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Market Report
NORTH CENTRAL FLORIDA
Gainesville’s Collier Cos. buys Camden Lakeside apartments
NORTHEAST FLORIDA
LandSouth Begins Construction on Ability Housing Project
Award-winning Jacksonville, Fla.-based general contractor specializing in multifamily and senior housing has begun construction on the Village on Wiley on Jacksonville’s Westside:
JACKSONVILLE, Fla. (January 12, 2015) - LandSouth Construction, an award-winning Jacksonville, Fla. based general contractor specializing in multifamily and senior housing, has begun construction on the Village on Wiley, a $4 million apartment community on Jacksonville’s Westside.
The development is located on 4.3 acres and consists of 43 residences and a clubhouse in 12 buildings. The one-bedroom, one-bath apartments are approximately 500 square feet. Construction is expected to commence on Dec. 1 and is scheduled for completion in the summer of 2015.
The developer is Ability Housing of Northeast Florida, Inc., the only not-for-profit in Northeast Florida that focuses on the development and operation of quality, affordable, rental housing for individuals and families experiencing or at risk of homelessness and adults with a disability.
The project is being funded by Florida Housing Finance Corporation.
PQH Architects is the designer for the unique quadplex units. PQH is a full-service planning, architectural, and interior design firm located in Jacksonville, Fla. Since 1982, the firm has completed projects across Florida, throughout the Southeast and across the Nation.
"We are pleased to have this opportunity to work with Ability Housing to help in addressing the need for high-quality affordable housing in Jacksonville," said Joe Passkiewicz, vice president of operations for LandSouth Construction, which is currently working on several multifamily projects throughout the Southeast.
When completed, the Village on Wiley amenities will include a clubhouse, business center and laundry facility in the 26,818 square foot project.
In its 16 year history, LandSouth Construction has completed more than 10,000 multifamily units, including apartments, senior living, condominiums, and townhomes. LandSouth is currently building multifamily communities in Collegedale, Tenn. near Chattanooga, also in Delray Beach, Oviedo, Orlando, Sanford, Fla. as well as a new senior living center in Bonita Springs, Fla.
In building the Village on Wiley, LandSouth Construction is using its unique integrated approach where each service component works together to provide a seamless delivery system.
These components have been designed and refined to be complementary and each is performance enhanced with proven procedures, tested systems and the very latest technology. By emphasizing results and exceptional service, LandSouth Construction has created a construction process to provide the best possible value for clients.
For more information contact Joe Passkiewicz at jpasskiewicz@landsouth.com or Mike Bonts at mike@mbprgroup.com
CENTRAL FLORIDA
Joint Venture Acquires Student Housing Community in Orlando
ORLANDO, Fla./RALEIGH, N.C., January 05, 2015 — Officials of The Preiss Company, the nation’s third largest, privately held student housing owner-operator, today announced that it acquired in a joint venture the 624-bed Orion on Orpington student housing complex near the University of Central Florida (UCF) from Orlando Student Venture, LLC for an undisclosed amount. The joint venture is comprised of a private investment group and The Preiss Company who is the sponsor and property manager.
"This is our third joint venture with the same private investment group, bringing to nearly $130 million of student housing assets that we have acquired together in the past 18 months, and we look forward to the opportunity to further build on this relationship," said Donna Preiss, founder and president of The Preiss Company. "We were attracted to this property because of its well-deserved reputation at FSU and consistently high leasing history. Our goal is to further enhance the student experience and to improve operating margins.
"The Orion is also our second property in Florida, a market that we find attractive with great universities and the need for quality, off-campus student housing. We have strong partners with significant capital to invest nationwide, and we continue to seek out joint venture investments with prudent, risk/reward opportunities. Acquisition opportunities remain plentiful from older properties that, need capital infusion and repositioning to well-performing properties like The Orion. There also are development opportunities available in multiple markets. We have a very active pipeline in all three categories and we currently are looking at properties in more than a half dozen states, including markets where we have already invested, as well as entering new markets like our recent expansion into California, Idaho, Tennessee and Kentucky.
"UCF is a thriving campus, the second largest university in the U.S. by enrollment." she noted, "With only 12 percent of students living on campus, there is a strong demand for off-campus student housing. We believe our track record of close interaction with students combined with our proprietary operating programs will enhance our students’ housing experience and our bottom line."
