Market Report
North Central Florida
Landmark Properties and AIG Close Venture to Develop Urban, Mixed-Use Project in Gainesville
Landmark Properties and AIG Global Real Estate have acquired the land for their upcoming development, The Standard at Gainesville, a 1,200-bed mid-rise, mixed-use student housing development with approximately 60,000 square feet of retail space and a 142-room select-service hotel. The project is set to commence construction during the spring of 2015 with delivery slated for fall 2017.
Located at the corner of West University Avenue and Northwest 13th Street, The Standard at Gainesville will be adjacent to the University of Florida campus and just steps from popular restaurants, shops, and local nightlife. The Standard will feature more than 20 unique floorplans, from studios to six-bedroom units.
Amenities will include on-site management, two rooftop pools, resident centers with 24-hour study lounges, a spa, game room, golf simulator, racquetball courts, and state-of-the-art fitness facility. Parking will be available for purchase as part of the residential lease package, and will be located within the community and accessible by skybridge.
Northeast Florida
Construction Begins on $28 Million LandSouth Apartment Community
The Loree Apartments, a $28 million luxury apartment community on Jacksonville's Southside, is underway. The community is being built by LandSouth, which completed the neighboring Lost Lake Apartments last year. The Loree will have 300 one-, two- and three-bedroom apartments ranging from 813 to 1,307 square feet in 15 buildings.
The developer is AC Packer LLC of Jacksonville Beach and the architect is Charlan Brock & Associates of Maitland. LandSouth expects to complete construction in summer 2016, it said in a news release.
Amenities include an 8,191-square-foot clubhouse, a resort-style swimming pool, an exclusive fitness club, an outdoor yoga lawn, a pet care center, a dog park, a demonstration chef's kitchen, a residents club with a fireplace and resort-style entertainment areas. Enclosed parking spaces will also be available. For more information, visit http://landsouth.com.
Central Florida
European Developer Sets Sights on Micro-Housing in Orlando
A German development group hopes to build a development of 52 apartments of just 260 to 447 square feet on Church Street in downtown Orlando.
Euro Group-USA LLC says the units would have access to communal kitchens, laundry rooms, lounges and a community garden. Plans include just 19 parking spaces and racks for 24 bikes. The developers are targeting Gen Y and Gen Xers who are not interested in car ownership, and are reportedly working with Hertz and Orlando Bikeshare on membership incentives for residents. Read more at http://bungalower.com/2015/02/micro-housing.
Financing is Announced for Multifamily Property in Orlando
Hunt Mortgage Group, a commercial real estate lender, announced that it has provided an $8.42 million Fannie Mae loan facility to enable the acquisition of a multifamily property located in Orlando.
The Park at Vittoria (formerly Waterstone Apartments) is a 208-unit garden style apartment community located at 5224 Long Road in Orlando. The property is comprised of 33, three-story buildings that were developed in 1991 on a 16.37 acre, parcel of land. The borrower is a Florida-based single asset entity and the loan term is seven years with two years interest only, amortization based on a 30-year schedule, and 80 percent loan-to-value.
"The Park at Vittoria is currently 65 percent through a planned $1.5 million renovation," noted Marc Suarez, Senior Vice President and head of the Miami office of Hunt Mortgage Group. "The new owner plans to complete the renovations upon acquisition. Improvements will focus primarily on repairs and upgrades to the exteriors, interiors, amenity spaces, updating furniture and equipment."
The unit mix at The Park at Vittoria includes 72 two-bedroom, one-and-a-half bathroom units, 120 three-bedroom, two-bathroom apartments and 16 four-bedroom, two-and-a-half bathroom units.
"The property is currently 92 percent occupied, however, management is no longer leasing un-renovated units to new tenants until renovations on the individual units are completed," added Chad Musgrove, assistant vice president in the Miami office of Hunt. "The borrower is an experienced group of multifamily investors with a proven track record for adding value and successfully managing apartment properties. We were pleased to arrange the financing to secure the acquisition on their behalf."
