Market Report

PANHANDLE

Developer opens Tallahassee projects, plans grocery

Three mixed-use projects North American has completed to date — The Deck, The Block and The Axis — represent a total of 377 apartment units (710 beds) and 35,000 square feet of retail being added to the district, where new apartment construction has dramatically altered the neighborhood around Gaines. Read more.

NORTHEAST FLORIDA

Esterline Construction to build $15.7 million apartments in Jacksonville

Esterline Construction Inc. of Plant City will build a $15.7 million apartment community in Bartram Park, to include 390 units in 17, three-story buildings. Read more.

CENTRAL FLORIDA

Lake Mary to create ‘Midtown’ for new $200M mixed-use project

The city of Lake Mary is looking to create an area called Midtown, in part, to house a new $200 million mixed-use development planned by Unicorp National Developments Inc. The development would include 300 high-end apartments and 200 single family homes. Read more.

Bluerock Residential Marks Its Fourth Investment in Orlando with Acquisition of 252-Unit Arium Palms

Bluerock Residential Growth REIT announced that it has acquired a 252-unit Class A apartment community in Orlando, Florida, known as Arium Palms at World Gateway. The property, which the Company acquired through a joint venture for $37 million, is located in the prestigious Celebration submarket, one of Orlando's most affluent, and minutes from the main entrance to Disney World. Read more here and here.

California investor shells out $47.8M for foreclosed Orlando apartments

A lender-owned apartment complex next to the busy Waterford Lakes Town Center in east Orlando sold via Auction.com for $47.8 million to a California investment real estate firm. Read more.

GreenPointe Communities Announces Plans for New Condominium Project in Daytona Beach Shores

GreenPointe Communities announced plans for The Aruba Condominium, a new oceanfront development in Daytona Beach Shores. The Aruba will rise 12 stories on South Atlantic Avenue, a half mile south of the Port Orange Causeway in Daytona Beach Shores, a charming community located directly south of Daytona Beach. Read more.

Orlando Sentinel campus project draws developer’s interest

The impending redevelopment of the Orlando Sentinel’s downtown campus apparently has attracted the attention of South Florida real estate firm Stiles Corp. The most recent plan for the multi-phased project featured 746 apartments, 56,000 square feet of retail, 280,000 square feet of office space, a 144-room hotel and 1,820 spaces in structured parking garages on the current Sentinel site. Read more here and here. 

Stiles also plans to develop a portion of a mixed-use development near Mall at Millenia called Gardens on Millenia. Read more here.

New apartments in Sanford snag huge sales price

Miami-based Solstice Loop Holdings LLC spent $59 million, or $163,889 per unit, to buy the 360-unit Elan Towne Center apartments at 7951 Solstice Loop on Aug. 1, Seminole County and state records showed. Read more.

LandSouth Construction building $32 million apartments in Davenport

LandSouth Construction of Jacksonville Beach has begun building a $32 million luxury apartment community in Davenport, southwest of Orlando. Read more.

2 Orlando apartment complexes fetch combined $32.8M

Two older properties — including a lender-owned complex — sold for a combined $32.8 million earlier this month. Investors spent millions on the two properties, the Royal Isles Apartments near east Orlando and the Reserve at Conway near Orlando International Airport, Orange County records showed. Read more.

Leesburg complex leveled for Venetian Gardens expansion

Bulldozers took down the Venetian Isles apartment complex on Dixie Avenue, which still had several tenants living in buildings before demolition. Read more.

Work starts on new $30M apartments near Disney

Unicorp National Developments Inc. awarded Altamonte Springs-based Roger B. Kennedy Inc. a $30 million contract to build the 258-unit "spa-style" Zen Luxury Living Apartments community adjacent to the Hyatt Regency Grand Cypress near Walt Disney World. Read more.

Unicorp sells Windermere apartment complex for big price tag

Unicorp’s related Maguire Roberson LLC sold the nearly 2-year-old, 276-unit Casa Mirella apartment complex in Windermere for $50 million, or $181,159 per unit, to Raia FL SPE Hackettstown II LLC, an entity related to Ramsey, N.J.-based Raia Properties Corp., Orange County records showed. Read more.

