Market Report

Orlando, Fla. – Hendricks-Berkadia Real Estate Advisors, a multifamily investment banking and research company, recently negotiated the $450,000 sale of 45 town home sites, grouped in five pads, located within the 13.5 acre gated Tuscany Place Town Homes community at 600 Northern Way in Winter Springs.

Partner Cole Whitaker, who heads Hendricks-Berkadia in the southeast region, and associate partner Hal Warren negotiated the sale representing the seller, PNC Bank.

The buyer, Rodrigo Torres, plans to develop the property with town homes.

Tuscany Place Town Homes, which comprises 111 units, was built in two phases – in 1981-1986 and 1997-2007 – and includes a community swimming pool, cabana and private park.

 

Maitland, Fla. – NAI Realvest recently closed the $3,049,391 sale of a 14-acre bank-owned property at 1650 Maguire Road near the Florida Turnpike in Ocoee. 

 

NAI Realvest principals, Matt Cichocki and Kevin O’Connor, along with senior associate Jack W. Lynch, negotiated the transaction representing the buyer, Skorman Development Corp. The seller was Miami-based PNP Parabis VPG Lake Butler, LLC.  

 

Buyer has received approval for the development of a 242-unit garden-style apartment community with a two-acre commercial outparcel on the property. Permitting of the apartments is already underway and delivery is expected in approximately 18 months.

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New Smyrna Beach, Fla. – NAI Realvest, based in Orlando, recently negotiated the sale of 0.52 acres of multifamily residential development land located at 2202/2204 South Atlantic Ave. in New Smyrna Beach.  

 

Chris Butera, investment associate at NAI Realvest, brokered the transaction representing the seller, TD Bank of Portland, Maine.      

 

The buyer, Scarpello Development, based in Hawthorne, Fla., outside of Gainesville, paid $202,500 for the property which is located one block from the beach.