Panhandle
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Tanglewood Apartments, a 112-unit multifamily community located in Tallahassee, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,250,000 sales price equates to $46,875 per unit.
Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Tanglewood Apartments were built in 1974 and are situated on approximately 8.87 acres of land at 1600 Pullen Road in Tallahassee. The property consists of 15 two-story residential buildings and an additional one-story building that serves as a leasing office, clubhouse and fitness center. The residential buildings are a mix of one and two-bedroom/two bath units with central heating and air-conditioning. Amenities of the property include stackable washer and dryer appliances in all units, fitness center, car care center, dog walk area, clubhouse with a full kitchen, business center, billiards room and a sparkling swimming pool.
Central Florida
Berkadia Real Estate Advisors, an investment banking and research company, recently closed on sale of the 152-unit
Carmendy Square Apartments in Lady Lake, Fla.
Berkadia’s Southeast partner, Cole Whitaker of Orlando, and Senior Vice Presidents, Hal Warren of Orlando and Jason Stanton of Tampa, negotiated the sale representing the seller, Lady Lake Crossings, LLC of West Springfield, Mass.
Houston-based Apexone Investment Partners, LLC and Philadelphia-based Balfour Beatty Communities purchased the apartment community, which was built in 2002 and is located off Hwy 441 at 367 Sunny Oaks Way in Lady Lake.
Carmendy Square Apartments, which was 94.74 percent occupied at the time of the sale, is situated on approximately 13.13 acres of land. The two- and three-bedroom units situated in 38 buildings comprise a total of 184,152 rentable square feet.
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ZOM, a leading luxury multifamily real estate developer, and its joint venture partner,
AIG Global Real Estate, recently completed the land purchase to develop
Baldwin Harbor, a 483-unit luxury lakefront community in award-winning Baldwin Park, Orlando’s most prestigious master planned community. With two spectacular waterfront parcels adjacent to the Village Center’s "Main Street," Baldwin Harbor will bring a unique product and mix all housed in architecturally distinctive residential buildings. Construction financing was provided by J.P.Morgan Chase Bank.
Baldwin Harbor will feature two four-story buildings with integrated secure structured parking. The apartment homes are thoughtfully planned around lushly landscaped courtyards and an elaborate motor court entrance, with spacious and functional units featuring a stylish and contemporary design. Other cutting edge features include USB port compatible outlets, keyless entry locks and remotely programmable NEST thermostats. From the moment residents arrive, they will enjoy a hotel-style experience with a grand clubhouse with two private resort-style pools ideally designed for both entertainment and relaxation.
"This is ZOM’s second joint venture with AIG," said Greg West, ZOM’s Chief Development Officer. "We share the collective vision that this will be the market leading property in one of the most highly desired submarkets in Orlando."
Residents can expect to enjoy the most expansive and cutting edge amenity-rich package in the market, encouraging an active and social lifestyle. Unique amenities include a grand clubhouse with an e-lounge and entertainment kitchen, pool with cabanas, summer kitchen, and a golf simulator.
ZRS Management, LLC will provide property management. Pre-leasing will begin in fall 2015. The multifamily group of CBRE Orlando represented the seller in connection with the land purchase.
Bay Area
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of
West Bay Apartments, an 11-unit apartment community located in Tampa, Fla., according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $625,000.
Ari Ravi, associate, and
Casey Babb, a CCIM and vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
West Bay Apartments is a "turn-of-the-century," early 1900s vintage converted apartment community located at 705 West Bay Street in South Tampa’s Hyde Park submarket, which is one of the most desirable in the Tampa Bay region.
The property consists of four studio apartments and seven, one-bedroom/one-bathroom apartments of varying sizes. Tenants enjoy off-street parking and access to the laundry facility at a neighboring property. This high barriers-to-entry submarket is a haven for young professionals, and offers ease of access to major employment centers in downtown Tampa and the Westshore Business District.
There are also plenty of shopping, dining and entertainment destinations along South Howard Avenue and Bayshore Boulevard.
"West Bay was a value-add offering located in a Class A, Hyde Park (South Tampa) location," says Ravi. "The buyer, through our in-house mortgage brokerage division, was able to secure acquisition financing, plus an additional $100,000 for immediate repairs which should allow him to improve the overall appearance, upgrade the units and in turn raise the rents," concludes Ravi.
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Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of
Liv @ Villa Serena Apartments, a nine-unit apartment property located in St. Petersburg, Fla., according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $885,000.