BAY AREA

Signature Place developer sued over sale of Tampa apartment complexes

A California firm has sued two of Joel Cantor's companies, alleging they quashed contracts to sell the complexes, then refused to return $1 million in deposits. Read more.

Developers look to old apartments for new homes

Three projects are in the works on the sites of 1950s and 1920s apartments in St. Petersburg. Quattro on Beach Drive and Towns on Fifth on Fifth Avenue, offer homes in the $800,000 and $900,000 range. At the Dunbar, at 400 12th Ave. NE, there are 600-square-foot condos for $149,000 up to 1,340-square-foot condos for $329,000. Read more.

Florida Crystals starts building $60 million midrise apartments in Tampa's Channel District

On a block south of E Kennedy Boulevard between 11th and 12th streets, FCI Residential is spending $60 million to replace an unused warehouse that once served the shipping industry with an Art Deco-inspired apartment house teeming with young professionals. Read more.

Luxury apartments Altis Grand Central planned for South Tampa

A burgeoning pocket of South Tampa is slated for two luxury apartment buildings with 296 units dubbed Altis Grand Central. They will rise on Grand Central Avenue on an entire block bordered by Magnolia Avenue, Cedar Avenue and Cleveland Avenue. The site is across from the University of Tampa near Mise en Place and the Oxford Exchange restaurants. Read more.

More details for apartments planned near South Tampa's Oxford Exchange unveiled

Altman Development Corp., based in Boca Raton, is planning to break ground on Altis Grand Central in spring 2016 and deliver the first units in summer 2017. Read more. 

Port Tampa Bay's ambitious Channel district real estate plan includes retail, residential and commercial

Port Tampa Bay has unveiled a "vision plan" for its Channel district real estate that would redevelop 45 acres of port-owned land along Channelside Drive and the Ybor Channel, north of the Florida Aquarium into a mix of residential towers and retail and commercial space — a total of 9 million square feet and $1.5 billion in development costs. Read more.

New Tampa apartment complex sold for more than 2007 price

An apartment complex in New Tampa has been sold for $49.325 million, above a 2007 peak price of $45 million. ELRH Investments, based in Jupiter, paid $130,489 per apartment for The 378-unit Preserve at Tampa Palms, at 17220 Commerce Park Blvd., according to Hillsborough County property records. Read more.

5 game-changing multifamily developments in the works for Tampa

Five of the most recent multifamily developments to emerge could be the most meaningful of this real estate cycle. Plans are in the works that will redefine the waterfront in downtown Tampa and Rocky Point and continue the revitalization of North Hyde Park. Read more.

TRI-CITY AREA

Gilbane Building Company Breaks Ground on New Mixed-Use Project in Sarasota

Gilbane Building Company, a global leader in construction services, joined developer Mark Kauffman and Partners, architect Jonathan Parks, and local officials to kick off the construction of Rosemary Square, a mixed-use project located along the Boulevard of Arts. The now vacant tract of land will become a vibrant area supporting the arts and creating a new hip urban lifestyle. Read more.

SOUTHWEST FLORIDA

Inland Private Capital Completes Successful Sale of Multifamily Community in Naples

Inland Private Capital Corporation announced the sale of the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples, for a gross sale price of $20,250,000. IPCC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Read more.

SOUTHEAST FLORIDA

Hallandale Beach considers Oasis project: 500 units plus hotel

A massive mixed-use project called the Oasis, with 500 multifamily units plus a hotel, office and retail, has been proposed in Hallandale Beach by Romagnole Investment Properties, managed by Mireya de Iadisernia and Guiseppe Iadisernia in Miami Beach. Read more.

Brickell apartment tower nabs $40M construction loan

The Brickell Ten apartment tower obtained a $39.7 million construction loan from Ocean Bank. The Miami-based bank provided the mortgage to Brickell Ten LLC, a joint venture between IB Corp. and Bay Harbor Islands-based Waterstone Capital, which is led by Richard Waserstein. Construction of 155 apartments and 13,400 square feet of retail space is well underway. Read more.

