Market Report

Northeast Florida

Tampa-based Elco Landmark Residential aquired four multifamily properties totaling 1,134 units in two separate transactions with Equity Residential, for a combined purchase price of approximately $100 million.

"We are pleased to expand our existing portfolio with four high-quality properties that adhere to our disciplined investment strategy," said Joseph Lubeck, chief executive officer of Elco Landmark Residential. "Each asset is located in a core southeast market that is supported by strong fundamentals including above average employment rates, population growth and limited new housing supply. These market dynamics combined with our proven repositioning strategy will allow us to achieve unrealized cash flow potential and value."

In the first transaction, the company acquired a portfolio of three properties located in Jacksonville, containing a total of 882 units. Landmark at Sage Commons, formerly known as Waterford at Deerwood, was constructed in 1985 and contains 248 units. Landmark at Hampshire Place, formerly known as Royal Oaks, was constructed in 1991 and contains 284 units. Landmark at Crescent Ridge, formerly known as Bermuda Cove, was constructed in 1989 and contains 350 units. The three properties are currently 94 percent occupied. Elco Landmark plans to implement a nine month renovation and repositioning program to enhance the properties’ common areas and amenities.

In a separate transaction, the company acquired Landmark at Siena Springs, a 252-unit community in Orlando that is 92 percent occupied. The property, formally known as Lexington Park, was built in 1988 and is situated approximately five miles north of Universal Studios, Island of Adventure and City Walk.

North Central Florida


Nearly a decade after the long-stalled University Corners development was first proposed, South Florida developer Swerdlow Group has taken the reins of the project with an aim toward starting construction in the summer. If the Gainesville City Commission approves requested changes prior to approving the project, ground could break in the summer of 2013.

First proposed in 2003, University Corners would rise on the grassy field that stretches along the west side of Northwest 13th Street from University Avenue to Northwest Third Avenue. Retail buildings once stood on the prime piece of real estate just north of the University of Florida, but were demolished more than five years ago to make way for University Corners.

But the mixed-use development, which would include retail space, some 500 apartments or condominiums, a hotel and a parking garage, stalled in the face of financing difficulties.

HFF has been named to market for sale Canopy Apartments, a 240-unit/770-bed, Class A student housing community serving the University of Florida in Gainesville. HFF is marketing the property on behalf of the seller, a joint venture between Glenmont Capital Management, LLC, and Arlington Properties. The property is offered without a formal asking price, free and clear of existing debt.

Completed in 2009, the property has five three-story residential buildings with two-, three- and four-bedroom floor plans. Canopy Apartments is 98 percent leased for the 2012-2013 academic year.

The HFF investment sales team representing Glenmont Capital Management, LLC, and Arlington Properties is led by managing directors Brian Kelly and Troy Manson, and senior managing director Manny de Zárraga.

Central Florida

CBRE handled the the sale of the Resort at Lake Fredrica apartments for $23.5 million. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction. Built in 1973, the Resort at Lake Fredrica was 94 percent occupied at closing.

CBRE also handled the sale of Integra Shores, an upscale 288-unit apartment community in Daytona Beach. Completed in 2008, the property is just one mile from the $270-million Florida Hospital Memorial Medical Center, and was 95 percent occupied at closing. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Bay Area

Marcus & Millichap Real Estate Investment Services handled the sale of the 236-unit Cleveland Heights in Lakeland for $8.650 million, or $36,653 per unit. Michael P. Regan and Francesco P. Carriera, vice president investments and multifamily specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor and the buyer, a limited liability company.

Cleveland Heights was built in 1975 with capital improvements made in 2012.

Marcus & Millichap Real Estate Investment Services has also announced the sale of Hidden Oaks, a 10-unit apartment property located in Dunedin, according to Richard D. Matricaria, regional Manager of the firm’s Tampa office. The asset commanded a sales price of $345,000.

Hidden Oaks was built in 1974 and is located at 590 New York Avenue in Dunedin. This 10-unit apartment community is situated on approximately .55 acres of land and is comprised of one, two-story building. There is a mix of one and two bedroom apartments and all units have central air conditioning. Community amenities include on-site laundry facility, ample on-site parking and screened-in porches.

East Coast Florida

Marcus & Millichap Real Estate Investment Services has announced the sale of the Village Greene Condominiums, a 124 out of 247 unit bulk condominium offering located in Cocoa, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,000,000.

Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company in Ohio.

The Village Greene Condominiums are located at 1711 Dixon Boulevard.  The project was completed between 1964 and 1973 and was originally built as an apartment community but was later converted to condominiums.

Almost 50 percent of the units have since been sold and this offering was for 124 of the 247 units, equating to just over 50 percent of the community.

"This offering was a rare opportunity for an investor to acquire a fractured condominium community under $20,000 per unit," said Donaldson. "The distressed nature of the property being offered as a short sale, coupled with high vacancy, created a value-add scenario for the new buyer, who plans to rebrand the property and establish market rent and occupancy levels."

Southeast Florida

Chicago’s Waterton Associates acquired the 402-unit Watermarke at Biscayne Apts. in North Miami. Waterton plans a full interior and exterior renovation of the Class B property.

Work has started on the first phase of 7th Avenue Transit Village, a mixed-use property with an affordable housing component on 2.3 acres in Miami’s Liberty City. The development is transit-oriented, and will provide apartment units in two phases for low-income residents.

Phase I, which will be completed in 2014, will include a residential tower with 80 one-, two-, and three-bedroom units designated for individuals and families earning between 50 percent and 60 percent of area median income. The transit aspects of the development include a bus terminal and a parking garage.

The first phase of the property will also include a playhouse (live theater), an unusual component for a mixed-use property. The venue will be operated by Miami-Dade County Cultural Affairs.

The project is being constructed by Carlisle on land owned by Miami-Dade Transit. It will be LEED silver for homes, including such features as water-conserving fixtures, high-efficiency lighting and Energy Star appliances. Common amenities at the property will include a community room, meeting rooms, gym, library and recreation deck with a tot lot.

Phase II will include a second residential tower with about 100 one- and two-bedroom units designed for seniors and individuals, as well as ground-floor retail space along NW 62nd St. and NW Seventh Ave.

Sterling University Housing, the student housing division of The Dinerstein Companies, announced that an institutional pension fund advisor has purchased Sterling North Campus, their 206-unit, 734-bed student housing community in Tampa.

Sterling North Campus was 95 percent occupied at closing. CB Richard Ellis' National Student Housing Group represented the parties in the transaction and the property was purchased for an undisclosed amount. 


HFF has arranged a $17.2 million refinancing for 7400 and 7440 North Kendall Drive, a mixed-use property with a 71,888 square foot medical office building and a 24,999 square foot retail building in Miami. HFF worked on behalf of Dayco Development Company to secure the fixed-rate loan through Ladder Capital.  Loan proceeds were used to pay off the existing loan held by Banco Popular.

The medical office building is well-leased and the retail building is fully leased to Tiger Direct. The site also has as-of-right entitlements for more than 928,500 square feet of commercial development or 1,092 multi-housing residential units.

The HFF team representing Dayco was led by executive managing director Manny de Zárraga, director Chris Drew and senior real estate analyst Jorge Portela.