Ari Ravi, associate, and Casey Babb, a CCIM and vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Liv @ Villa Serena Apartments is a Class "B" apartment building located on Beach Drive in St. Petersburg’s historic ‘Old Northeast’ submarket. The property consists of a single, three-story building on an oversized corner lot, built with masonry construction on an elevated pier foundation with a flat, built-up wood truss roof system, which was replaced in 2012. The building consists of eight large one-bedroom/one-bath units and a studio apartment, as well as an on-site laundry facility, resident storage units, a utility room and a building maintenance storage area.
Community amenities include bike storage, common area laundry facilities, a shaded outdoor lounge with a brick paved patio deck, barbecue grilling stations and outdoor lounge furniture under a new wood pergola.
"Liv @ Villa Serena received a lot of attention from investors due to the ‘Class A’ location in the Old Northeast area of St. Petersburg, and we conducted no less than 20 property tours during the marketing campaign," says Babb. "The buyer comes from Los Angeles, California and was attracted to the downtown St. Petersburg area as a whole, as well as the upside potential and in-place yields at the property relative to those in California, which are much lower," concludes Babb.
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Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of
Temple Terrace Townhomes, a 24-unit apartment community located in Tampa, Fla., according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.
Adam Podbelski, associate, Michael Donaldson, a vice president investments, and Nicholas Meoli, a senior associate, all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Temple Terrace Townhomes is located at 10212 North Ojus Drive in Tampa. Built in 1980, the complex consists of 12 two-story duplexes constructed of concrete block on the first floor and wood frame on the second floor. The property is comprised in total of 24, two-bedroom/one-bath townhome units with approximately 848 rentable square feet. Sitting collectively on approximately 0.84 acres, eight of the duplexes are individually parceled, while the remaining four are contained on two parcels. The buildings boast private patios/porches for each unit. Additional amenities include central air-conditioning and washer and dryer connections in all units.
"This asset offered significant upside through both management efficiency and rental increases," says Podbelski. "Coupled with its desirable location in the University submarket of Tampa, we were able to generate substantial interest from both local and out-of-area buyers, ultimately allowing us to close within 60 days of the executed contract."
Southeast Florida
Canyon Capital Realty Advisors LLC, a real estate investment firm, has provided a $123.6 million senior construction loan for
Echo Brickell, a 57-story luxury residential condominium development in the heart of Miami’s Financial District. This loan represents the 12th investment Canyon has consummated in Florida since 2010. Echo Brickell is currently more than 80 percent presold, and groundbreaking will begin immediately.
"We are pleased to have the opportunity to finance the Echo Brickell condominium, another iconic addition to the Brickell skyline. We expect the developer will deliver the highest quality residential experience available in Brickell today and look forward to working with them and their team," said Ronald C. Muzii, Jr., the South Florida based Senior Director with Canyon Realty. "As the 12th investment in Florida in the last four years and the third major debt transaction in the Brickell submarket, the Echo Brickell transaction demonstrates Canyon Realty’s commitment to invest in this community."
Previous loans provided by Canyon Realty in the Brickell submarket include a $130 million senior construction loan for 600 Brickell, a recently built Class A office tower also known as Brickell World Plaza, and a $28 million construction loan for BrickellHouse, a 46-story, 374-unit luxury condominium property. In addition, Canyon Realty has provided debt and equity for many other new or existing retail, apartment, hotel and office properties in South Florida.
"Our ability to structure, underwrite and close a complicated condominium construction loan in fewer than 45 days was critical to this borrower," said Robin Potts, Director at Canyon Realty.
Added Kevin Maloney, CEO of Property Markets Group, "Canyon Realty was the ideal lender to provide the non-recourse financing for this construction loan. From the moment we met the Canyon team, we knew this was going to be a strong working relationship with one of the country’s most sophisticated and reliable capital providers."
PMG was advised by Cohen Financial’s Miami team, including Kevin O’Grady and Daniel Sheehan, Managing Directors and Eric McGlynn, Director. "Canyon moved extremely quickly to underwrite the deal and issue a term sheet in a matter of days – the execution was similar to that of BrickellHouse, our last transaction, which is now coming full circle and is closing units," said McGlynn.
Added Jack Cohen, Cohen Financial’s CEO, "Canyon Realty has proven to be a highly accretive and dependable source of capital, and we look forward to continuing our relationship with them on a national level."
Construction is slated to begin at the end of October 2014 for a 2017 delivery.