Average rentals top $1,200 in Broward, Palm Beach

Average rental apartment rates increased in Broward and Palm Beach counties in the second quarter and may keep rising into next year. The average monthly rent for an apartment in Broward County during the April-June period was $1,215, up 4.2 percent from the same period last year, according to New York-based research firm Reis Inc. Read more.

Argentine group plans mixed-use project in North Miami Beach

A group of Argentine investors has just purchased a parcel of land in North Miami Beach, with plans to create a mixed-use development that will include a 30-story apartment building. Read more.

Fairfield Residential takes out $265M multi-state mortgage: Rental communities in Florida accounted for 45 percent of loan

San Diego, California-based Fairfield Residential has closed on a $265 million multi-state mortgage on properties including two in Miami-Dade and Broward counties, according to county records. Read more.

Chetrit Group paid nearly $94M for 8 South Florida apartments

Chetrit Group purchased eight South Florida apartment complexes for a combined $93.77 million as part of a national portfolio deal. Miami-Dade and Palm Beach county records have revealed the prices of the local properties in the transaction with a combined 1,087 units. Read more.

Developer proposes 300 apartments in Boca Raton’s Park at Broken Sound

The introduction of residential into the Park at Broken Sound in Boca Raton (formerly the Arvida park of Commerce) has continued at a rapid clip with a seventh proposed multifamily project. Read more.

Addison Place Apartments in Boca Raton sold for $34M

A Los Angeles-based company bought the Addison Place Apartments near Boca Raton for $34 million. Addison Place Apartments, an affiliate of Dallas-based Invesco Advisers, sold the 166-unit community to Addison Place Apartments Property Owner, an affiliate of Los Angeles-based JRK Property Holdings. Read more here and here.

State seeks development proposals for Sheridan Tri-Rail station

The two parcels that FDOT is issuing an RFP for have been planned for 300,000 square feet of commercial use, 245,000 square feet of office space, a 150-room hotel, and 550 mid-rise units. Read more.

Developers of West Palm apartments take out $95M loan

Sandler at Alta Lago, a company affiliated with the Ohio-based Associated Estates Realty Corp., took out the loan on its Vista Lago community at 3130 North Jog Road. Read more.

Adler Group buys Miami property approved for 449 apartments

River Tower LLC, a Miami-based company managed by Brian S. Campbell, sold the 1.6-acre site at 230 S.W. 3rd Street for $14.25 million to Lancelot Miami River, an affiliate of Miami-based developer the Adler Group. Read more. 

J. Milton scores $63.8M loan for SoFla apartments

J. Milton & Associates, a Coral Gables-based development company, just took out a huge $63.8 million loan on two of its apartment buildings in South Florida. Read more.

Chetrit Group deal spares eight South Florida apartment buildings from foreclosure

Eight South Florida apartment buildings were released from a foreclosure lawsuit as part of a nationwide acquisition by Chetrit Group. A group of 73 apartment buildings in eight states were hit with foreclosure lawsuits in 2013 as part of Empirian Lexford’s $335 million loan with a commercial mortgage-backed securities (CMBS) firm. Read more.

West Palm apartment community nears completion

Loftin Place, a rental community in West Palm Beach, has begun pre-leasing as it approaches its December completion date. The development is a collection of 259 rental apartments housed in a mid-rise building at 805 North Olive Avenue. Read more.

Mixed-use project near Metrorail to be proposed in Miami's Coconut Grove

A development with apartments, commercial space and possibly office space will be proposed at a site near a Metrorail station and Underline, a 10-mile linear park and urban trail being developed underneath Metrorail that will run from the Miami River to Dadeland South Station. Read more.

Jeff Greene’s WPB apartment community launches leasing

The Cameron Estates, a 548-unit apartment community in West Palm Beach developed by billionaire Jeff Greene, has begun leasing units on the eve of its opening. Read more.