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Market Report
Panhandle
The Collier Companies (TCC) acquired The Polo Club Tallahassee, 99 units and 351 bedrooms, from Barrett Properties. Polo Club was built in 1997 to house Florida State University students. The acquisition expanded TCC’s portfolio to approximately 11,000 units and more than 24,000 bedrooms. North Florida
LandSouth Construction, a Jacksonville, Fla.-based general contractor specializing in multifamily housing, has announced it has begun construction on Lost Lake Resort Apartments, a $21 million community at the southwest corner of J. Turner Boulevard and Southside Boulevard in Jacksonville. The development will be built on 18 acres with 280 residences, 19 buildings, a resort-style clubhouse and abundant amenities. Construction commenced this week and scheduled for completion in the fourth quarter of 2013. "We are pleased to have this opportunity to build a high-quality multifamily community in partnership with Lost Lake Apartments, LLC. We believe this prime location and luxurious design will attract residents who enjoy amenity-rich lifestyles and convenience of location," said James Pyle, president and CEO of LandSouth Construction, which is currently working on several multifamily projects throughout the Southeast.
The developer is Lost Lake Apartments, LLC. Forum Architecture & Interior Design of Altamonte Springs is designing the community. LandSouth is currently building multifamily communities in Chattanooga, Tenn., Raleigh, N.C., and Delray Beach, Fla.
Boutique brokerage firms Glassover & Company Inc. of Naples and Catalyst & Co. of Jacksonville brokered the sale of the 276-unit Courtney Meadows Apts. in Jacksonville to a Boston-based real estate advisor.
Central Florida
CBRE has completed the sale of a multi-housing development site in Celebration, an upscale planned community in the Orlando MSA. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction. The project will be the first multi-housing rental community built in the prestigious Celebration community since 2002. Marcus & Millichap Real Estate Investment Services handled the sale of the 34-unit Arlington Square Apts. in Deland, for a sales price of $780,000. Michael Donaldson in Marcus & Millichap’s Tampa office represented the buyer, a private investor based in Aventura, Fla. Arlington Square was built in 1971.
Orlando-based Hendricks & Partners negotiated the sale of the 132-unit Roselea Apartments on Ridgewood Ave. in Sanford for $3.465 million, or $26,250 per unit and $26.41 per square foot. Cole Whitaker, partner who heads Hendricks & Partners in the southeast, negotiated the sale with associate partner Hal Warren. Bob Hold, with Hold Thyssen, acted as receiver and assisted in the sales effort. Roselea was built in 1974, with an average unit size of 994 square feet, and was 60 percent occupied at the time of closing. Dowd Properties, based in Celebration, and Hendricks & Partners, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of The Preserve at Sugar Mill in New Smyrna Beach for $595,000.00.
Cole Whitaker, partner who heads Hendricks & Partners in the southeast, and Jim Dowd of Down Properties negotiated the sale of the a 208-acre residential development parcel representing the seller Capstone Resdev, LLC. The buyer is Elbert Land Company, LLC.
Bay Area
Hendricks & Partners negotiated the sale of the 143-unit The Park at Ashley Place luxury apartments in New Port Richey from Blue Rock Partners to Canada-based Symcor Capital for $8.050 million, or $56,293 per unit. The community, built in 1986, was 95 percent occupied at the time of closing.
Cole Whitaker, partner who heads Hendricks & Partners in the southeast, negotiated the sale with senior investment advisor Jason Stanton of the firm’s Tampa Bay office representing the seller, Blue Rock Partners, LLC. Cushman & Wakefield sold the 324-unit BaLaye Apts. in Tampa. AIMCO sold the property to ECI Companies for $30.45 million, or $93,981 per unit.
Marcus Millichap handled the sale of the 24-unit Perkins Garden Apts. in the heart of St. Petersburg for $405,000. Michael P. Regan, Francesco P. Carriera, Nicholas Meoli and Evan P. Kristol had the exclusive listing to market the property on behalf of the seller, a private investor. Meoli also represented the buyer, a private investor based out of Tampa. The property was built in 1957 on a .87-acre parcel.
Bethesda, Md.-based Beech Street Capital, LLC closed a $16.4 million Freddie Mac Capital Markets Execution loan used to acquire the 463-unit Cooper’s Pond Apts. in Tampa. Mitch Sinberg and Michael Wallace of Beech Street’s Fort Lauderdale and Orlando offices, originated the transaction. Robbins Property Associates bought the property.
Southeast Florida
Beech Street Capital, LLC also closed a $21.7 million Freddie Mac Capital Markets Execution loan used to acquire Ashley Lake Park, a 300-unit apartment community in Boynton Beach. Mitch Sinberg and Michael Wallace originated the transaction. The property was built in 1987 and bought by Robbins Property Associates.
The Bridges at Kendall Place, a 228-unit, Class A apartment community in Miami, recently had its official opening on Thursday, Oct. 18. On that afternoon, a ribbon-cutting ceremony complete with property tours and refreshments was held at the community clubhouse to unveil the Jamestown-developed property. Jamestown, which had owned the site since 2007, developed the property. Jamestown is seeking the prestigious Silver certification through the National Association of Homebuilders Green Standards for multifamily properties. |
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