Market Report

Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multifamily investment banking and research companies in the nation, recently negotiated the sale of Waterpointe, a 10-acre multifamily site on Front Beach and Cobb Roads in Panama City Beach for $1,050,000.

Cole Whitaker, the partner who heads the Southeast Division of Hendricks-Berkadia in Orlando, negotiated the transaction with associate partner Hal Warren representing the seller, Redus Florida Land, LLC.

Chris Butera, investment associate, along with Mez Birdie, CCIM, director of investment services at NAI Realvest, negotiated the transaction representing the seller Branches East Apartments, LLC, of Milwaukee.

ORLANDO, Fla. – Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multifamily investment banking and research companies in the nation, recently negotiated the sale of three apartment properties in Bradenton and Orlando that total some 1,130 units and valued at close to $62 million.

Cole Whitaker, the partner who heads the Southeast Division of Hendricks-Berkadia, negotiated all three transactions with associate partner Hal Warren and vice president Jason Stanton. The three sales brought $61,780,000.

Whitaker and Warren negotiated the sale of Braden Lakes Apartment Homes on 50th Avenue West in Bradenton for $14,280,000, representing seller Situs, LLC. Lexsignia, LLC, acquired the property comprising 264 units in 16 two-story garden-style buildings and a clubhouse.

Whitaker and Warren represented Situs, LLC, in a second sale of The Cornerstone Apartments with 430 units on South Conway Road in Orlando for $23 million. Robbins Property Associates, LLC, acquired the property with a total of 317,190 rentable square feet on 27 acres.

Whitaker and Warren negotiated the $24,500,000 sale of Park Baldwin Palms at 2250 North Semoran Boulevard in Orlando representing seller Everglades Partners, LLC. Covenant Capital Group, LLC, acquired the property with 436 apartments situated in 38 two-story garden-style buildings on 21.8 acres.

The Jefferson Apartment Group (JAG) has begun construction on its latest project. Azul Baldwin Park is located in Orlando's thriving, 1,100-acre Baldwin Park neighborhood. The 178-unit luxury apartment community is being built by the company and its investment partner, Pacolet Milliken Enterprises. Construction of the community's four- and five-story LEED-certified buildings is expected to be completed in the first quarter of 2014. Designed to provide accommodations and an atmosphere resembling those of an upscale boutique hotel, Azul will cater to renters with higher-end tastes in a city where a growing jobs market has resulted in an increasing need for apartments.

DUNEDIN, FLA., March 18, 2013 – Marcus & Millichap Real Estate Investment Services, has announced the sale of James Street Apartments, a nine-unit apartment community located in Dunedin, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $370,150.

Michael P. Regan and Francesco P. Carriera, vice president investments, and James Vestal, investment specialist in Marcus & Millichap’s Tampa office, represented both the seller and the buyer, private investors based in Florida.

Built in 1959, James Street Apartments is located at 442 James Street in Dunedin, Fla. The property is located within walking distance of downtown Dunedin and is situated in a Class "A" rental market. James Street Apartments consists of three-, one- and two-story buildings situated on approximately a .56-acre parcel of land. All units have individual air-conditioning. Amenities include an on-site laundry facility and ample on-site parking.

"This transaction represents the waning supply of distressed assets on the market," says Vestal. "As we head into a more normalized market, opportunities like this will become fewer and farther between and I think the buyers really recognized that."

SOUTH PASADENA, FLA., March 20, 2013 – Marcus & Millichap Real Estate Investment Services has announced the sale of Shore Drive Apartments, a 50-unit multifamily property located in South Pasadena, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a selling price of $3,500,000, which equates to $70,000 per unit.

Casey Babb, CCIM, a senior associate in Marcus & Millichap’s Tampa office, represented the seller, a St. Petersburg-based family partnership, and the buyer, Weller Residential, also based in St. Petersburg, Fla.

"Shore Drive presented an increasingly rare opportunity to acquire one of only a handful of remaining waterfront apartment properties in the Tampa Bay area and, consequently, the deal transacted very quickly," says Babb. "The property had been owned by the seller since they developed it back in 1972, but had never undergone a major rehab. The incoming buyer is planning a major renovation of the property exteriors, common areas, amenities and unit interiors over the initial 12-months and the property will be rebranded as Liv @ Boca Ciega."

