Northwest Florida
Pensacola-based Counts Real Estate Group brokered the sale of the 24-unit Lansing Drive Apts. in Pensacola for $537,500, or $22,396 per unit. Scott Helms of Counts Real Estate Group negotiated the transaction representing a private local buyer. The seller was Berkadia Group of Dallas.
ARA brokered a TIC sale of 40 investor/owners of the 242-unit Jackson Square Apts. in Tallahassee for $21.7 million, or $89,669 per unit. Matt Wilcox, Kevin Judd, and Patrick Dufour handled the transaction. Jackson Square was built in 1996 and was 95% occupied at time of sale. Tribridge Residential of Jacksonville manages the property.
Hardin Construction Company has finished construction of the 92-unit Panama Commons, an affordable apartment community near downtown Panama City. Panama Commons marks Hardin Construction's 12th project with The Paces Foundation, a not-for-profit, community housing development corporation. Panama Commons is built to LEED specifications with the ultimate goal of achieving LEED Gold certification.
Northeast Florida
The Jacksonville office of ARA brokered the sale of the 23-acre Seagrass Development Site on behalf of Atlanta-headquartered TriBridge Residential. Matt Wilcox, Kevin Judd, and Patrick Dufour handled the transaction.
Located in the highly affluent area of Atlantic Boulevard and San Pablo Road, Seagrass is situated across the street from high-end retail and less than three miles from the The Mayo Clinic. The site is entitled for 399 units and available for immediate development upon site plan approval from the city of Jacksonville. It is currently cleared, pad-ready, and all utilities have been delivered to the site.
ContraVest Management Company was awarded three property management assignments in Florida: the 323-unit Indigo at Bartram Park in Jacksonville, BelAire Terrace in Crestview, and Kitterman Woods in St. Lucie West. These new fee-management contracts increase the portfolio by 26%. ContraVest is a full-service, veteran-owned, third-party property management firm founded in 1986.
Central Florida
Site work is under way on a new $40 million, 326-unit mid-rise luxury apartment community called Steel House in downtown Orlando. Atlanta-based real estate investment and service firm Pollack Shores plans to kick off its construction work on on December 6.
The project, which includes the four-story apartment building plus a 500-space parking garage, features amenities such as interior private courtyards with a swimming pool, fountain, sculpture garden, fitness center and business center. The project also will have a four-story glass element on the corner of North Orange Avenue and Colonial Drive topped off by a fourth-floor club lounge room that will look south toward downtown, he said.
The project is slated to complete its first units and leasing office in October 2012, with final completion expected in February 2013. The firm plans to hire eight full-time staffers to work on-site.
Two apartment communities – the 378-unit The Harbours/Hidden Harbours in Melbourne and the 366-unit Pine Harbour in Orlando -- recently sold through Freddie Mac to Canadian-based LSR Development for $48.34 million. The combined financing was $35 million. Dennis Jimenez of CB Richard Ellis Capital Markets secured the financing for the buyers in both transactions. Equity Residential Trust sold both properties. Pine Harbour, built in 1991, was 95% occupied at time of sale. The Harbours, built in 1987, was 93% occupied.
Bethesda, MD-based Walker & Dunlop, LLC provided $50.52 million in financing for Timberlake & The Glades Apts. in Altamonte Springs. The acquisition loan was structured with a 7-year term with two years interest-only and a 30-year amortization under Freddie Mac's Capital Markets Execution Program (CME). The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Shelton Granade and Luke Wickham of CB Richard Ellis represented the seller.
Timberlake & The Glades Apartments is a combined 876-unit apartment community built in 1986 that received over $10 million in substantial upgrades and renovations from 2008 to 2010.
Bethesda, MD–based Beech Street Capital, LLC provided an $11.2 million Freddie Mac CME loan to refinance the 318-unit Woodhollow Apts. in Orlando. MAA manages the property.
