Market Report

CENTRAL FLORIDA

Experts predict senior housing to be 'best investment opportunity'

In a survey conducted by Capital One Bank in September, 41 percent of professionals said they expect new senior-housing developments to be the best investment opportunity in the coming year. The second-best investment opportunity, they say, is repositioning of older properties. Read more. 

BAY AREA

Retail, residential, office envisioned for New Port Tampa Bay site on Gandy waterfront

Plans are in the works for a prime stretch of undeveloped waterfront real estate near the intersection of Gandy and Westshore boulevards. The 51-acre site has sat dormant for nearly a decade, since plans for a condominium development crashed along with the real estate market in 2006. BTI Partners, based in Fort Lauderdale, took title to the property almost a year ago. The newest plans include 64 townhouses and 1,427 apartments. Read more. 

SOUTHEAST FLORIDA

City to review 464-unit apartment proposal in Miami

The city of Miami’s Urban Development Review Board this week will consider a proposal to build a 32-story apartment building on a one-acre parcel in downtown Miami. Read more. 

Uptown Atlantic to break ground by year's end

Construction is expected to start in December on Uptown Atlantic, a mixed-use development in Delray Beach. The three-building project in the 600, 700 and 800 blocks of West Atlantic will feature roughly 50,000 square feet of retail and restaurants, 23,000 square feet of offices, 39 townhomes and 73 apartments. Read more. 

South Florida student housing turns luxe

New student housing in South Florida is going upscale as more private developers enter the academic niche of the multifamily real estate market. Consider the resort-style amenities at newly opened University Park in Boca Raton, a purpose-built student housing community near Florida Atlantic University: a two-story clubhouse and student lounge, a 24-hour physical fitness center with a yoga studio, a video gaming room and outdoors, a sprawling swimming pool, barbecue grills and hammocks. The developer of University Park, a joint venture of Rosemurgy Properties, Giles Capital Group and Lewis Rental Properties, opened the rental complex in April. It is a cluster of eight four-story buildings with 598 bedrooms in 159 suite-style units. Read more. 

Downtown Miami Condo Prices and Rents Rise as Residential Market Settles into Midpoint

Downtown Miami’s residential real estate market remains near the midpoint of the current development cycle, with prices for existing condos rising and rental rates reaching record-setting highs. Price appreciation is being fueled by rising demand for urban living and relatively stable supply. Read more. 

Key West to vote on Old Town affordable housing project

The owners of an ex-Navy housing complex in Key West’s Old Town neighborhood are seeking approval to build 48 deed restricted affordable housing units. The proposal will go before the Key West Planning Board on Thursday evening. The apartments, to be located at the complex known as Peary Court, would augment the 160 units that are already on the 24.5-acre property that is bounded by Palm Avenue, White Street and Angela Street in the northeast portion of Old Town. Read more. 

380 apartments planned in downtown Fort Lauderdale

A developer paid $7.2 million for a downtown Fort Lauderdale site with plans to build 380 rentals — though he's not ruling out condos. Read more. 

$22M Wagner Creek project in Miami closes on financing

Housing Trust Group has closed on financing for Wagner Creek Apartments, a 73-unit affordable housing project in Miami, The Real Deal has learned. The $22 million development, at 1501 Northwest 13th Court, is near the Miami River and the Health District. Funding sources include $17.14 million from 9 percent low-income housing tax credits; a $3.4 million construction loan; $222,000 from Miami-Dade County’s affordable housing surtax program; $840,100 from a city of Miami HOME loan; and $606,274 of developer equity. Read more. 

Broward apartments score $17M for renovations

The owners of an apartment community in Coral Springs just scored $17 million in financing for a renovation program. The apartment community is called Coral Falls, and it’s located at 2801 Northwest 91st Avenue. It houses 190 units and was built in 1987, according to Broward County property records. Read more. 

Lauderhill apartments sell at loss: $12M

An apartment complex in Lauderhill was recently sold for $12 million — a significant price cut from its last transaction seven years ago. The Royal Palm at Inverrary community, which houses 208 units, was purchased by a company linked to Alvarez Santiago of Hialeah. He shares an address with Alvarez Santiago Construction, a general contracting company. Read more. 

Ram acquires Doral site from Salvadoran billionaire family member

On the heels of selling a newly completed apartment community in downtown Boca Raton, Ram, a real estate development, management and investment company, has closed on a new development site, records show. And the seller is tied to a Salvadoran billionaire family. Read more. 

Boca Raton apartments fetch $81.7 million

A Texas-based trust paid $81.7 million for the Mark at Cityscape, a 208-unit apartment complex in Boca Raton, public records show. Monogram Residential Trust bought the property from Ram Realty Services of Palm Beach Gardens. Read more. 

Miami firm pays $31.5M for Plantation apartments

A Plantation apartment community was just sold for $31.5 million to a joint venture that includes Pensam Capital, an investment firm based in Brickell. Read more. 

Codina sells Signature at Davie apartments for $114.8M

A company led by developer Armando Codina has sold the Signature at Davie Apartments & Townhomes for a combined $114.8 million, Broward County records show. Read more. 

Ram sells newly built Boca apartments for $82M — Deal breaks Florida's record for price-per-unit in a multifamily deal

Ram Realty Services, a development company based in Palm Beach Gardens, just closed on the $81.74 million sale of its newly built apartment community in downtown Boca Raton. The community is called the Mark at Cityscape, at 11 Plaza Real South. It’s a 12-story apartment complex with 208 units, 18,000 square feet of ground-floor retail space and an attached parking garage with 686 spaces. Read more.

Multifamily portfolio in Opa-Locka sells for $20.3M

A Palm Beach Gardens-based multifamily firm has sold its Opa-Locka apartment complex for $20.3 million, Miami-Dade County records show. Read more.