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Market Report
NORTHEAST FLORIDA
First Coast Apartment Association honors members with Circle of Excellence Awards
The First Coast Apartment Association (FCAA) presented its 20th Annual Circle of Excellence Awards at the historic Florida Theatre in downtown Jacksonville on May 20.
The association recognized the outstanding accomplishments of its members in dozens of categories during the awards gala. The FCAA serves the apartment industry in Duval, Clay, St. Johns, Flagler, and Nassau counties.
Visit www.fcaaonline.com online or call (904) 292-1345 for more information.
Watercrest Senior Living Group Celebrates Groundbreaking of Watercrest of San Jose Assisted Living and Memory Care Community
Watercrest Senior Living Group and development partner Starling Senior Living celebrated the official groundbreaking of Watercrest of San Jose Assisted Living and Memory Care Community in Jacksonville. The 79,000 square foot, 90-apartment senior living community, designed by PQH Group, will offer luxury residences, premium amenities, and tranquil settings along the picturesque banks of Goodby’s Creek. Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, with Ryland Lucie and Bill Long, principals of Starling Senior Living, collaborated on the project development.
Read the press release. Recent 720-Apartment Arlington Deal Spans 4 Properties
A 720-unit apartment complex in Arlington recently sold for $18.8 million, according to Duval County records. Eagle Pointe Apartments II LLC and Eagle Court Apartments LLC purchased the Juniper Apartment complex — which spans four properties — for $18.8 million on April 30 from property management company GMC Properties.
CENTRAL FLORIDA
Apartment Communities Sprout Along SunRail Route
Several communities are underway or completed, and many more are in various stages of development, along the SunRail route from DeBary to south of Orlando, the Orlando Sentinel reports.
Read more.
Kissimmee Negotiating on Apartments near Future SunRail Stop
Kissimmee is negotiating a deal with Mosaic Development that would bring 300 lakefront apartments and townhouses, commercial space, and a 120-room hotel on 10 acres of city-owned property, the Osceola News-Gazette reports. The mixed-use development hopes to capitalize on the nearby SunRail stop that opens in 2017, according to city manager Mike Steigerwald. Read more here. Downtown Orlando Development May Get Even More Apartments
Jefferson Apartment Group is getting close to completing its 299-unit Artisan 420 luxury apartment community in the Thornton Park neighborhood and has recently spent about $2.6 million buying up land surrounding it. That’s to make sure general contractor Balfour Beatty Construction can continue to move construction equipment in and out for Artisan 420. But it was also to secure available land to for its $102 million plans for more apartments.
Luxury Community Underway in Southwest Orlando
A 240-unit luxury apartment community is underway in southwest Orlando, near Darden Restaurants’ headquarters, SeaWorld Orlando, and the Orange County Convention Center. The $33.6 million Murano at Grande Lakes on the southeast corner of John Young Parkway and Taft-Vineland Road in Orlando is expected to include one-, two- and three-bedroom floor plans and is scheduled for a summer 2016 completion.
Read more. Marcus & Millichap Arranges Sale of 12.86 Acre Parcel in Kissimmee
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Snow White Village, a 12.86 acre parcel located in Kissimmee, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,321,000.
Paul Bouldin, Senior Associate, and Dan Mulkey, Vice President Investments, of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer, a developer, was secured by Paul Bouldin of Marcus & Millichap’s Tampa office.
Snow White Village is located at 4567 Seven Dwarfs Lane in Kissimmee. The land was originally a housing location for Disney employees that were brought to Central Florida from all over the world to work at Epcot’s various themed country pavilions. In 2006, the land was sold to a developer and approved for a new 630 room hotel, Marquis Orlando. The project was never built due to market conditions and changes to the credit environment.
Paul Bouldin, a land and development specialist at Marcus & Millichap was engaged to help market the property. Prior to this closing, the new buyer submitted plans for a 250-plus-unit, market-rate apartment project. Construction is scheduled to start this summer with a completion date of late summer 2016.
Pinnacle Awarded Management of 252-Unit Luxury Garden Community in Central Florida
Pinnacle, one of the nation's leading multifamily management firms, has been awarded the management of Pure Living Heathrow, a 252-unit luxury community in Heathrow, Fla., a northern suburb of Orlando.
Read more. BAY AREA
188 Apartments Planned Near West Shore
A developer is asking Tampa to rezone a 5.2-acre parcel of land at 5320 South West Shore Boulevard in order to build 188 apartments, including 20 efficiencies.
Read more. Landmark Apartment Trust Plans Stock Offering, Credits Hot Rental Market
Landmark Apartment Trust Inc. wants to raise up to $375 million in an initial public offering of its common stock. Landmark, a Tampa-based real estate investment trust, owns 71 apartment communities and has a controlling interest in six properties held through joint ventures, according to a filing with the U.S. Securities and Exchange Commission. The company had an aggregate 23,978 apartment units, with average occupancy of 93.4 percent as of Dec. 31, and average monthly revenue per unit of $927.
Read more. TRI-CITY AREA
Preferred Apartment Communities Announces Acquisition of 237-Unit Multifamily Community
Preferred Apartment Communities announced the acquisition of a newly constructed 237-apartment Class A multifamily community in Sarasota for a purchase price of approximately $47.4 million.
Read more. SOUTHWEST FLORIDA
First of Its Kind Experiential Memory Care Senior Community Opens in Naples
Villa at Terracina Grand, an innovative, state-of-the-art experiential memory care community, developed and managed by The Goodman Group, celebrated its grand opening. Situated on the campus of Terracina Grand, the 60-bed, 61,000 square foot premier memory care community is an international center for innovation in memory care.
Read more here. SOUTHEAST FLORIDA
Faith Investment Properties Group Completes Disposition of Three Miami Apartment Buildings
Faith Investment Properties Group (FIP) announced that it recently sold three properties with 310 apartments for $28 million.
The three recently sold properties are Grand Island Place I and II, and Aventura Brentwood Apartments.
TGM Associates Sells 390-Unit Upscale Multifamily Community in Jupiter
TGM Associates announced the sale of TGM Vintage at Abacoa, located in Jupiter. The broker on the transaction was Holiday Fenoglio Fowler (HFF), Jaret Turkell and Maurice Habif. TGM Vintage at Abacoa is located in the Abacoa Planned Community and has 390 apartments. GM purchased Vintage at Abacoa in 2007. Terms of the transaction were not disclosed.
Design District Developer Announces Architect
MREG NE36, which is developing the 19-story Design 36 residential tower at 36356 NE First Ave., Miami, tapped ADD Inc. as the project's architect and interior designer, The Real Deal reports. The property will include 195 rental apartments as well as retail and restaurant space, plus four floors of parking. Its location puts it in Midtown, but at the edge of the Design District. District 36 will start construction this month for a completion in October 2016.
Luxury Apartments in North Beach Get Go-Ahead
New York investor Guy Smilovich of Sterling Holdings plans a new four-story building with 13 apartments that will lease for $1,600 to $3,000 a month plus a 20-car mechanical lift parking system. The new four-story building at 8204 Harding Ave. will connect via a courtyard to an existing two-story building at 8200 Harding Ave. that will have three premium residential units.
Read more. Hollywood apartments sell for $1.2 million
The Jefferson Street Apartments in Hollywood, has been sold for $1.2 million — or $85,714 per apartment. The 14-apartment community was built in 1969 and includes primarily one-bedroom, one-bathroom apartments. A private local investor was the buyer. Read more. |
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