Market Report

NORTHEAST

1/21 Newly Completed University Student Housing Facility Changes Hands in Jacksonville for $18 Million

W. P. Carey Inc., a global net lease real estate investment trust (REIT) specializing in corporate sale-leaseback and build-to-suit financing and the acquisition of single-tenant net lease properties, announced that CPA:17 Global, one of its managed non-traded REITs, has acquired a 70,000 square-foot, newly constructed student residence hall in Jacksonville, for approximately $18 million. The facility is triple-net leased on a long-term basis to Jacksonville University. The seller was Rimrock Devlin Development, a full service national developer based in Lake City. Read more

Southside apartment complex sells for $39 million near Town Center

A 240-unit apartment complex on the Southside sold for about $39 million to a South Florida real estate company, according to the broker representing the seller.CRBE Executive Vice President Brian Moulder said the deal on Terraces at Town Center closed after heavy interest from buyers since the property was first marketed late in 2014. Moulder's partner in the deal was Dhaval Patel, also an executive vice president with CBRE. Read more 

CENTRAL FLORIDA

Construction kicks off new apartments, shops, lakefront restaurants in Casselberry

The city on Jan. 26 will host a groundbreaking celebration on Lake Concord Park, a new project featuring luxury apartments, shops and waterfront restaurants on U.S. Highway 17-92 and Triplet Lake Drive, between State Road 436 and Seminola Boulevard. Read more

112 new apartments in the pipeline for Kissimmee

Royal American Development Inc. bought 4.5 acres on Irlo Bronson Memorial Highway/U.S. Highway 192 near State Road 417 for the development of a 112-unit, 55-plus apartment community. Read more

More apartments poised to bring 340 new jobs to Central Florida

Stonegate Development Inc., developer of apartments for senior residents, is eyeing Central Florida for some major growth. The company, which encompasses Lake Nona Senior Housing LLC that's building a new 120-apartment complex by fourth-quarter 2017, is seeking land on U.S. Highway 27 to kick off other projects similar to the one in Lake Nona. Read more

Carroll Snaps Up Three More Multifamily Assets

Carroll Organization has acquired three properties with a total of 1,438 units: La Palazza at MetroWest, The Cottages at Hunter's Creek, and Knightsbridge at Stoneybrook. Two of the multifamily properties will be rebranded as Arium MetroWest and Arium Hunter's Creek, respectively. Knightsbridge will continue to operate under its current name. All three multifamily properties will be managed by Carroll Management Group. Read more

Carroll Organization Closes Out 2015 with Sale of 526-Unit ARIUM Barber Park in Orlando

Carroll Organization announced today that it has completed the sale of ARIUM Barber Park in Orlando. This 526-unit community was originally purchased in April 2013, and was Carroll's first in the Orlando market. Read more

Preferred Apartment Communities Acquires 528-Unit Multifamily Community in Orlando

Preferred Apartment Communities announced the acquisition of a 528-unit Class A multifamily community in Orlando, constructed in 2008 and known as The Village at Baldwin Park. Read more

BAY AREA

Preferred Apartment Communities Acquires 342-Unit Multifamily Community in Tampa, Florida

Preferred Apartment Communities announced that it acquired a newly constructed 342-unit Class A multifamily community in Tampa, Florida named Crosstown Walk. Read more

Camden out, new developer pursuing big apartment development South of Gandy

Pollack Shores Real Estate Group is moving forward with a South of Gandy apartment development after Camden Property Trust walked away from the deal. Pollack Shores, based in Atlanta, has proposed 288 units on the 12.3-acre site between Lois and Manhattan avenues just south of the Walmart Supercenter on Gandy Boulevard. Read more

Lender on 23-story apartment tower in downtown Tampa 'excited' for $70M deal

California-based PCCP LLC said Monday that it is backing Atlanta-based Carter's 23-story apartment tower on North Franklin Street. Carter closed on the 1-acre block in September for $6.4 million and began demolition of the existing structures on the site in mid-December. Read more

SOUTHEAST FLORIDA

Codina-Carr announces new apartment project in Miami-Dade

A company headed by veteran developers Armando Codina and James Carr has taken over development of an apartment project that's expected to break ground this year in Miami-Dade County's West Kendall.The 150-unit project was approved for an 8.2-acre site at the southeast corner of Kendall Drive and Southwest 172nd Avenue. Read more

Mixed-income senior housing to open in west Coconut Grove

Gibson Plaza offers 50 affordable and six market-rate apartments for people 55 and older. All the units have been leased.According to developers Pinnacle Housing Group, the project is the West Grove's first major multi-family residential development in five decades. It is at 3629 Grand Ave., Miami. Read more

BBX Capital Real Estate Inks JV with The Altman Companies to Develop Miami Apartment Community

BBX Capital Real Estate, a division of BBX Capital Corporation, announced it has entered into a joint venture agreement with The Altman Companies to develop Altis at Bonterra. Located within BBX Capital Real Estate's Master-Planned community of Bonterra in Hialeah, Altis at Bonterra plans to develop 314 apartment homes on approximately 14 acres. Read more

Greystone and ALTA Developers Sell Luxury Apartment Community in Miami

Greystone, a New York-based real estate development and advisory company, and ALTA Developers, a South Florida-based real estate development firm, jointly announce the sale of The Mile to Monogram Residential Trust, Inc., an owner, operator and developer of luxury apartment communities in select markets across the United States. Topped off in July 2015, The Mile's construction is expected to be completed during Q1 2016. Co-developed by Greystone and ALTA over the last two years, The Mile is a 13-story, 120-unit luxury rental community with street-level retail at 3622 S.W. Coral Way. Read more