Market Report

STATEWIDE

4/1 Hunt Mortgage Group Refinances Properties in Orlando and Miami metro area

Hunt Mortgage Group has provided $35.3 million in Fannie Mae loans to refinance five multifamily communities located in Orlando and Cutler Bay. The company placed Fannie Mae Multifamily Affordable Housing loans on four of the properties, including Metro Place, Brandywood, Hidden Creek Villas, and Calusa Cove, and a Fannie Mae market-rate loan on the final property, Bella Lago. Read more.

PANHANDLE

3/22 Bluerock Residential buys Destin apartment complex

The 340-unit Alexan Henderson Beach Apartments in Destin was purchased by BRG in an off-market deal for $53.7M, or about $158K per unit. Read more here and here.

NORTHEAST

4/21 Jacksonville considering millions in repairs to affordable senior housing 

In order to maintain existing stock of affordable housing for seniors who need it, the city is considering bonding about $22 million to refurbish two facilities. Read more.

4/14 JMG Realty Acquires 180-Unit Florida Club at Deerwood Community in Jacksonville Key Submarket

JMG Realty Inc. recently acquired Florida Club at Deerwood, a 180-unit apartment community located in Deerwood Park, through a joint venture partnership. According to Yardi Matrix, the property was acquired for $24.8 million, with Fannie Mae providing an $18.4 million loan with a 10 year maturity date. Archon Group represented the seller. Read more. 

4/4 Lexerd Capital Management Snags Jacksonville Apartment Complex

Lexerd Capital Management LLC, a New Jersey-based sponsor of private equity funds, recently acquired San Marco Village, a 106 unit, two-story apartment community located in Jacksonville, for  $8 million. Read more here and here.

3/24 Tamaya adding 380-unit apartment complex; opening second single-family neighborhood

Tamaya, the high-end master-planned community "between the city and the sea," will soon diversify its offerings to homebuyers. Developer ICI Homes sold a 30-acre parcel to Waypoint Residential Services for $6.3 million.The real estate investment manager intends to develop a 380-unit Class A luxury complex that will feature three- and four-story garden apartment buildings, attached garages and a highly-amenitized clubhouse. Read more. 

NORTH CENTRAL

4/11 JV Acquires Apartment Community in Gainesville for $8.8 million 

LIV Holdings LLC, a joint venture between James Street Capital LLC and Warren Family Holdings I LLC, has purchased a 208-unit garden-style apartment complex in Gainesville for $8.8 million. Read more. 

CENTRAL

4/27 KeyBank Provides $24.4M Freddie Mac Loan for Kissimmee Community

KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Read more.

3/23 Gunter Village poised to take shape near Lake Mary

Gunter Village, a 12-acre mixed-use project in the Lake Mary area, is poised to start taking shape with a Cincinnati group's purchase of half the site.The South Florida-based Aztec Group represented the land owner in its $6 million sale of the property at 3300 International Parkway. The land is approved for apartments, shops, restaurants and a limited-service hotel. Read more.

BAY AREA

4/28 ZOM and Northwestern Mutual to Break Ground on Luxury Waterfront Apartment Community

SEAZEN, a 323-unit multifamily apartment community, is to be located on the current site of a Chart House restaurant on the island of Rocky Point, just off the coast of Tampa. Read more here and here. 

3/30 Preferred Apartment Communities Inks Student Housing Development Investment in Tampa

Preferred Apartment Communities announced that on March 29, 2016, it closed on a loan investment of up to approximately $9.8 million in connection with Haven Campus Communities LLC's plans to develop a 542-bed, 158-unit student housing community located near the University of South Florida in Tampa. Read more.

3/29 Walden Lake golf course owner drops adult living facility from development plans 

The owner of a shuttered Walden Lake golf course is dropping a 90,000-square-foot adult congregate living facility from development plans. Visions Golf Managing Partner Steve Mercer said Visions Golf will instead build up to 60 multifamily homes on the 10.4 acres where the adult congregate living facility would have been built. Read more.

