Market Report

NORTHEAST

7/28 Jacksonville Apartment Community Sells for $33.5M in Fast-Growing Area

The Century Bartram Springs apartment complex in southern Duval County has been bought by a New York investment firm for $33.5 million, according to the brokers that represented the seller. The property was built in 2005 and includes 268 units and sold for $125,000 per unit. Read more.

7/27 Why a Tampa Company Invested $137M in Jacksonville Apartments

​Blue Rock Premier Properties LLC and its Konover South LLC have invested more than $137 million in Jacksonville’s multifamily real estate market, buying nearly 2,000 units and representing a major investment in the area. Read more.

7/22 Indiana Company Investing in Jax Beaches Area Buys Another Property

The 28-unit Villas at Atlantic Beach apartment community in Jacksonville, FL was sold on June 30 for $1,600,000 or $57,143 per unit. Read more.

7/22 Southside Apartment Community Sells for $24.6M to South Florida Investor

A 38-building apartment complex on the Southside has been sold for $24.6 million to a South Florida commercial real estate company, according to the brokers representing the seller. Read more.

6/29 Durbin Park Development Plans Include 999 Apartments

Gate Petroleum Company and Gatlin Development Company have announced plans for Durbin Park, a 1,600 acre, mixed-used development near the new intersection being built at Interstate 95 at State Road 9B in northern St. Johns County. Durbin Park will include an estimated 2.4 million square feet of retail, 2.8 million square feet of office space, 999 multifamily units and 350 hotel rooms. Read more.

CENTRAL

7/22 Horizon West to Get 316 New Apartments

Boyd Development Corp. expects crews to break ground in September on a new 316-unit complex called LakeWalk at Hamlin Apartments. Read more.

7/21 New Shops, Apartments Coming to Oviedo in $36M Project

The $36 million project, dubbed The Strand Apartments, is a planned 279-unit apartment complex with multiple parking garages that also will have 15,000 square feet of ground floor office and retail space. Read more.

7/1 Community Sells for $44.5M; 552 New Units on Tap

Pine Harbour Apartments at 10600 Bloomfield Drive in Orlando were bought by Pine Harbour Apartments LLC, an entity related to Glenview, Ill.-based Providence Management, on June 29, according to Orange County records. Plans for two new projects have been submitted for review. Read more.

6/30 Arm of Berkshire Hathaway Bankrolls, Arranges Sale of 5 Orlando Apartment Properties

The sales of about a half dozen apartment complexes in Metro Orlando for $141 million come as Orlando rents have climbed 4.9 percent during the past year, according to ApartmentList.com. Read more.

6/29 Nonprofit Obtains Funding to Rebuild Apartment Community on Orlando's Mercy Drive

State officials have approved $26.1 million in tax credits and loans to a nonprofit agency that will build 166 "high-quality" apartment units on what is now a blighted stretch of Mercy Drive. Read more here and here and here.

6/27 Praedium Group Acquires Integra Cove Apartment Community in Orlando for $60.4 Million

Developed in 2015, Integra Cove is among the newest assets in Orange County. Chris Hughes, Principal of The Praedium Group, made the announcement on the investment firm's most recent acquisition. Read more.

BAY AREA

7/23 Developer Breaks Ground on Affordable Apartments in Holiday

The Park at Wellington is a $37.9 million, 220-unit affordable housing community for working families off U.S. 19 N in Holiday at 4369 Sunray Drive in Pasco County. It’s about 30 miles north of Tampa. Read more.

7/9 Atlanta Firm Acquires Rental Community in Tampa

Atlanta-based RADCO Companies paid $20.1 million for a 32-year-old apartment community in Tampa and plans to spend $5.2 million renovating the property. RADCO acquired the 372-unit Newport Villas Apartments in Tampa, which the company renamed Mabry Manor. Read more.

SOUTHEAST

7/25 Apartment Project near Golf Course to Break Ground in Deerfield Beach

AHS Development will soon break ground on the Village at Crystal Lakes apartment project in Deerfield Beach after receiving a $13.5 million construction loan. The project will have 125 apartments for a combined 109,051 square feet. The community will consist of three five-story buildings and a pool. Read more.

7/22 Tamarac Apartment Community Goes for $27.2M

White Eagle Property Group purchased the Midora at Woodmont apartments under two limited liability companies titled Selwyn Midora Owner and We Midora Owner on July 21. The deal breaks down to roughly $137,000 per apartment unit and $2 million per acre, according to Broward County property records. Read more.

7/22 North Miami Apartment Community Fetches $117M

The Blackstone Group just added a massive apartment complex to its South Florida portfolio for $117 million. The New York-based financial giant pocketed 871 apartments that make up North Miami’s Portofino at Biscayne, a sprawling 23-acre development built in 1974. Read more.

7/13 Fort Lauderdale Property Trades for Nearly $54M

Melo Real Estate, a Miami-based boutique real estate firm, recently brokered the $54 million sale of a 408-unit multifamily community located in Fort Lauderdale. Parrot’s Landing LLC purchased Parrot’s Landing Apartments from an affiliate of Toronto-based Brass Enterprises for approximately $131,800 per unit. Read more.

7/7 TGM Associates Acquires 160-Unit Ocean Front Multifamily Community in Boca Raton

TGM Associates announced the acquisition of TGM Oceana, a two building mid-rise apartment community with 160 units and 10 deep-water boat slips, located in Boca Raton. Read more.

7/6 Apartment Project near Miami Transit Station Breaks Ground

Mill Creek Residential has broken ground as it secured a $39.39 million construction loan for the second phase of its Modera Douglas Station apartments in Miami. Read more.

7/5 Parrot’s Landing in North Lauderdale Sold for $53.75M

Dedicated Parrots Landing, an affiliate of Toronto, Canada-based Brass Enterprises, sold the 408-unit apartment complex at 7900 Hampton Blvd., to Parrot’s Landing LLC, managed by Indra Singh in Lauderdale Lakes. Arbor Realty provided a $48.6 million mortgage to the buyer. Read more.

7/1 Recently Constructed Apartment Community Sold for $56M

The two-year-old Jefferson Palm Beach apartments in West Palm Beach have traded for $56.1 million. Read more.

6/28 Big Project Proposals in Plantation Include Apartments in an Office Park

Mill Creek Residential plans to build an apartment complex in the Cornerstone Corporate Center just north of Interstate 595. The 330-unit Cornerstone Millcreek would be situated on the 6.3-acre site at 1240 S. Pine Island Road. It’s currently zoned for office, so it would require a zoning change to allow mid-rise residential. Read more.