Cincinnati, OH-based Green Realty Corporation purchased the The Pines Apts., a 216-unit garden style apartment community in Palm Bay for $3.175 million, or $14,699 per unit. ARA’s Kevin Judd, Matt Wilcox, and Patrick Dufour handled the transaction. The Pines were built in 1986 and 92% occupied at the time of the sale.
A Georgia-based financial institution bought the 20-unit Lake Foy Apts. in Deltona from an Orlando private investor for $520,000, or $2600 per unit/$29 psf. Michael Donaldson of Marcus & Milichap handled the sale. Lake Foy was built in 1986.
Cole Hendricks and Hal Warren of Hendricks & Partners in Orlando negotiated the sale of the 68-unit Windward Apts. in east Orlando for $1.6 million, or $23,529 per unit. Nashville-based Robbins Property Group acquired the property, which was constructed in 1972.
Beachwood, OH-Based Soclof Enterprises, bought the 184-unit Shadow Lakes Apts. in Ormond Beach, FL in an REO transaction for an undisclosed price. Shadow Lakes was built in 1975 and was 92% occupied at time of sale.
New York-based The Praedium Group bought the 379-unit Westlake Apts. in Sanford, north of Orlando, for $31.5 million, or $83,113 per unit from Massachussets firm Westlake Arbour LLC. Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller. The buyer secured a life company loan through CBRE’s Debt and Equity Group. Built in 2000, Westlake was 94% occupied at time of sale.
Los Angeles-based Karlin Asset Mgmt. bought the 304-unit Oakwood Apts. in Orlando from San Diego-based Continental American Properies, Ltd. for $23.4 million, or $76,974 per unit.
Shelton Granade and Luke Wickham of CBRE handleed the sale.
Shelton Granade and Luke Wickham of CBRE announced the sale of the 195-unit Sun Bay Apts. in Winter Park for $5.2 million, or $26,667. Built in 1974, Sun Bay was 89% occupied at closing, and the buyer plans to renovate and re-position the asset.
Los Angeles-based real estate investment firm Cohen & Associates has acquired the 152-unit Tierra Vista Apts. in Kissimmee for $7.7 million, or $50,658 per unit. Both the seller, Tierra Vista I Limited Partnership, and the buyer were represented by Marcus and Millichap. Tierra Vista was built in 1998, and 95% leased at time of sale.
Waterton Residential purchased the 384-unit Verano Apts. in Kissimmee from Lane Company, the original developer, as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund. Verano was built in 2008.
Bay Area
Marcus & Millichap arranged the sale of a nine-property, 2,253-unit multifamily portfolio in various locations in Florida and Texas for $70.9 million. Jeffrey Meyer, in Marcus & Millichap’s Tampa office, represented the seller, a Tampa Bay area-based private investor. Sean Shahar A. Ziv, of the firm’s San Diego office, represented the buyer, a California-based investment firm making its first entry into the Florida and Texas multifamily markets. At the time of the sale, portfolio-wide occupancy was approximately 88%.
The two Texas properties combine for a total of 982 units and are located on the same street in Pasadena, a suburb of Houston.
Three of the Florida properties are in Central Tampa and the rest are located in Orlando, Fern Park, Bradenton (DeSoto Village), and Brandon (Palisades). The Tampa properties, Cedar Trace, Sterling Lakes, and Ashley Oaks, comprising 518 units, are located just north of the main campus of the University of South Florida.
The Orlando and Fern Park properties, totaling 536 units, are located near major arterial roads and are in close proximity to large employment centers.
Tampa-based Institutional Property Advisors has brokered the sale of two multifamily assets in separate transactions totaling $63.6 million. Inland American Real Estate Trust Inc. sold the 356-unit Malibu Lakes in Naples for $42.6 million, or $119,663 per unit. Jamie May of IPA handld the transaction. Malibu Lakes was built in 2003.
May also represented Landmark Residential in the sale of the 198-unit Landmark at Waters Pointe in South Pasadena to Robbins Property Associates LLC for $21 million, or $106,060 per unit. Landmark at Waters Pointe was originally built in 1962 and was recently renovated.
