Market Report
Northeast Florida
The Jacksonville and Tampa offices of Atlanta-headquartered ARA brokered the sale of 336-unit Circle at Bartram Park in Jacksonville and 300-unit Circle at Crosstown in Brandon to JMG Realty from an institutional seller for $64.5 million. ARA’s Kevin Judd, Patrick Dufour, and Matt Wilcox handled the transaction. Both properties were constructed in 2009 by Crescent Resources and feature best-in-class amenities and several "Green" features, including a LEED-Certified "Green" clubhouse and 100% smoke-free communities.
Central Florida
Orlando-based Hendricks & Partners negotiated the sale of the 208-unit Chatham Pines Apts. in Winter Springs from Chatham Pines Apartments LLC to Seminole-Winter Springs Associates for $15.85 million, or $74,904 per unit. Cole Whitaker and Hal Warren negotiated the sale. Chatham Pines was built in 1992 and renovated in 2007.
CBRE closed the sale of two fractured condo sales in Orlando. Consisting of 323 units sold in bulk, the assets were purchased for condo conversion in 2005 and were part of two larger rental communities totaling 627 units. Shelton Granade and Luke Wickham of CBRE’s Orlando office exclusively represented the seller in the bulk sale of those units.
Bay Area
Orlando-based Hendricks & Partners negotiated the sale of the 278-unit Waterchase Apts. in Largo from Largo Westmarc Limited Partnership to Westdale Investment Partners, LLC for $14.7 million, or $52,877 per unit. Cole Whitaker and Hal Warren negotiated the sale. Waterchase was built in 1969 and renovated in 2003.
Colliers International Tampa Bay closed on the 200-unit Coral Cove Apts. in Clearwater for $9.5 million ($47,500 per unit). WRH Realty bought the property from a lender, which had foreclosed upon the property in February 2011. Colliers International’s John Stone, CCIM and Jason Stanton, CCIM, represented the seller, NW-Coral Cove, LLC. The property originally built in 1985, was foreclosed on in February 2011 and was lender-owned at the time of the sale.
The seller had requested that the apartment community be marketed without a stated sales price so it could be sold at the highest offer after the initial 35-day marketing period. The 156,400± square-foot property attracted 17 offers and sold quickly after a strategic Internet and e-mail marketing campaign targeted private capital firms that focus on acquiring and repositioning properties.
"Even with the marketing efforts reaching a large number of prospects, it really helps to know the active buyers in the market," said Stone. "A targeted marketing approach outweighs traditional real estate listings."
Waterton Residential sold the 324-unit Monterey Lakes Apts. in Largo to a private, Florida-based buyer for $23,625,000, or nearly $73,000 per unit. ARA’s Richard Donnellan, Kevin Judd, Patrick Dufour, and Matt Wilcox handled the transaction. Monterey Lakes was completed in two phases in 1984 and 1992, respectively, and features CBS construction, a low-density residential setting with substantial water features, and large over-sized units.
Marcus & Millichap managed the sale of 20-unit Winsome Place in Tampa for $460,000, which equates to $23,000 per unit or $40.00 per square foot.
Michael P. Regan and Francesco P. Carriera marketed the property on behalf of the seller, a loan servicing company in Georgia. The listing agents also secured the Florida-based buyer of the property, a private investor.
Winsome Place was built in 1988 and was approximately 50 percent occupied at the time of sale.
Marcus & Millichap handled the sale of another small property, the 10-unit Highland Apts. in Largo for $305,000, or $30,500 per unit. A New York-based sold the property to a private investor from Dunedin, FL. M & M’s James Vestal handled the transaction. The property was built in 1965.
Southeast Florida
Laramar Group sold the 366-unit Hillsboro Bay Club in Coconut Creek to Seattle-based Kennedy Associates for $53.07 million, or $145,000 per unit. The property was built in 1998.
Atlanta-based ARA handled the sale of the 248-unit Heritage at Boca Raton Apts. in Boca Raton from Priderock Capital Mgmt. to a large pension fund advisor for an undisclosed price. Hampton Beebe, Avery Klann, and Marc deBaptiste handled the sale.
Archstone has acquired the 252-unit Vinings at Town Center in Boca Raton from AEW Capital Management for approximately $42 million ($166,667 per unit). The community will be renamed Archstone Boca Town Center. Archstone plans a comprehensive renovation of its amenities and units over the course of the next year. The fitness center and several common areas will be upgraded, while the units will be fitted with brand-new kitchens and bathrooms. Archstone Boca Town Center is adjacent to the Town Center at Boca Raton, which features more than 220 upscale retailers and restaurants.
The Boca Raton-based ARA sales team of Avery Klann, Hampton Beebe, and Marc deBaptiste represented AEW Capital Management in the sale. AEW sold the property on behalf of one of its institutional clients.
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 2011 and anticipates initial lease-up to begin in the third quarter of 2012, with final completion in March 2013.