The Orion on Orpington is located at 12700 Orpington Street, Orlando. Situated on 21 heavily landscaped acres, the complex consists of 156 four-bedroom suites. The property features a state-of-the-art fitness facility, free turbo stand-up tanning bed, extreme game room with billiard tables, resort-style swimming pool and hot tub, lighted sand volleyball court, picnic area with grills and covered parking.
"The property is in excellent physical shape but we continuously look for ways to make smart investments to make our student experience better and are spending a substantial amount for capital improvements, including significantly enhanced Internet bandwidth. We have initiated our social programs as an added benefit for our students," Preiss said.
Each suite consists of four private bedrooms and bathrooms, a full kitchen and expansive living room. The suite amenities include full-sized washers and dryers, modern black appliances, 42-inch flat screen TVs, designer leather furniture, ceiling fans, complimentary internet and cable with eight HBO channels.
"We are committed to enhancing our student residents’ experience and will hold a minimum of three events each month, such as resident appreciation nights with free pizza and coffee deliveries to our residents’ doors. We have a highly successful social media platform and will provide all-digital access under our leasing platform to make the process easier and faster. We have received positive feedback to date from our student residents and expect to see high satisfaction scores and increased retention."
Monthly rents begin at $580 for The Orion, which includes a utility allowance. Additional information is available at www.OrionOrlando.com.
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Wood Partners Leases 29 Apartments at The Rialto, a 200-Unit Lakefront Community in Orlando
ORLANDO, FL--(Marketwired - Dec 15, 2014) - Even though the clubhouse and amenities have yet to be completed, Wood Partners has already brought in 30 leases at The Rialto, a 200-unit mixed-use apartment community located on Sand Lake Road that began leasing in October. Construction is expected to be completed this month.
"The Rialto is located on Orlando's Restaurant Row in Sand Lake/Doctor Phillips," said David Thompson, development director for Wood Partners in Florida. "With its prime location and great floor plans, along with terrific finishes and amenities and views of Spring Lake, we're confident The Rialto will be a big hit."
Wood Residential Services, the in-house division of Wood Partners specializing in property management, will manage the property.
The 5.95-acre site at the northwest corner of Sand Lake Road and Turkey Lake Road in southwest Orlando -- a quarter mile from Interstate 4 and within 10 minutes of major employment hubs at Walt Disney World, Sea World, Universal Studios and the Orange County Convention Center -- includes a five-story, urban-style building with two- and three-bedroom apartments averaging 1,056 square feet, 399 residential and 59 retail parking spaces and more than 17,000 square feet of retail space.
High-quality interiors feature ceramic flooring, nine-foot ceilings, stainless steel appliances, 42-inch cabinets with granite tops and sleek, modern lighting. Residents will have access to a clubhouse with a pool, mail kiosk and fitness center.
According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 200 rental apartments will generate $20 million in local income, $1.9 million in taxes and other revenue for local governments and 244 local jobs.
Real Estate Capital Partners is the equity partner for The Rialto. Synovus Bank of Florida is the lender.
BAY AREA
Marcus & Millichap Announces Several Bay Area Transactions:
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Marcus & Millichap Arranges the Sale of Three Fountains for $5.6 Million
SOUTH PASADENA, FLA, January 20, 2015 – Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Three Fountains, a 59-unit multifamily community located in South Pasadena, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,600,000 sales price equates to $94,915 per unit.
Francesco P. Carriera and Michael P. Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in this transaction.
Three Fountains was built in 1969 and is located at 6740 Gulfport Boulevard South in South Pasadena, Fla. The property consists of two, three-story residential buildings. The buildings are comprised of 47 one-bedroom/one-bathroom units, nine two-bedroom/one-bathroom units and three, two-bedroom/two-bathroom units. All units have central heating and air-conditioning and the buildings are situated on approximately 1.48 acres of land. Amenities of the property include two, on-site laundry facilities, a playground, waterfront views and a private fishing dock.
"Properties in a prime location do not trade often," says Carriera. "This property has been held in a family trust for over 30 years. The buyers plan on keeping with this tradition and after a full interior and exterior renovation of the entire property has been completed, they plan on holding this irreplaceable piece of waterfront property in their portfolio for many years," adds Carriera.
