Market Report

STATEWIDE

10/23 Greystone lands $130M to rehab older Florida rentals

The affordable housing arm of Manhattan-based Greystone assembled $130 million of financing to rehabilitate 24 apartment properties in rural Florida, mostly in the central and northern regions of the state. Read more. 

PANHANDLE

10/28 Wendover Housing Partners Announces New Affordable Senior Community in Tallahassee

Wendover Housing Partners, a privately held real estate development, investment and management company, is building Kenwood Place, an affordable, senior apartment community in Tallahassee. Construction on the 112-unit community, located at 420 Junco Court, began in spring 2016 and the first residents are expected to move in during February 2017. Read more.  

10/13 Lowe Enterprises Investors Acquires 100-Unit Senior Housing Community in Tallahassee

Lowe Enterprises Investors in joint venture with a foreign investment client has acquired St. Augustine Plantation, a senior housing community in Tallahassee, Florida, from Capital Health Group, LLC (CHG). CHG will maintain a minority ownership in the 100-unit, 115-bed community located at 2507 Old St. Augustine Road. Read more.

NORTHEAST 

9/20 Watercrest Senior Living Celebrates the Opening of Assisted Living and Memory Care Community

Watercrest Senior Living welcomed more than thirty residents to the official opening of Watercrest of San Jose Assisted Living and Memory Care Community in Jacksonville, Florida. The 79,000-square-foot, 90-unit senior living community, features premium amenities, exceptional care, and luxury residences set along the picturesque banks of Goodby’s Creek. Read more.

CENTRAL 

10/20 Luxury 212-Unit Multifamily Community Changes Hands for $29 Million in Winter Park

Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of Calibre Bend Apartments, a 212-unit luxury multifamily asset in Winter Park, Florida. The $29 million sales price equates to $137,000 per unit. Read more. 

10/20 Milestone REIT Drops $242M on Apartment Portfolio, including Orlando Community

Milestone Apartments Real Estate Investment Trust has reached an agreement to purchase six multifamily properties — including one in Orlando — for $242.2 million, according to an announcement on Wednesday from the Toronto-based REIT. Read more. 

10/4 GoldOller Expands Florida Footprint with Acquisition of 2 Port Orange Apartment Communities

GoldOller Real Estate Investments announced the acquisition of the 208-unit Pierpoint Apartment Homes and the 170-unit The Groves both in Port Orange, FL, adjacent to Daytona Beach. With these latest acquisitions, GoldOller now owns and manages more than 3,400 rental apartments in nine communities in North and Central Florida. Read more.

BAY AREA 

10/4 TGM Associates Acquires 401-Unit Midrise Apartment Community in Saint Petersburg

TGM Associates announced the acquisition of TGM Ibis Walk, a midrise apartment community with 401 units located in Saint Petersburg, FL.  The property, completed in 2014, is comprised of nine four-story elevator serviced residential buildings, and a five-story structured parking garage. Read more.

SOUTHEAST

10/25 Florida Crystals scores $50M construction loan for Palm Beach Gardens rentals

The development arm of Florida Crystals, FCI Residential, closed on a $50.47 million construction loan for Atlantico at Palm Beach Gardens, a 350-plus unit apartment complex. Read more. 

10/19 Two WPB apartments to get multi-million dollar upgrades

An Atlanta-based company that turns around old apartments has swooped into West Palm Beach and purchased  two apartment complexes, with plans to spend a whopping $20 million renovating them.Cortland Partners, an investment and management firm, purchased 396-unit Arium Palm Cove and 416-unit Arium at Laguna Lakes. Read more here and here. 

10/5 Lennar Closes $2.2 Billion Funding Commitment for Multifamily Development Investment Venture

Lennar Corporation announced that LMC, its wholly owned subsidiary, received an additional $250 million commitment to its Lennar Multifamily Venture, bringing the total commitments to $2.2 billion to develop and own Class A multifamily communities in 25 target markets throughout the United States. Read more. 

9/27 Housing Trust Group and Alonzo Mourning Celebrate Grand Opening of Affordable Housing Community

Housing Trust Group (HTG), a Miami-based real estate developer specializing in affordable housing, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami. Read more. 
 

SOUTHWEST

10/21 Fort Myers multifamily complex sells for $95 million

In what is believed to the largest multifamily complex sale along the Gulf Coast in at least the past decade, a 936-unit apartment community in Fort Myers sold for $95.2 million. Read more.