North Central Florida
Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of
Lake City Florida Portfolio, a 112-unit multifamily portfolio located in Lake City, Fla., according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,310,000.
Joshua Teplitzky, associate, Michael P. Regan and Francesco P. Carriera, both vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a private investor. The listing agents also procured the buyer of the property along with John E. Brigel, a vice president investments also in the Tampa office.
Lake City Florida Portfolio is located at 1442 Northwest Wayne Place in Lake City, Fla. This portfolio consists of Columbia Arms Apartments, Wayne Manor Apartments and Greentree Apartments. Wayne Manor and Greentree Apartments are located on adjacent parcels, and Columbia Arms is located within approximately two miles (a six minute commute). There are 12 residential, two-story buildings, one residential one-story duplex and two, one-story buildings that house laundry facilities. The residential buildings are comprised of one- and two-bedroom units.
"Marcus & Millichap again demonstrated the tremendous strength of its unparalleled national platform," says Brigel. "We had an asset that needed the ‘perfect’ buyer, and due to our national platform, we were able to procure an out-of-state buyer," voiced Brigel and Teplitzky. "This was a value add opportunity in a tertiary submarket."
"There was a significant amount of interest from buyers all over Florida in primary and secondary markets, as the amount of short-sale/bank opportunities like this one are hard to come by in those markets," adds Teplitzky. "Through the competition of multiple offers and exposing the portfolio on a national level, we were able to transfer capital across state lines," concludes Teplitzky.
Central Florida
Watercrest Senior Living Group and joint venture partner,
Index International AB of Sweden, joined together for the official groundbreaking of the premier
Watercrest of Lake Nona Assisted Living and Memory Care Community in the 7,000-acre master-designed community of Lake Nona, Fla. Dozens of Lake Nona and Orlando city officials, medical professionals, and influential community members gathered at the future site of the 76,000 square foot, 80 unit Assisted Living and Memory Care Community, set to open in the fall of 2015, featuring luxurious residences, resort-like service offerings and extraordinary care.
Watercrest principals, Marc Vorkapich, CEO, and Joan Williams, CFO, along with Bjarne Borg, co-founder of Index International AB, are setting new standards of quality for seniors and their families in the co-development of upscale senior living communities. The Watercrest of Lake Nona building is a signature Watercrest product and the first of its kind, offering 56 assisted living and 24 memory care apartments with premium accommodations, spa amenities, fine dining, as well as private label wines, locally grown organic fare, cultural programs, and distinctive activities and outings.
"The opportunities for enriching seniors lives through a sense of ‘common unity’ in Lake Nona is immeasurable," says Vorkapich, principal and CEO. "We are offering seniors who need some assistance with activities of daily living an environment that fosters connection and the abundant lifestyles they deserve."
Watercrest of Lake Nona will include a stunning promenade, fireplace, signature water wall, multiple dining options, pool, salon and spa, grand balconies and Florida style outdoor living spaces. Perfectly situated in the center of Lake Nona, the neighborhood features world-class education, Lake Nona Medical City, recreational facilities, diverse workspaces, retail centers, entertainment venues and vast residential options.
"We are focused on cultivating our relationships in the Lake Nona community for everyone’s benefit," says Williams. "Making an impactful presence through job creation, community involvement and shared resources creates growth and opportunities for our residents, staff and the rapidly expanding community of Lake Nona."
Lake Nona was recently named in the top 15 best selling communities in the country, for the second year in a row. The Watercrest of Lake Nona property sits adjacent to the exclusive Lake Nona Golf & Country Club, a 600-acre residential golf community featuring a Tom Fazio-designed 18-hole championship golf course.
Watercrest Senior Living Group specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services. Partnering with a wide variety of stakeholders such as land owners, real estate developers, investors, financial institutions, and REITs, Watercrest Senior Living Group focuses on its core strengths, operations management of assisted living and memory care communities and the development of servant leaders.
Bay Area
Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $65 million loan for the refinance of the
Park at Siena multifamily property located in Brandon, Fla., on behalf of a partnership between
Blue Rock Partners, LLC, Konover South and
Stonecutter Capital Management, LLC.
The five-year CMBS loan features a competitive fixed-rate and interest-only payments for one-year. This transaction was negotiated by Meridian Capital Group Managing Director Seth Grossman, and associate Sarah Kuebler, who are both based in the company’s Carlsbad, Calif. office.
The Park at Siena, located at 1918 Plantation Key Circle, is composed of two- and three-story buildings totaling 982 units.
"The clients purchased the property in December 2012 and significantly renovated and repositioned the property, which drastically increased the net operating income, in-place rents, and occupancy," said Grossman. "Meridian leveraged the strength of the borrowers and our relationship with the lender to negotiate a favorable, fixed-rate refinance only 18 months after the acquisition," he added.
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Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Columbia Park Apartments, a 24-unit multifamily community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $1,325,000 sales price equates to $55,208 per unit.
Michael Donaldson, vice president investments, and Nicholas Meoli, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Columbia Park Apartments are located at 14309 North 18th Street in Tampa, Fla. Built in 2004, the buildings are constructed of concrete block with a stucco exterior and are situated on approximately 2.36 acres of land. The property consists of three, two-story residential buildings comprised of entirely three-bedroom/two-bathroom units with 1,040 rentable square feet. Interior amenities include full-size washer and dryer connections in all units, patios/balconies, spacious floor plans, ceiling fans in living rooms and fully equipped kitchens.
"Bringing an REO foreclosure sale to market in 2014 is not what it used to be several years ago," Donaldson said. "This property garnered so much interest from the local, national and international markets that our tour days were completely booked with upwards of several hundred inquiries into the property," Donaldson added.
"Part of the appeal of the property was that it was a 2004 concrete block construction and the unit mix was comprised of entirely three-bedroom floor plans, making this a rare find in a property of this size," Meoli said. "Through our extensive marketing campaign in conjunction with Auction.com, we were able to close on the asset with an out-of-state cash buyer who was attracted to the positive property attributes and proximity to USF and the surrounding hospitals," Meoli concluded.
Southeast Florida
Meridian Capital Group, LLC, a national commercial real estate finance and advisory firm, negotiated a $17 million mortgage for the cash out refinance of the Aloft Miami-Brickell hotel property located in Miami, Fla.
The 10-year CMBS loan features a competitive fixed-rate of 4.86 percent and interest-only payments for the full-term. This transaction was negotiated by Meridian Capital Group Managing Director Michael Brown, and Loan Originator Brad Beattie, who are both based in the company’s Boca Raton, Fla. office.
The Aloft Miami-Brickell hotel totals 160 rooms and is located at 1001 SW Second Avenue in the financial district of Miami. The property is conveniently located with easy access to Downtown Miami, Brickell, Port of Miami, Miami Beach and major attractions like American Airlines Arena and Bayside.
"The hotel has been stabilized for six months," said Brown. "Meridian created competition in the market to distill down to those lenders with intimate knowledge of Miami’s hospitality industry who could provide attractive financing, including full-term interest-only payments, based on six months of operations and the projected cash flows," he added.