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Marcus & Millichap Arranges the Sale of Cedar Hollow Apartments for $2.040 Million
PINELLAS PARK, FLA., January 16, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Cedar Hollow Apartments, a 42-unit apartment community located in Pinellas Park, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $2,040,000 sales price equates to $48,571 per unit.
Casey Babb, CCIM and vice president investments in Marcus & Millichap’s Tampa office secured and represented the buyer, a limited liability company based in Tel Aviv, Israel.
Cedar Hollow Apartments was built in the mid-1980s and consists of an attractive mix of one and two-bedroom apartments on 2.54 acres. The property was 88 percent occupied at the time of sale and closed at a proforma 9.26 percent cap rate.
"Cedar Hollow was purchased all-cash after a short contingency period and closed in under 30 days to an international investor who is making his first investment in our market," says Babb.
"International investors continue to seek the stability that comes with U.S. Real Estate, and in the case of Cedar Hollow, the asset should produce double-digit returns and predictable cash-flows with long-term asset appreciation," concludes Babb.
* * * Marcus & Millichap Arranges the Sale of Savannah Apartments for $803,000
ST. PETERSBURG, FLA., January 16, 2015 – Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Savannah Apartments, a 19-unit garden apartment community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $803,000.
Casey Babb, CCIM and vice president investments and Ari Ravi, associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.
Savannah Apartments are located at 5401 1st Avenue South in St. Petersburg, Fla. This is a Class "B " community that was built in 1966. The property is well-kept and fully stabilized after receiving over $150,000 in renovations in 2010 and an additional $60,000 between 2011 and 2014.
"We’ve been in a seller’s market for a few years now, but there are still attractive real estate deals to be had and Savannah was a prime example," says Babb. "The property is very well kept and was fully-stabilized at the time of sale, so it will cash-flow day 1 with management upside."
"The buyer beat out a host of other bidders because he was offering all-cash, a short inspection period and a 30-day close which was attractive to the seller, who in-turn accomplished his goal of exiting the Pinellas County market," adds Ravi.
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Marcus & Millichap Arranges the Sale of Tampa Gardens Apartments for $3.550 Million
TAMPA, FLA., January 12, 2015 – Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tampa Gardens Apartments, a 135-unit apartment property located in Tampa, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $3,550,000 sales price equates to $26,296 per unit.
Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.
Tampa Gardens Apartments is located at 1545 West Spruce Terrace in Tampa, Fla. This 1960s vintage, Class "C", apartment community is located on 4.42 acres within the heart of the West River Redevelopment Area in West Tampa. Units are a mix of one-, two and three-bedroom floor plans averaging 820 square feet and housed in 12, two-story block constructed buildings with built-up flat roofs.
The West River Redevelopment Area encompasses 150-acres north of I-275 and west of the Hillsborough River near downtown Tampa, and will soon be redeveloped into a vibrant mixed-use neighborhood with upwards of 1,600 mixed-income, inter-generational rental and for-sale housing units. It will also include a series of waterfront parts, schools, enhanced pedestrian-friendly streetscapes and a commercial/entertainment district along the western edge of the riverfront.
"Given the massive redevelopment plan for the area, the local buyer was attracted to Tampa Gardens as a future redevelopment play," says Baez. "Beyond that however, they also saw an opportunity to improve the asset both from a physical and a management standpoint, to generate current cash-flow yields that are significantly higher than what is generally being achieved in the broader commercial real estate marketplace.
"Tampa as a whole is in a transformative growth stage right now and the West River Plan, combined with The Heights project, Tampa Housing Authority’s Encore project, and Jeff Vinik’s billion-dollar redevelopment downtown, is truly astonishing to watch and will catapult the City of Tampa to an altogether higher level," adds Babb.
* * * Marcus & Millichap Arranges the Sale of Jasmine Homes for $5,450,000
LAKELAND, FLA., January 7, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Jasmine Homes, a 120-unit apartment community located in Lakeland, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,450,000 sales price equates to $45,417 per unit.
Michael Donaldson, vice president investments and Nicholas Meoli, senior investment associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.