The Park at Vittoria will be managed by Blue Rock Partners, LLC. Blue Rock was founded in 2004 and currently manages close to 5,000 multifamily units across sixteen Florida communities with emphasis on the Orlando and Tampa markets. The experience of the principals includes over 50 apartment properties rehabilitated in excess of $125 million.
Project amenities include two outdoor swimming pools, a sports court, BBQ area, playground area, car wash station, fitness center, and a small laundry room at the clubhouse/leasing office building. For more information contact brent.feigenbaum@huntmortgagegroup.com.
REIT to Buy 303-Apartment Community in Orlando for $40 Million
Milestone Apartments Real Estate Investment Trust announced that it has entered into an agreement to purchase Heritage on Millenia, a 303-unit, Class A multifamily community in South Orlando, for a purchase price of $40 million.
"Orlando is one of the leading employment markets in the United States, having added the fourth most jobs in the nation since 2009," said Robert Landin, CEO of Milestone. "This is another off-market acquisition for Milestone, representative of our reputation and strong presence in the marketplace. We have an opportunity to drive additional value creation through a unit upgrade program at Heritage further enhancing the property's value."
Heritage was built in 2006 and is currently approximately 96 percent occupied, with average monthly rents of approximately $1,100. The community has convenient access to several major transportation corridors and is in close proximity to large employment centers including downtown Orlando, Walt Disney World, and the Southpark Center office park, and to shopping, dining, and entertainment, including the Mall at Millenia and International Drive. Amenities include a resort style pool and outdoor children's playground.
As part of the purchase consideration for Heritage, the REIT is negotiating a new, interest only, fixed-rate mortgage of approximately $22 million, with the balance of the purchase price expected to be funded using the REIT's available cash and revolving line of credit. The acquisition is expected to close by March 31, 2015.
Read the full press release at http://www.milestonereit.com/media-room/news-releases/news-item/?id=122544
Walker & Dunlop Structures $38 million Loan for 436-Unit Multifamily Community in Longwood
Walker & Dunlop Inc. announced that it structured a $38,125,000 acquisition loan for the Camden Club Apartments, a garden-style apartment community in Longwood.
The borrower intends to complete interior renovations including upgraded appliances, cabinetry and floors to increase the overall marketability of the property.
Built in 1986, Camden Club Apartments is a class "B" property situated on 38 acres. The property contains 436-units and has consistently maintained a 95 percent occupancy rate. Amenities include a clubhouse, fitness center, swimming pool, and tennis courts. Located 14 miles from Orlando, Camden Club Apartments is within close proximity to one of the regions' primary employers, the Florida Hospital at Altamonte Springs. It is also located in close proximity to the Maitland Center Office Park, Altamonte Mall, Home Depot, Target, banks and various restaurants.
Read more at http://www.multifamilybiz.com/News/5983/Walker__Dunlop_Structures_38M_Loan_for_436Unit_Mul...
Bay Area
Clearwater Apartment Community Sells for Nearly $30 million
An Atlanta-based multifamily redeveloper has purchased a failed condominium conversion with plans to upgrade. The Radco Cos. purchased Bay Park Apartments at 101 S. Old Coachman Road for $29.6 million, or $129,800 per unit, according to a release. The community, located near the intersection of Gulf to Bay Boulevard and U.S. Highway 19, will be rebranded as City Park Clearwater.
Radco picks up the 228-unit apartment community from Laramar Bay Park Partners, which originally purchased Bay Park for $14 million, or $61,400 per unit, in 2010, according to Pinellas County property records. Radco will continue upgrades started by Laramar, with plans to invest $2.1 million to renovate and expand the clubhouse, upgrade unit interiors, and improve building exteriors.
Radco says it financed the purchase through a mixture of Freddie Mac financing, as well as from a private capital pool of $218 million it has raised since August 2011.
Newer apartments in the area command monthly rents about $300 higher than Bay Park, according to ARA.
Tri-City Area
Bradenton to See 660 More Apartment Homes in Two New Communities
With construction of ParkCrest Landings almost complete and Blue Heron Creek just begun, the number of apartment homes near Interstate 75 and State Road 64 will grow by 660 over the next 18 months.
