Market Report

STATEWIDE

8/17 CBRE Brokers Sale of Two Apartment Communities in Central, Northeast Florida for $70.9M

EBSCO Income Properties purchased the two assets, Integra Landings in Orange City and Integra Woods in Palm Coast. Read more.

8/15 MAA and Post Properties to merge in $17 billion combination

The merged company will own 105,000 apartment units, representing the largest publicly traded REIT portfolio by number of owned apartments, and a combined total enterprise value of $17 billion and equity market capitalization of $12 billion. Read the company press release here, and news reports here and here.  

PANHANDLE

8/4 EdR Announces Redevelopment of Off-Campus Student Housing Community at Florida State University

EdR, one of the nation's largest developers, owners, and managers of high-quality collegiate housing communities, has announced plans for a complete redevelopment of one of its off-campus communities, Players Club, at Florida State University in Tallahassee. Read more.

 

NORTHEAST 

8/24 Preferred Apartment Communities Inc. Announces Acquisition of 290-Unit Community in Jacksonville

Preferred Apartment Communities Inc. has announced that it acquired a recently constructed 290-unit Class A multifamily community in Jacksonville, Florida named Sorrel Luxury Apartments. Read more.

8/15 District on Kernan Completes Multi-Million Dollar Renovation of Apartments and Community Amenities in Jacksonville

The nearly $4 million renovation of The District on Kernan– a 360-unit/1,096-bed community at 3601 Kernan Blvd S. – is now complete, bringing significant upgrades to this rapidly evolving community near the University of North Florida. Read more.

 

NORTH CENTRAL

8/15 5-story apartment, retail building in plans for Gainesville

Plans for a mid-rise apartment building with ground-floor retail are in the works, covering three properties from 1219 to 1227 W. University Ave. Initial plans call for a five-story apartment building with 40 to 50 units of 160 to 180 bedrooms and ground-floor retail. Read more.

 

CENTRAL

8/25 Orlando among busiest submarkets for apartment construction

Orlando is among the top 10 busiest U.S. submarkets for apartment construction, an MPF Research report states.The City Beautiful comes in at No. 8 because of its first-quarter 2016 activity that saw 2,531 units under construction. Read more.

8/22 Avesta Communities Expands in Orlando with Acquisition of 348 Units

Avesta Communities announced today the purchase of "Andover at Winter Park," a 348-unit apartment home community in Orlando, Florida.  The community will be rebranded as Avesta Winter Park and will be managed by Avesta Homes. Read more. 

7/29 Continental Realty Purchases Rockledge Apartment Community for $38M

Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Read more. 

 

BAY AREA 

8/24 Housing Trust Grows Florida Footprint

With an already strong portfolio of affordable housing communities in the Sunshine State, developer Housing Trust Group has closed $19.5 million in financing and broken ground on another project in Florida. The developer has begun construction on the initial phase of Park at Wellington, a $37.9 million affordable housing community in Pasco County. Read more. 

8/19 Iconic Mediterranean Revival Luxury Apartment Community Changes Hands in Tampa

Marcus & Millichap announced the sale of one of Tampa, Florida’s most distinguished architectural landmarks, The Mirasol, a luxury 58-unit apartment community. The property sold for $10,375,000, which equates to approximately $180,000 per unit. Read more.

8/15 TGM Associates Acquires Mutlifamily Apartment Community In Saint Petersburg

TGM Associates has announced the acquisition of TGM Bay Isle, a garden style apartment community with 582 units located in Saint Petersburg. The property, completed in two phases in 1998 and 2004, is comprised of twenty-two residential buildings built on a 50 acre site. Read more.

 

SOUTHEAST

8/19 Harbor Group Sells Two Apartment Communities in South Florida for $105.6M

Affiliates of Harbor Group International (HGI) have sold Turtle Cove Apartments in West Palm Beach and Serramar in Fort Lauderdale for a combined sales price of $105.6 million. Read more.

8/18 IMT Capital trades West Palm apartments for $46M

South Florida’s apartment boom continued this week with IMT Capital’s $45.6 million sale of a gated West Palm Beach apartment complex to the Covenant Capital Group. The deal breaks down to $144,303 per unit. County records show an IMT affiliate sold the community at 1400 Village Boulevard, known as IMT at the Villages, after owning it for only four years. Read more.

8/18 Starwood Capital buys West Palm Beach apartments: $62M

Starwood Capital Group paid $61.5 million for the Turtle Cove Apartments in West Palm Beach as South Florida’s multifamily market remains strong.Records show a Starwood affiliate bought the 444-unit complex at 825 Cotton Bay Drive East for $138,500 per apartment. Read more.

8/12 Developer begins apartment acquisition spree with $44M deal

Miami-based Bar Invest Group acquired the Serramar Apartment Homes in Lauderhill for $44.1 million in the first of what the firm hopes will be several large apartment community acquisitions in Broward County this year. Read more.  

8/11 California fund buys apartment complex on Federal Highway for $13.5M

The 85-unit Boca Manor Apartments at 2500 N. Federal Highway sold for $13.5 million to KMF X Boca Manor, an affiliate of the Klingbeil Multifamily Fund X, which is managed by the Klingbeil Organization in San Francisco. Read more. 

8/5 Elandis sells bulk apartments in Tamarac: $22M

Elandis, formerly known as FCA Group, sold 222 rental units in Tamarac for $22 million, marking a 46 percent gain from their last trade in 2012.The one- and two-bedroom units sold for nearly 100,000 per apartment. They’re part of a 291-unit complex, Jasmine at Tamarac, that underwent a condo conversion and renovation program in 2006. The other 69 residential units are privately owned. Read more here and here. 

8/4 Marcus & Millichap Oversee Sale of Gardens at Coral Springs

Marcus & Millichap has announced the sale of The Gardens of Coral Springs, a 30-unit apartment community located in Coral Springs, Fla. The asset sold for $3.7 million. Read more.

8/2 Recently built Soleste West Gables sold to investor

The recently completed Soleste West Gables mid-rise apartment complex in West Miami was sold to a Chicago-based investor for $57.4 million. Read more. 

7/28 Florida Crystals’ development arm buys site in Palmetto Bay downtown district

FCI Residential, the apartment development arm of sugar producer Florida Crystals, paid $7.8 million for a site in Palmetto Bay’s new downtown district. The Atlantico at Palmetto Bay, which plans to have 271 apartments plus 7,010 square feet of retail, will be the first project under the rezoning plan the village approved in December. Read more.