Jasmine Homes is a garden-style community built in 1974 and located at 3215 Baird Avenue in Lakeland, Fla. Residents are approximately 30 to 40 minutes from Legoland, Disney World, Busch Gardens, SeaWorld and Universal Studios. The property is situated on approximately a 7.10-acre site and is comprised of 20, two-story residential buildings and one single-story building, which serves as a clubhouse and leasing office. The property has a competitive amenity package, which includes, a sparkling swimming pool with spacious sundeck and complimentary WiFi internet access, a lighted tennis and racquetball court, an on-site laundry facility, state-of-the-art fitness center, business center and media room. Unit interiors feature dishwashers, garbage disposals, tile in select units, ceiling fans and fully equipped electric appliances in the kitchens.
"Jasmine Homes was another example of a stabilized foreclosed property that sold at a price congruent to where non-distressed apartment communities are trading for in the market," says Donaldson. "Through our national marketing platform and highlighting the value-add potential of the property, we were able to generate 12 offers in a matter of 30 days, and ultimately closed with a buyer that paid all cash with no contingencies," adds Meoli.
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St. Petersburg buyers acquire The Colton Apartments
TRI-CITY AREA
The Tuscany apartments community sells to New York City joint venture for $48.7 million
SOUTHWEST FLORIDA
Balfour Beatty Communities expands footprint in Florida: awarded management of three multifamily properties in Sarasota
MALVERN, PA --- January 21, 2015 --- Balfour Beatty Communities, LLC, a leading provider of property management, development and related real estate services for the multifamily, military, and student housing markets, today announced that it will deliver property management services for three multifamily properties located in Sarasota, Florida. The properties include Bellasol Apartments, Park Place Villas and Ridge Manor Apartments, totaling 334 units.
Bellasol Apartments, located at 1200 Signal Pointe Circle, Sarasota, consists of one and two-bedroom apartments and villas with a variety of community amenities, including two pools, a playground and sand volleyball court. Park Place Villas and Ridge Manor Apartments, located at 3211 Bee Ridge Road, Sarasota, offer one and two-bedroom apartment layouts with patios/balconies, as well as a community pool and picnic areas.
Balfour Beatty Communities has been contracted to deliver comprehensive property management services, including marketing, leasing, operations and maintenance. As part of the transition, the company has deployed expert teams to coordinate the onboarding/training of new associates, market positioning and capital improvements, including renovation services.
"We are very pleased to add Bellasol, Park Place and Ridge Manor to our multifamily portfolio in Florida," said Holly Costello, vice president of multifamily operations for Balfour Beatty Communities. "We look forward to bringing the resources and expertise of our exceptional team to these communities and delivering the robust performance and world-class customer service both our clients and residents have come to expect from Balfour Beatty Communities."
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Northland Named SW Florida’s Multifamily Company of the Year
Staff, residential communities also honored at Southwest Florida Apartment Association Awards
NAPLES, Fla. & NEWTON, Mass., Dec 30, 2014 (BUSINESS WIRE) — Northland Investment Corporation, a privately held real estate investment company and one of the top fifty multifamily asset owners in the U.S., was honored with four awards by the Southwest Florida Apartment Association, including Multifamily Company of the Year. At an awards ceremony in Naples, Florida, two Northland communities also received Apartment Community of the Year awards in their size categories, and Mike Janowsky was named Service Technician of the Year.
The Multifamily Company of the Year award is presented annually to a company whose rapid growth in the Southwest Florida market surpasses any competitor. With growth to more than 2,600 apartment homes in the SW Florida area and more than 21,000 units across the country, Northland proved its strong commitment to investors, employees and residents in 2014.
"The mission of our residential communities is to provide comfort, convenience and exceptional customer service by accommodating all needs and creating a positive experience for every customer, every time," said Steven P. Rosenthal, President and CEO of Northland. "To be honored for our achievements at the community level, as well as our successful growth and corporate strategy more broadly, highlights how hard our team works in Florida and across the country to make us proud."
The Promenade at Reflection Lakes and The Ashlar, both in Fort Myers, took top honors for Apartment Communities (301-400 units and 401 units). Both properties boast an average yearly occupancy of 97%. Mike Janowsky, Maintenance Technician at The Promenade, was recognized for his unwavering dedication to residents and to his team, assisting others and keeping the community grounds pristine.
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SOUTHEAST FLORIDA
Northland Increases Florida Portfolio Footprint with Acquisition of Cypress Shores and Village Place
NEWTON, MA (Jan 13, 2015) – Northland Investment Corporation, a privately held real estate investment company, has acquired the 300-unit Cypress Shores in Coconut Creek, FL and the 202-unit Village Place in West Palm Beach, FL. The properties offer high-end housing with superior amenities in two desirable Florida neighborhoods.
