Hendricks-Berkadia Real Estate Advisors, a multi-family investment banking and research company, recently negotiated the sale of five Florida apartment properties for $78.5 million.
Cole Whitaker, partner who heads Hendricks-Berkadia’s southeast region based in Orlando, negotiated the sale with senior vice president in the Orlando office Hal Warren and vice president Jason T. Stanton, of the firm’s Tampa office.
Four properties were part of an 11 property Gulf Coast Portfolio of apartments Hendricks-Berkadia’s southeast team is marketing nationwide.
The Pensacola properties include the 213-unit Cordova Regency Apartments at 4311 Bayou Blvd.; 176-unit Crest View at Oakleigh Apartments at 8990 N. Davis Hwy.; 200-unit Kings Mill at 8917 N. Davis Hwy.; and 152-unit Crestview at Cordova at 3500 Creighton Road.
Hendricks-Berkadia also negotiated the sale of the 224-unit Plantations at Pine Lake property at 1833 Halstead Blvd. in Tallahassee.
Whitaker said the portfolio includes a mix of Class A and Class B properties built between 1971 and 1999.
Hendricks-Berkadia represented the sellers.
Central Florida
ContraVest, a vertically integrated multifamily real estate development company, commenced construction on two new apartment developments in Orlando totaling more than $82,000,000.
The Courtney at Lake Shadow will have 244 units incorporated within two- and four-story buildings set on beautiful Lake Shadow in Maitland. The Courtney at Universal Boulevard, located next to the Orange County Convention Center in South Orlando, will have 355 units within two-, three- and four-story buildings. Both developments will feature a clubhouse, fitness center, resort style pool, pet wash station, elevators, granite counter tops, and 42-inch kitchen cabinets.
ContraVest will also provide the general contracting and property management services for the projects. First move-ins are expected in January 2015. For more information, and to track the construction progress, visit www.TheCourtneyatLakeShadow.com and www.TheCourtneyatUniversalBoulevard.com.
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Hendricks-Berkadia, one of the leading multifamily investment banking and research companies in the nation, recently negotiated the sale of two development sites in Lake County -- one in Fruitland Park and another in Eustis.
Cole Whitaker, partner who heads Hendricks-Berkadia in the Southeast, negotiated both sales with senior vice president Hal Warren.
Hendricks-Berkadia negotiated the sale of 86.55 acres on Lake Ella Road in Fruitland Park for $585,000 representing the seller, Capstone Resdev LLC.
The buyer was Daryl M. Carter as Trustee of the Lake Ella Road Land Trust.
Hendricks-Berkadia negotiated the sale of nine finished residential home sites at Wandering Ponds, improved as a ranchette-style development, on SR 44 in Eustis for $475,000 representing seller PNC Bank, N.A.
Bay Area
Marcus & Millichap Real Estate Investment Services, a real estate investment services firm, has announced the sale of 620 South Betty Lane Apartments, a 12-unit apartment community located in Clearwater, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $527,000.
Josh Teplitzky, investment specialist, Francesco "Frank" Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of South Africa. The listing agents also secured the buyer of the property, a local private investor.
This apartment community was built in 1965 and located at 620 and 622 South Betty Lane in Clearwater. The property consists of two, two-story buildings comprising one-, two- and three-bedroom units. Amenities include two on-site laundry facilities, screened-in porches with all units, carports, additional storage space and central heat and air-conditioning.
"We generated several offers within the first week-and-a-half of marketing," Teplitzky said. "The two highest bidders owned other multifamily properties in the local market and were looking to build economies of scale with the acquisition."
"Other notable terms of this transaction included the property which had original 1965 flat roofs and the buyer who paid all cash at closing," Teplitzky concluded.
Marcus & Millichap Real Estate Investment Services, a real estate investment services firm, has announced the sale of Ederington Village, a 19-unit garden apartment community located in Brooksville, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $390,000 sales prices equates to $20,526 per unit.
Michael Donaldson and Nicholas Meoli, both senior associates, and Casey Babb, CCIM and associate vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. The listing agents also procured the buyer of the property, a private investor, based in Brooksville.
Ederington Village is located at 60-98 Ederington Drive in Brooksville. The property was built in phases between 1960 and 1968 and consists of six single-story concrete block buildings with pitched shingle roofs. Buildings are built on concrete slabs and the 1.05-acre site features mature landscaping. The unit mix consists of a studio apartment and one- and two-bedroom units. All one-bedroom units feature individual air-conditioning units, while the two-bedroom units offer central HVAC.
"Numerous investors have been targeting secondary and tertiary markets, seeking value-add distress scenarios that are now typically extinct in major metropolitan areas, with this short sale being a prime example," Donaldson said.
"A local investor saw an opportunity to upgrade the community and alleviate the deferred maintenance which had created a shortfall in the occupancy level," Babb added. "Ultimately, we were able close the transaction on an all-cash basis in less than 30 days, which marked our third multifamily closing in Brooksville in the last 12 months," Meoli concluded.
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Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Dunbar, a 12-unit apartment property located in St. Petersburg, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $732,500.
Casey Babb, CCIM and associate vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Florida. The buyer, a private investor from California, was secured and represented by Joshua Teplitzky, an investment specialist, Francesco "Frank" Carriera and Michael Regan, both vice presidents investments, in the firm’s Tampa office.
The Dunbar is a 12-unit, value-add garden apartment community built in 1951 and located at 410 12th Avenue Northeast in St. Petersburg.
This 1950s vintage community consists of twelve units housed in two, two-story concrete block buildings with exterior breezeways and a single, flat built-up roof system. Residents enjoy semi-private entries, private off-street parking with six covered spaces, and an on-site laundry facility.
"We continue to see strong investor demand for well-positioned, value-add properties which are not located in flood zones," said Baez and Teplitzky. "This transaction was met with six offers within one week, thanks in part to the power of our platform and our internal collaboration culture," Baez added. "We procured a California buyer with a 30-day close at a mid-five percent cap rate," Teplitzky concluded.