfolio located in Pensacola in less than three weeks. The seller, Wellington Arms Properties, had foreclosed on the properties in 2009. The six-property Pensacola portfolio consists of 18-unit to 132-unit properties and was 81% occupied at the time of closing. The portfolio was purchased in cash for $4.5 million, or an average of $12,640 per unit. Gerald Smith and Geoff Harlan of Smith Equities listed and brokered the sale of the portfolio.

"Having the technology to assess the market conditions and provide timely market data to potential buyers is the key to successfully marketing and closing transactions," said Gerald Smith. "As a boutique brokerage specialized in multifamily investments, the brokerage technology we have developed allows us to immediately distribute detailed information about an investment opportunity to buyers that we know would be interested in a particular type of asset.

The buyer was Amvestar Capital, LLC and was represented by Clint Hale of Just Multifamily, based in Jacksonville.

"We are excited about this purchase and are pleased to be expanding into the Pensacola market. This portfolio fit our criteria, and we hope to find many more like it," said Charlie Beard, COO & General Counsel for Amvestar.

The portfolio consisted of Aspen Village, 40 units; Crow Road, 36 units; Dogwood Place, 96 units; Guidy Lane, 18 units; Myrtle Grove Villas, 34 units; and Wellington Arms, 132 units.

Central Florida

Orlando-based Hendricks & Partners negotiated the sale of the 900-unit central Florida portfolio of four apartment properties in Plant City, Port Orange and DeLand for seller UDR, Inc. The properties include the 352-unit Hunter’s Ridge at Walden Lake in Plant City, the 208-unit Pierpoint, the 172-unit The Groves in Port Orange, and the 168-unit The Mallards of Brandywine in DeLand. All were constructed between 1985 and 1990 and renovated in 2006-2007.

Cole Whitaker and Hal Warren negotiated the sale. A private investment firm acquired the properties for an undisclosed amount.

Houston-based Camden Property Trust bought a 15.5-acre site in Waterford Lakes for $4.5 million, or $290,322.58 per acre. Camden’s Fund Waterford Lakes LLC bought the vacant parcel on the northwest corner of Waterford Lakes Parkway and Woodbury Road on March 22 from JLS East LLC, whose managing member is local landowner John Slyster Jr. Bob Thollander of Realty Capital Advisors was the exclusive listing broker on the property.

Camden plans to build 308 luxury apartments on this site, and construction is slated to begin by year’s end, which will likely be called Camden Waterford Lakes.

David Townsend, president of Orlando-based Park Development Corp., plans to build a 234-unit apartment community just north of Health Central hospital in Ocoee. Construction should start this time next year on the estimated $25 million project, dubbed City Center Apartments.

Park Development will finance the project through investment partners and a construction loan it expects to get later this year. The firm plans to buy the 25.7-acre site where Main Street turns into Blackwood Avenue by September for an undisclosed price.

Bay Area

Landmark Residential sold the 168-unit Waterstone at Carrollwood Apartment Homes in Tampa for $12.7 million, or $75,298 per unit, to Robbins Property Associates. Institutional Property Advisors’ Jamie B. May represented the seller and the buyer.

Marcus & Millichap Real Estate Investment Services handled the sale of a 43-unit apartment portfolio located in New Port Richey for $1.175 million, or $27,325 per unit. Michael P. Regan, Francesco P. Carriera and Nicholas Meoli represented both seller and buyer, both private investors.

This portfolio is located at 5528 Executive Drive and consists of three properties that are situated on approximately 2.35 acres of land.

Marcus & Millichap also handled the sale of the 120-unit Southern Oaks in Tampa for a sales price of $3.05 million, or $25,417 per unit. Regan and Carriera handled the transaction between two private investors.

Charlotte, NC-based Crescent Resources LLC, in partnership with Global Growth Trust, acquired 25 acres in Tampa, and is set to build a $37 million apartment community called Circle Crosstown.

The planned community will be comprised of 344 garden-style apartment units, adjacent to the intersection of I-75 and the Lee Roy Selmon Expressway.

"Circle Crosstown will be special because it will be infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks," said Tim Dison, Crescent Resources Vice President-Florida and student housing. "Also, the community will preserve many of the existing trees on site, providing a unique aspect to the property not usually seen in a newly developed property."

"Circle Crosstown will also incorporate many sustainable features and materials," Dison says. "The clubhouse has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council."

Southeast Florida

Coral Gables-based Gables Residential announced plans to expand Gables Ponce, a luxury 10-story, 370-unit, mixed-use project located at the northeast corner of LeJeune Road and Ponce de Leon Boulevard. The site is adjacent to Merrick Park Village, the gateway to the exclusive Coral Gables community. Gables Ponce, which broke ground in May 2011, will begin to deliver the first of 370 luxury apartment homes late this year.

"We are thrilled with the opportunity to expand this exciting project and believe strongly it is the best product in the best location in the greater Miami area," said David Fitch, Gables Residential President and CEO. "This comes at a time when rentals are resurging and demand continues to increase as the new supply of rental apartments has been extremely limited, particularly in the Coral Gables submarket."

Gables Ponce is close to Miami International Airport, University of Miami, downtown Miami and the highly successful Merrick Park Village. Coral Gables also has a vintage style trolley connecting many of the commercial districts and the Metrorail, the regional transit system.

Originally, the Gables Ponce project was 250 units and 26,000 square feet of ground floor retail. An adjacent site became available which allowed Gables the ability to integrate another 120 apartment homes.

Related Group and Shoma Group have acquired land for a mixed-use development of multifamily housing, retail and other commercial product in the city of Doral in Miami-Dade County. The Park Square at Doral will be located on 48 acres, and the developers say ground will likely be broken on the first phase later this year.

The exact plans for the property aren’t finalized yet, but the developers and the city are now trying to nail down the details. The first phase will include as many as 400 multifamily units on six acres entitled for that use. The multifamily component will offer one-, two- and three-bedroom units in a six-story building with structured parking. The first phase will also include retail space, possibly in an open-air setting: upscale dining and entertainment, as well as local shops and anchor stores.

One of the goals for the mixed-use project is to create a pedestrian-friendly environment the immediate vicinity, according to the developers. The project will also complement the nearby One Park Square at Doral building, which is home to 281,000 square feet of office space tenanted by the likes of Amadeus North America’s corporate headquarters, the Latin Recording Academy and Harley-Davidson Motor Co.’s Latin America regional sales offices.

Woodside Oaks, a new Miami-based affordable apartment community designed by Forum Architecture & Interior Design Inc., has just completed construction. The community, which is being developed by the Landmark Development Corporation, includes a series of three-story buildings with a total of 103 ground-level and town home-style units. The community is anticipated to receive LEED-Silver certification.