Holiday Fenoglio Fowler arranged $12.8 million in acquisition financing for the 224-unit Marbrisa Apts in Tampa. HFF worked exclusively on behalf of the borrower, Blue Rock Partners, LLC, to secure the seven-year, fixed-rate loan through Freddie Mac. Blue Rock purchased the community in cooperation with Deerfield Beach-based Konover South LLC and Florida Value Partners from Cornerstone Residential Mgmt.
A Greenwich, CT-based LLC sold the 27-unit Cheri Court Apts. in New Port Richey,
built in 1974, for $550,000, or $20,370 per unit/$20.00 psf. Michael P. Regan, Francesco P. Carriera, and Nicholas
Meoli of Marcus & Millichap
handled the sale.
Franklin Street Real Estate Services handled the REO sale of five Tampa apartment communities for $1.4 million, or $13,207 per unit/$22.51 psf, to a local private investment group. Kevin Kelleher, Bob Goldfinger, and Darron Kattan of Franklin Street represented both parties in the transaction. The five communities total 106 units and are named Bent Tree, Villa Seville, Towering Pines, Holly Court and Julie Court. They were built in 1969-1973.
Atlas Real Estate Partners and Andover Real Estate Partners acquired the 336-unit Sawgrass Cove Apts. in Bradenton. The acquisition represents the first formal partnership between Atlas and Andover, and the two firms plan to work together to expand their Florida multifamily platform over the next 24 months. Property manager Greystar is working with the owners to reposition the community.
Largo-based Bradenton Apartment Properties LLC, managed by Benjamin Mallah, has sold the 92-unit DeSoto Village in Bradenton to Focus Bradenton LLC for $4.6 million, or $50,000 per unit. Mallah’s company paid $5.6 million for the property in July 2007.
Focus Bradenton, a La Jolla, CA-based company managed by Steven Grady, financed the purchase with a $3.12 million loan from Centerline Mortgage Capital, Inc.
Southeast Florida
Alliance Residential Company hosted a groundbreaking ceremony on a 17-acre parcel of land located at 7801 N. Federal Highway in Boca Raton on November 9. The company plans to build a $62 million, 384-unit luxury apartment community called Broadstone at North Boca Village. Alliance acquired the land in September and expects initial lease-up to begin in the third quarter of 2012, with final completion in March 2013.
Upon completion, Broadstone at North Boca Village will offer one-, two- and three-bedroom units averaging 997 square feet, along with optional attached and detached garages. The apartment homes will feature a complete stainless-steel appliance package, full-size washers and dryers, two-tone designer paint, granite countertops and expansive 9-foot ceilings.
Holiday Fenoglio Fowler arranged $23.5 million in financing for the 256-unit Planation Colony Apts. in Plantation. HFF secured the seven-year, fixed-rate loan through Western National Life Insurance Company. Greystar manages the property.
A South Florida investment company bought the 369-unit Oak Grove Apts. in Miami for $14.2 million, or $38,482 per unit. Rosendo Caveiro and Brad Capas of Cushman & Wakefield handled the transaction. The property was built in 1972.
A private investor bought the 18-unit Middle River Apts. in Ft. Lauderdale for $1.6 million, or $88,888 per unit, from another private investor. Joseph P. Thomas and David M. Greenberg of Marcus & Millichap handled the transaction.
Southwest Florida
ARA brokered the sale of The Carlisle Naples, a 350-unit independent and assisted living community in Collier County for $85 million, or $242,857 per unit. ARA’s Seniors Housing specialists Ryan Maconachy and Chad Lavender represented Naples Club, LLC in the sale of the asset. Going forward, the community will be operated by an affiliate Senior Resource Group under a triple-net lease with a leading healthcare REIT.
The three-story mid-rise community has 257 independent living units and 93 assisted living units. Built in 1998, and upgraded in 2003, it is one of the premier seniors housing communities in Florida, with an upscale amenity package and lavish interiors that exceed any competitive project in the area.