3/28 Federal Capital Partners Acquires Tampa Apartment Community

Federal Capital Partners (FCP) has acquired the 324-unit Belara Lakes Apartments in Tampa in a $22.4 million transaction. The acquisition marks FCP‘s second investment in Florida during the last three months. Read more here, here, and here.

3/23 Former warehouse redeveloped as Seminole Heights apartment building

Developer Wesley Burdette and Tampa Mayor Bob Buckhorn cut the ribbon on the Warehouse Lofts, a former industrial site at 4513 N. Florida Ave. that is now home to 54 apartments. Read more.

TRI-CITY AREA

4/12 Gates of Bradenton apartments sell for $20.5 million

A Virginia real estate investment company has added a 256-unit apartment complex in Bradenton to its growing Florida apartment portfolio by more than doubling the previous owner's initial investment.  Read more.

4/5 Centre Court Apartment Homes in Manatee sells for $12.25 million

T. Mannausa & Co., under its company Centre Court on 53rd Ltd., sold Centre Court Apartment Homes at 4255 52nd Place W. to Centre Court Harmony Housing LLC, a subsidiary of New York-based Greystone & Co. Read more.

3/30 Bradenton's Palms at Cortez apartments sell for $6.3 million

An aging apartment complex near the DeSoto Square mall has, like many other multifamily properties of late, sold for a premium as rental vacancies sit near an all-time low. The Palms at Cortez, a six-building, two-story apartment community at 3810 5th St. E., sold for $6.3 million on March 22. Read more.

SOUTHEAST 

4/18 Index Investment, Eastwind Development Sell Lantana Apartment Community for $24 million 

Bridgewater Lake Osborne LLC, an entity owned by Index Investment Group and Eastwind Development, has sold Bridgewater at Lake Osborne, a 108-unit apartment community in Lantanta. Read more here and here.

4/18 Community in trendy neighborhood sold to TIAA-CREF for $114M

Pearl Flagler Village, an affiliate of Houston-based Morgan Group, sold the 332-unit The Edge at Flagler Village community at 475 to 495 N. Federal Highway to T-C The Edge at Flagler Village, an affiliate of New York-based TIAA-CREF. Read more here and here.

4/11 Developer proposes six-story apartment complex

MMVB Group LLC, managed by Ricardo Bebchik and Fabian G. Neiman in Hallandale Beach, want to build 42 units at 200 Van Buren on the east side of Hollywood. Read more.

4/8 Mill Creek Residential plans to build 300 apartments in Plantation

Mill Creek Residential has filed plans with the city for a development at the 58-acre Cornerstone Corporate Center at 1240 South Pine Island Road in Plantation. Read more.

4/5 Apartment project in Midtown Miami scores $71M construction loan

The Midtown 29 309-unit apartment project has broken ground after its developer obtained a $70.85 million construction loan. Wells Fargo Bank provided the mortgage to Miami Midtown 29 LLC, a subsidiary of the Morgan Group of Houston. Read more.

4/4 Developer pays $44M for Paseo de la Riviera redevelopment site

NP International plans to build 224 apartments, 252 hotel rooms, 4,380 square feet of restaurants, 14,094 square feet of retail, and a parking deck at the site of what’s currently a 54-year-old Holiday Inn across from the University of Miami. Read more.

4/1 Miami River site could be rezoned for 650 units

The owner of a 5.2-acre site on the Miami River wants it rezoned to allow for up to 650 apartments. Miami Riverview Apartments Inc., owned by Luiz Crus in Coral Gables, was slated to go before the city’s Planning, Zoning and Appeals Board on April 6 with its comprehensive plan amendment for 2507 N.W. 16th Street Road. The property, on the south side of the river at the point where it splits in two, currently has a three-story, 245-unit apartment complex that was built in 1973. Read more.

3/23 Investcorp Snaps Up 3 Multifamily Properties in Boca Raton

In two separate transactions, Investcorp’s U.S.-based real estate arm has acquired residential properties: three student housing properties in Boca Raton and two standard apartment communities in metro Minneapolis, for a total of about $220 million. Read more.