Market Report

NORTHEAST

5/11 LandSouth Construction to build $25 million apartment complex on Southside Jacksonville

LandSouth Construction has begun construction on Portiva, a $25 million luxury apartment community on Jacksonville’s Southside. It will have 260 units in eight four-story buildings. Read more here and here.

5/10 Jacksonville Beach apartment complex bought for $46.3M

The 228-unit Broadstone Beach House Apartments sold to a New York real estate investment trust last week for $46.3 million. Read more.

CENTRAL

5/9 288 new apartments proposed for southeast Orlando

BMR Immobilien 1 LLC has submitted a master plan to build 288 independent-living apartments on nearly 9 acres at 6440 Narcoossee Road. The seven-story community would be called Madison Plaza. Read more.

5/6 Disney's Flamingo Crossings seeks rezoning for multifamily, commercial space

The property is seeking approval from Orange County's development review committee to build up to 1,300 multifamily residential units and 150,000 square feet of commercial space. The property is four parcels that make up more than 154 acres and would be built in multiple phases. Read more.

5/6 McKinley buys Universal-area apartments

McKinley, one of the largest U.S. apartment managers, bought the 252-unit Amalfi Apartments on Conroy Road just a few blocks from Universal Orlando for an undisclosed price. Read more.

5/5 Passco Spends $54M on New Orlando Transit-Oriented Community

Newly constructed multifamily community The Ivy is already getting a new owner thanks to its strategic location in the Florida Hospital Health Village, home to the country’s second largest hospital. Passco Cos. LLC has acquired the 248-unit, Class A+ community, pointing to the strong job growth and transit-oriented aspects of the area as attractive features. Read more here, here and here.

5/5 Allegro Senior Living Breaks Ground on Winter Park Area Community

St. Louis-based Allegro Senior Living LLC recently hosted an official groundbreaking ceremony for its 10th community, located in the Casselberry/Winter Park area north of Orlando.The luxury rental community sits on a 17.3-acre site at the intersection of 436 and Howell Branch Road. To read more, click here and scroll down.

5/5 New Owner Emerges for Spanish Villas in Daytona Beach

Marcus & Millichap announced the sale of Spanish Villas, a mid-size community in Daytona Beach. The eight two-story buildings consisting in 56 one- and two-bedroom apartments were sold for $2.7 million. Read more.

5/2 Beachwold Residential Acquires 482-Unit Multifamily Portfolio with Help from HFF

HFF has secured $37.6 million in financing on behalf of Beachwold Residential for the acquisition of two communities, including Verandahs at Hunt Club in Apopka. Read more.

4/26 Altís Sand Lake Luxury Apartments Becomes Largest Green Certified Multifamily Community in Orlando

The Altman Companies finished up construction on the 315-unit Altís Sand Lake in the Dr. Phillips neighborhood and was awarded the National Green Building Standard (NGBS) Green Certification. Read more.

BAY AREA

5/17 Marcus & Millichap Sells Belara Lakes Community for $22M

Marcus & Millichap recently arranged the sale of Belara Lakes, a 324-unit apartment community located in Tampa. Federal Capital Partners represented the buyer, while Cagan Management Group represented the seller in the $22.43 million transaction. Read more.

5/11 Chicago-Based Habitat Adds Units in Tampa to Portfolio

Habitat added 5,000 more units to its national management portfolio after it secured assignments for 12 rental communities in Tampa and in Birmingham, Ala. Read more.

5/12 AER Opens in St. Pete with 358 Units in 18 Stories

Two years after construction began, downtown St. Petersburg's newest apartment tower is finished, offering such amenities as a yoga studio, glass-tiled sauna and rooftop pool with sweeping views of Tampa Bay. Read more.

4/29 Affordable apartments for seniors in Ybor City sold to Miami company

Real estate investor Ben Mallah II has sold the Hacienda De Ybor apartments in Ybor City for $5 million. The property, consisting of 99 studios and one-bedroom units, has provided affordable housing for senior citizens for more than 40 years. It will continue as a seniors-only complex, Mallah said. Read more.

4/28 735-Unit Tampa Area Multifamily Portfolio Changes Hands

Marcus &Millichap announced the sale of a five-property multifamily portfolio in Florida for $41 million. Asia Capital Real Estate bought Palms at Cedar Trace (176 units), Palms at Sand Lakes (212 units), Palms at Ashley Oaks (130 units), Palms at Palisades (125 units), and Palms at Cortez (92 units). Read more.

TRI-CITY

5/4 Sarasota Apartment Community Sells for $1.3 Million

Real estate developer Henry Rodriguez just bought the 15-unit Arlington Antigua Apartments in Sarasota for $1.3 million.The property, formerly owned by 8989 Carlyle Group Corp., sold after being on the market at $1.43 million for only two weeks, according to agent Phil Ginexi. Read more.

SOUTHWEST

4/28 Channelside in South Fort Myers Sells for $55 Million

The price of close to $170,000 per apartment unit is a high-water mark in Lee County. Read more.

4/26 Thrive Senior Living, Fortress Ventures Break Ground on Fort Myers Community

Estero, Fla.-based Fortress Ventures broke ground on Thrive at Beachwalk, a new senior living community in Fort Myers. Atlanta-based Thrive Senior Living will operate the 125-unit community, which will feature a salon, meeting and entertainment spaces, multiple dining venues, and scenic water views. To read more, click here and scroll down.

SOUTHEAST

5/20 Melody Towers Luxury Apartments Opens in Miami

South Florida-based developer Melo Group has opened its newly developed Melody Tower, tapping into pent-up demand for downtown Miami rental living.The new 38-story, 497-unit luxury rental tower is located at 245 NW 14th Street in the downtown Arts & Entertainment District. Read more.

5/16 Miami-Dade Expects Unprecedented 2,000 Units This Year

A total of 12,500 new rental units are in the pipeline as developers shift focus from condos to apartments. Read more.

5/12 JV Lands $41M to Develop Class A Community in South Florida

joint venture between Giles Capital Group,Rosemurgy Properties and FSG Holdings is set to bring luxury apartments to Davie, Fla., thanks to a $41 million construction loan secured by HFF. The partnership will develop Parc3400, a 259-unit Class A community set for completion in summer 2017. Read more.