With the addition of Cypress Shores and Village Place, Northland now owns and operates 20 properties and more than 5,600 apartment homes in Florida. The acquisition also includes the addition of 12 new Florida-based employees, bringing Northland’s total employees in Florida to 130. In total, Northland manages more than 21,000 residential apartment homes in multifamily properties across the U.S.
"Florida’s economy and population continue to grow, and Northland intends to continue building our presence in this vibrant state," said Steven P. Rosenthal, President and CEO of Northland. "In addition to their exceptional amenities, Cypress Shores and Village Place are located close to other Northland properties and will benefit from our commitment to these locations."
Cypress Shores (www.cypressshoresapts.com), located at 1901 Lyons Road in Coconut Creek, includes 300 class A units in 13 buildings. The property is less than 15 minutes from Boca Raton, downtown Fort Lauderdale and Cypress Creek, and close to access to major routes. The property is two miles from Coconut Creek’s Main Street District which includes retail, cinemas and the Seminole Casino. Cypress Shores’ extensive amenities include a pool and poolside Wi-Fi, picnic areas, a fitness center, tennis and sand volleyball courts, a car wash bay, and three lakes with fountains.
Village Place (www.myvillageplace.com), located at 2111 Brandywine Road in West Palm Beach, includes 202 class A units in 10 buildings. The property is just east of Village Boulevard and adjacent to I-95 and the Bear Lakes Golf Course. At Village Place, the ample amenities include a computer lounge; area for bar-b-ques and picnics; a multipurpose court for sports and recreation; a pool; a dog park; and a fitness center. In addition, Residents receive membership to three private community parks within The Villages – Faircloth, Perini and Stamford parks – which offer recreational activities including courts for tennis, racquetball and volleyball, jogging trails, swimming pools, kiddie pools, softball fields and picnic tables.
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LandSouth Construction starts contemporary urban mixed-use apartment project in UPtown Delray
JACKSONVILLE, Fla. – (January 12, 2015)-- LandSouth Construction, a Jacksonville, Fla. based general contractor specializing in multifamily and senior housing, has begun construction on UPtown Delray, a $26 million mixed-use apartment community in Delray Beach, Fla.
"This contemporary urban project has two buildings connected by a pedestrian bridge," said Joe Passkiewicz, vice president of operations for LandSouth Construction. "One building will be apartments over a parking structure. The other is mixed-use with retail and office space as well as apartments. The project is a structural concrete building with extensive use of glass and metal accents with private balconies and terraces."
The development will consist of 146 residences with the total development comprising over 338,000 square feet. UPtown Delray is expected to be completed by September 2016.
The developer is New Century Companies of Boca Raton, Fla. and Monogram Residential of Plano, Texas. Slattery and Associates, a full-service planning and architectural design firm founded in 1981 and based in Boca Raton, is designing the community.
"We are pleased to begin UPtown Delray and partner again with New Century Companies and Monogram Residential. Downtown Delray Beach has become a growing source of pride for the city and its citizens. This upscale project will inspire people to live, work and play in a comfortable urban neighborhood setting," noted said James Pyle, President and CEO of LandSouth.
LandSouth Construction is currently working on projects throughout the Southeast including apartments in Jacksonville, Oviedo, Sanford and Orlando Fla., Collegedale, Tenn. and senior housing in Bonita Springs, Fla. In its 16 year history, LandSouth Construction has completed more than 10,000 multifamily units, including apartments, senior living, condominiums, and townhomes.
When completed, UPtown Delray amenities will include a third floor pool and amenity deck including a clubroom that opens to a glamorous outdoor entertaining area including refreshment seating, grilling areas, a water wall fountain, tropical gardens and private terraces. Other project amenities include a gym, gaming room, coffee bar, cyber café, conference meeting room, retail and gated parking.
The community will feature studio, one and two bedroom, two-bath apartment homes including some lofts. Interior elements will include sleek, modern appointments, wood cabinetry, granite tops, and stainless steel appliances.
UPtown Delray is located at the heart of the beach community’s growing business district at the corner of Federal Highway and S.E. 2nd Street, two blocks south of Atlantic Ave. Residents will be within walking distance to shopping, restaurants and entertainment while also offering easy access to all Downtown Delray Beach has to offer.