TAMPA, Fla. – Florida-based luxury residential rental developer, The Altman Companies, will showcase the completed first phase of their Altis at Grand Cypress community tomorrow in a Grand Opening celebration and at the same time announce plans for a new rental community in the Tampa area – Altis at Highland Park just west of Tampa in prestigious Westchase.

Altis at Grand Cypress, located on 60 acres on the west side of Livingston Road and south of Highway 54 in the rapidly growing New Tampa Wesley Chapel area, has completed construction of the 258-unit Phase I, which is 70 percent leased. Phase II, with 46 units in three buildings, with construction underway by the end of the month. All apartments feature private entries, and attached garages are also available with select units.

Altman also revealed plans for development of Altis at Highland Park, a mixed-use residential rental community that will consist of 239 apartments and 5,000 square feet of retail space. The new community will be located off of Racetrack Road in the 2,000-acre master-planned Westchase community located between Tampa and Clearwater in Hillsborough County. Altman anticipates closing on the property by mid-April 2013.

Altis at Grand Cypress features three two-story building types consisting of one-, two- and three-bedroom luxury apartment homes with individual, private apartment entries, designer kitchens, spacious balconies/patios and a long list of luxury features. Twenty acres of forested wetlands and lake surrounds the community. Other community features include, gated entry, tropical landscaping, expansive outdoor lighting, children's playground, outdoor gazebo, picnic areas with BBQ grills, natures trails, dog walk park, car care center, heated resort-style pool with beach entry, outdoor sports bar with entertainment area, TVs, fireplace and grill, 24-hour full-circuit fitness/aerobic center, billiards and media room, Cyber Cafe, service bar area for entertaining, business center/conference room, children's fun/study center with board games, library, video games and flat-screen TV with DVD, WiFi throughout clubhouse and pool area.

TAMPA, Fla., April 5, 2013 – Marcus & Millichap Real Estate Investment Services, has announced the sale of Church Avenue Apartments, a 19-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $665,000, which equates to $35,000 per unit.

Casey Babb, CCIM and senior multifamily specialist and Luis Baez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami. Earle Hyman, a senior vice president investments and Nicholas Meoli multifamily specialist in the firm’s Encino and Tampa offices, represented the California-based 1031-exchange buyer.

Church Avenue Apartments was built in 1971 and is located at 6408 North Church Avenue. The community is set within a cul-de-sac in a ‘park-like’ setting. Units are housed in nine villa-style buildings totaling 19 residences and are situated on 2.5 acres. There is a mix of 18 two-bedroom/one-bath units and one three-bedroom/one-bath unit. Units feature private parking, private backyards and some screened patios and washer/dryer connections.

"This offering, as with others we have sold recently, commanded interest from multiple investors and a competitive bidding situation which helped the seller secure a contract," says Baez. "The property closed at 98 percent of the asking price after only a two-week marketing process. Traditionally, real estate has not been a liquid asset, but right now we are finding that investment real estate in general, and multifamily in particular, is very liquid, which is good if you are thinking about selling," continues Baez.

TAMPA, Fla., April 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Colony House Apartments, a 20-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $1,265,000, which translates to $63,250 per unit.

Casey Babb, CCIM, senior multifamily specialist, and Luis Baez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property for sale. Earle Hyman, a senior vice president investments and Nicholas Meoli, multifamily specialist in the firm’s Encino, Calif., and Tampa offices procured the buyer, a private, 1031-exchange investor.

Colony House Apartments was built in 1965 and completely renovated in 2007. This Class "B" 20-unit apartment building is located at 4332 W. North B St. in the Westshore Business district of Tampa in Hillsborough County. The building consists of eight one-bedroom/one-bath units and 12 two-bedroom/one-bath units that include ceiling fans, front and rear entries and updated interiors, housed in a single two-story garden apartment building. The building is masonry-constructed on a concrete slab foundation featuring a separate on-site laundry facility and off-street parking.

"Colony House was purchased by a 1031-exchange investor and the transaction went very smoothly after previously falling out of contract twice," says Babb. "1031-exchange investors are back in the market in a big way, which is a very good sign since it means people are selling properties at substantial gains and need to buy replacement properties to defer taxes."

ORLANDO, Fla. – Hendricks-Berkadia, which ranks as one of the leading multifamily investment banking and research companies in the nation, recently negotiated the sales of two residential tracts in Vero Beach and Palm Bay to D.R. Horton, Inc.