Market Report

NORTHEAST

2/29 New York Investment company pays $54 million for OakLeaf Town Center

The Sembler Co. sold OakLeaf Town Center for $53.6 million to Katz Properties LLC, a New York-based real estate investment and management company. Katz Properties announced the 314,533-square-foot regional center in Southwest Jacksonville is its third acquisition in Florida over the past 18 months. Read more.

CENTRAL

3/15 Campus Advantage Acquires 930-Bed Off-Campus Student Housing Community in Orlando, Florida

Campus Advantage, a leading student housing company, acquired The Edge in Orlando, Florida, as part of the company's investment strategy to acquire highly occupied properties near major, high-growth universities such as the University of Central Florida (UCF).The acquisition of The Edge makes Campus Advantage one of the largest acquirers of student housing assets with more than $675 million in acquisitions. Read more.

3/9 Dougherty Mortgage Closes $18M HUD Construction Loan for Davenport Apartment Community

Dougherty Mortgage LLC has closed an $18 million HUD 221(d)(4) loan for the construction of The Portofino at Champions Gate, a 120-unit apartment community in Davenport. The property will be built within the Champions Gate area of the city. Read more.

3/7 Senior Projects on Tap for Altamonte, Casselberry

Developers are underway with two Orlando-area projects aimed at seniors: a community with 158 units near Casselberry and another with a 16-story tower at Crane's Roost in Altamonte Springs. North of Winter Park and near Casselberry, Allegro Senior Living has started on a rental community that will include independent living, assisted living, and memory care in 174,000 square feet with lakefront views near Howell Branch Road and Semoran Boulevard.And in Altamonte Springs, Nine Wicket Senior Developers of Altamonte LLC announced it would build a tower with 200 independent-living apartments. In addition to that project, the developer will also build a 10-story property with 100 "luxury executive" units at 200 Cranes Roost Drive.The Crane, as the overall project is called, will include about 500,000 square feet with a restaurant that is open to the public for lakeside dining.  Read more. 

3/4 New $46.5M Lakefront Project in the Works near Lake Nona

A South Florida apartment developer has plans brewing for a new luxury apartment complex across the street from Lake Nona High School in southeast Orlando. Wellington-based The Bainbridge Cos. LLC expects to start construction in June on a new $46.5 million, 288-unit Class A apartment complex called Bainbridge at Nona Place on the northeast corner of Narcoossee and Tyson roads. Read more.
 

BAY AREA

3/15 KeyBank Provides $22.4M Fannie Mae Loan for Davenport Apartment Community 

KeyBank Real Estate Capital has provided a $22.4 million Fannie Mae first mortgage loan for Landings at Four Corners, a 270-unit multifamily apartment complex located in Davenport. Read more.

3/8 New Developer Takes Over Apartment Building Plans near Straz Center  

A new developer has taken over the vacant property north of the Straz Center for the Performing Arts downtown and filed plans for a five-story, 394-unit apartment complex. Crescent Communities of Atlanta, which built the popular Crescent Bayshore complex that is now known as 2Bayshore Apartments, will call the new complex at 109 W. Fortune St. the Crescent Riverwalk. Read more. 

SOUTHWEST

3/4 CAPREIT Expands in Sunshine State with Acquisition of Waverley Place Apartments in Naples

CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced the acquisition of Waverley Place, a 300-unit apartment community located minutes from the beach on the Sunshine State's west coast. CAPREIT will renovate portions of the community while maintaining many of the amenities already in place. Read more. 

SOUTHEAST 

3/19 Construction Begins on Davie Rental Development

Construction has started on a 259-unit rental apartment development in Davie called PARC 3400, expected to open in the spring of 2017. The developer is a joint venture of Giles Capital Group, FSG Holdings and Rosemurgy Properties, which own the eight-acre construction site at 3400 Davie Road. Read more here and here.

3/17 Morgan Announces Construction Plans for Luxury Apartment High Rise in Miami

Morgan, a leader in upscale multifamily development, construction and property management, plans to break ground during the second quarter of 2016 on a luxury apartment high rise in Miami. Named Pearl Midtown 29, the 20-story tower with 309 units is a joint venture between Morgan and Mesirow Financial. Read more.

3/16 Developer to Break Ground on 226-apartment Project

Compson Associates plans to break ground in March on a 226-unit apartment complex in Boynton Beach. West Palm Beach-based Verdex Construction said it was hired as general contractor for Santorini at Renaissance Commons. Read more. 

3/14 Greystone Continues South Florida Expansion with Shovel-Ready Multifamily Land Acquisition in Miami

Greystone, a New York-based real estate development, lending and advisory company, announced the $8.8 million acquisition of a shovel-ready development site located at 1501 SW 37th Avenue in Miami, FL. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space. Read more. 

3/14 Jamestown Sells Apartment Complex for $53M

Jamestown sold the Bridges at Kendall Place apartment complex in Miami-Dade County for $52.7 million to Stockbridge Capital Group, on behalf of a pension fund. Read more.

3/10 Broward Apartment Complex Sold for $29.5M

The Park Plaza Apartments in North Lauderdale traded for $29.5 million. Read more. 

3/7 Developers Start Construction of 259-Unit Apartment Community in Broward

Park Partners Residential recently started construction on the 259-unit PARC3400 apartments in Davie. The developer is a joint venture of Giles Capital Group, Rosemurgy Properties, and FSG Holdings, all of Boca Raton. It acquired the 8-acre site at 3400 Davie Road for $8 million in late 2014. Read more.

3/4 Fort Lauderdale apartment buildings hit with foreclosure

A trio of apartment buildings in Fort Lauderdale has been targeted in a foreclosure lawsuit. Quadratus, a British Virgin Islands-based company, filed a foreclosure lawsuit Feb. 11 against Fast Boots LLC over a $2.08 million mortgage, plus interest, according to the complaint. Read more.