In building UPtown Delray LandSouth is using its unique integrated approach where each service component works together to provide a seamless delivery system.
These components have been designed and refined to be complementary and each is performance enhanced with proven procedures, tested systems and the very latest technology. By emphasizing results and exceptional service, LandSouth Construction has created a construction process to provide the best possible value for clients.
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Walker & Dunlop Closes $70M for Multifamily Property in Boca Raton, FL
BETHESDA, Md., Jan. 13, 2015 /PRNewswire/ -- Walker & Dunlop, Inc. announced today it recently provided a $70,000,000 loan for Broadstone North Boca Village, an apartment complex located in Boca Raton, FL.
The refinance loan was structured as a convertible adjustable rate mortgage using Fannie Mae's Pre-Stabilization Program. Unique to this transaction, Fannie Mae approved a one-time request to fund a $5 million supplemental loan at a similar interest rate to that of the first mortgage provided property performance hurdles are achieved.
Broadstone North Boca Village, a 384 unit, class "A" beachside community, was constructed in 2012. The multifamily property offers 1-, 2-, and 3-bedroom apartments in a variety of floor plans. Amenities include a clubhouse, fitness center, bocce ball court, executive business center, community playgrounds, full-sized washer and dryers, granite counter tops, and oversized roman soaking tubs. Located conveniently off I-95, Broadstone North Boca Village is within a few miles of parks, beaches and well known restaurants.
Chicago based managing director, Allan Edelson, led the Walker & Dunlop team. Mr. Edelson commented, "We have a long term relationship with Fannie Mae and this is one more financing where Walker & Dunlop and Fannie Mae were able to provide a flexible financing structure to best meet the goals of our client."
For more information, please visit www.walkerdunlop.com.
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Crocker Partners Teams with Cornerstone Real Estate Advisers to Reacquire Boca Center, Premier Mixed-Use Center
BOCA RATON, FL-January 6, 2015 — Crocker Partners, a fully integrated real estate company with an 8 million-square-foot portfolio valued at nearly $2 billion, and Cornerstone Real Estate Advisers LLC, acting on behalf of a Cornerstone-managed fund, today announced the acquisition of the mixed-use Boca Center, one of Boca Raton’s most prominent properties. The portfolio, which includes three Class A office buildings and a high-end retail center totaling 476,000 square feet, is located in the heart of Boca Raton, just east of the Town Center Mall. Although not part of the transaction, Boca Center also includes a 256-room Marriott, the only full-service, non-resort hotel in the Boca Raton market.
Boca Center, purchased from TIAA-CREF, was originally developed by Tom Crocker in the mid-1980s. At that time, it garnered a national reputation as a prototype for successful suburban mixed-use development and even today is an Urban Land Institute (ULI) Development Case Study. Crocker Partners will manage the portfolio for the new ownership. It is the second high-profile South Florida acquisition by the companies, which previously partnered on West Palm Beach’s Esperanté, a 20-story, 256,151-square-foot office tower.
Boca Center’s 360,000-square-foot office component is currently 91% leased to a marquee rent roll that includes FINRA, UBS, and Sun Capital. The 116,000-square-foot retail component is 98% leased, with popular tenants including Rocco’s Tacos, Morton’s, Joseph’s Classic Market, and Total Wine.
"Boca Raton’s office and retail markets have matured, and we believe there is significant upside potential given Boca Center’s draw, mix of uses and location at the heart of suburban Boca Raton," said Tom Crocker, Managing Partner of Crocker Partners. "We intend to realize Boca Center’s full potential, with significant investment to reposition and reimage the property."
"We are pleased to have established a presence in Boca Raton, and to continue expanding our relationship with Crocker Partners whose knowledge of both this portfolio and the market will serve our investors well," said Michael Zammitti, Managing Director of the Eastern Region Equity Office for Cornerstone.
The Boca Center acquisition brings Crocker Partners’ holdings to more than 8 million square feet in the Southeast U.S. and Texas, and more than 1 million square feet in Boca Raton alone. The company recently acquired One Boca Place, a 277,390-square-foot office building, as well as a two-building, 330,438-square-foot Class A office portfolio in the city. It also owns and operates trophy assets around the state, including Miami Center, and Two Harbor Place in Tampa.
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North Lauderdale Apartments Sell for $16 million
* * * Tampa’s West Park Village Sells for 122.5 million
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Barcelona Jupiter Apartments Go Green
JUPITER, Fla., Dec. 26, 2014 /PRNewswire/ -- Barcelona Jupiter, a 351-unit luxury apartment community, is northern Palm Beach County's first green apartment community. Barcelona Jupiter recently opened its second phase including a 10,000 square foot amenity center and all buildings were designed and constructed to be a Florida Green Building Coalition (FGBC) certified community. The FGBC's mission is "to provide a statewide green building program that defines, promotes, and encourages sustainable efforts with environmental and economic benefits." Barcelona Jupiter obtains this through providing its tenant's access to energy efficient appliances, lighting, and hurricane impact windows, low VOC paints, open green spaces, and access to mass transportation. The community also features enhanced indoor and outdoor water efficiency and indoor air quality. Danny Simon, Vice President of Development says, "We find that our residents expect and appreciate energy efficient homes and are choosing Barcelona Jupiter for its quality, views, and unsurpassed amenities. By providing our tenants energy efficient units we lower their utility expenses and environmental foot print. This is a true win-win for the developer and the end user."
Barcelona Jupiter provides the perfect mix of location, resort style amenities, luxury floor plans, and value priced rental options. Located in the center of Jupiter, Barcelona Jupiter provides convenient access to employment in northern Palm Beach County and West Palm Beach. The location is also within minutes of the best restaurant and entertainment options in northern Palm Beach County and is an easy bike ride to Harbourside Place, Abacoa, and Jupiter's best beaches.
For more information contact Josh Simon, Principal, with the project developer FLF 1030, LLC. Phone 561-575-6455, email joshsimon@FLFHoldings.com. The community website can be viewed at www.BarcelonaJupiter.com.
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Aria Development Group and AQARAT Announce New Downtown Miami Mixed-Use Project
MIAMI, FL--(Marketwired - Dec 18, 2014) - Aria Development Group, together with AQARAT, announced its latest development in the heart of Downtown Miami's burgeoning urban core. The mixed-use project, set to open in 2017, will feature luxury apartments and Miami's first YOTEL hotel. Aria Development Group, a New York and Miami-based real estate investment and development company, closed on a joint venture agreement with AQARAT, one of Kuwait's leading real estate companies, to develop the elegant tower. The joint venture was arranged by New York-based private equity firm Empire Square Group. Downtown is ripe for an exciting urban lifestyle with the addition of the Perez Art Museum, the Arsht Center, an emerging restaurant scene, a new Whole Foods and the Bloomingdale's-anchored Miami World Center, all within walking distance.
YOTEL delivers affordable luxury without the clutter through smart spaces, providing everything for a guest to relax, refresh, sleep and connect. The hotel will feature 250 cabins and state-of-the-art guest facilities including a hip restaurant and bar, pool deck and gym.
Aria Development Group also envisions luxury residential units located on the upper floors. Above the bustle of the city, each resident will have the choice of enjoying a tranquil urban retreat or popping by the hotel pool deck to meet friends for a drink.
"Downtown Miami is emerging as a high-energy place to live, shop and work," said David Arditi, Principal of Aria Development Group. "There is strong demand for urban-chic residential apartments, and Miami's appeal as an international destination is at an all-time high. The YOTEL brand, with distribution in New York, London, Singapore, Paris and San Francisco is a perfect fit for Downtown Miami." Fahad H. Al-Shamlan, Investment & Acquisitions Manager of AQARAT, commented: "Miami's urban core is currently undergoing an exciting transformation, making the area perfect for this kind of mixed-use development. YOTEL Miami will bring a unique hospitality experience to South Florida."
"Aria Development Group has an impressive track record in Miami, and we are delighted they have selected YOTEL to operate their latest project. It is a testament to YOTEL's successful business model and an important step in our expansion strategy in the U.S.," said YOTEL's CEO Hubert Viriot. "We look forward to launching our brand in Miami, one of North America's best known tourist destinations and a hub to Latin America. Downtown is the ideal location for YOTEL, providing excellent accessibility and an exciting urban lifestyle."
The announcement comes at the heels of Aria Development Group's acclaimed development 321 Ocean, a beachfront condominium located on the sand in the exclusive South Beach enclave known as South of Fifth.
Details for the residential component at 227 NE Second Street will be revealed in late spring 2015. |
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