Read more here: http://www.bradenton.com/2015/02/09/5627408_new-apartment-complexes-to-add.html?utm_content=11951641&rh=1#storylink=cpy
Balfour Beatty Expands Florida Footprint with Management of Three Multifamily Communities
Balfour Beatty Communities LLC, which provides property management, development, and related real estate services for the multifamily, military, and student housing markets, will deliver property management services for three multifamily properties located in Sarasota. The properties include Bellasol Apartments, Park Place Villas, and Ridge Manor Apartments, totaling 334 units.
Bellasol Apartments, located at 1200 Signal Pointe Circle, Sarasota, consists of one and two-bedroom apartments and villas with a variety of community amenities, including two pools, a playground and sand volleyball court. Park Place Villas and Ridge Manor Apartments, located at 3211 Bee Ridge Road, Sarasota, offer one and two-bedroom apartment layouts with patios/balconies, as well as a community pool and picnic areas.
Balfour Beatty Communities has been contracted to deliver comprehensive property management services, including marketing, leasing, operations and maintenance. As part of the transition, the company has deployed expert teams to coordinate the onboarding/training of new associates, market positioning and capital improvements, including renovation services.
"We are very pleased to add Bellasol, Park Place, and Ridge Manor to our multifamily portfolio in Florida," said Holly Costello, vice president of multifamily operations for Balfour Beatty Communities. "We look forward to bringing the resources and expertise of our exceptional team to these communities and delivering the robust performance and world-class customer service both our clients and residents have come to expect from Balfour Beatty Communities."
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 43,000 residential units and $5.7 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion.
Southeast Florida
ZOM Announces 404-unit Master Planned Residential Community in Pompano Beach
ZOM, a leading luxury multifamily real estate developer, will commence construction in March on The Residences at Palm Aire, a 404-unit luxury residential apartment community in the city of Pompano Beach, Fla. Centrally located on Atlantic Boulevard in Broward County, the project site is adjacent to Florida’s Turnpike, providing easy access to several major south Florida employment centers. Building design elements are reminiscent of the timeless architectural styling of George Merrick, who designed much of the Coral Gables area. The project is a joint venture with an investor account advised by the U.S. real estate business of UBS Global Asset Management. Construction financing is provided by PNC Bank.
The Residences at Palm Aire will feature spacious apartment homes housed in 19 three-story buildings with two-story end sections in select buildings. Spacious three bedroom units feature direct access, two-car garages and additional single garages throughout provide breezeway access to living units. Floor plans range from 655 to 1,545 square feet. Interior unit finishes will be a cut above the market featuring well-appointed island kitchens, granite countertops, contemporary cabinets, stylish flooring, walk-in closets and private patios. The large community center will feature a membership-quality fitness center, e-lounge and resort-style pool.
"This new generation product has been very well received at our newest rental community, Casa Palma, which opened in March 2014 in nearby Coconut Creek," said Greg West, ZOM’s Chief Development Officer. "The open space within the site and scale of the buildings achieves a neighborhood feel unlike other rental communities in the Pompano Beach market."
The changing elevations within the site will include multiple water features and green spaces throughout, creating an ambiance and sense of tranquility seldom found in a rental community of this scale. The Palm Aire clubhouse will be perched on a commanding elevation at the entrance to the community. Residents will also enjoy proximity to a variety of shopping, employment and entertainment venues.
ZRS Management, LLC will provide property management. Pre-leasing will begin in early 2016. Read the full press release at http://www.prweb.com/releases/2015/02/prweb12535583.htm
Newest Residential Tower in the Heart of Miami, InTown, Breaks Ground
The Astor Companies has launched construction of InTown, a 14-story residential tower with 320 luxury residences that will be located in the heart of the emerging neighborhood one mile west of downtown in the core of Miami’s Southwest Eighth Street District.
"It is with great excitement that we announce the construction of InTown, the first luxury residential towers to be built west of Brickell in the trendy Eighth Street District," said Henry Torres, president of Astor Companies. "InTown is designed for young professionals, families, and anyone who wishes to live in a modern and artful residential tower with easy access to the best of Miami, walking distance from restaurants, retail stores and nightlife."
InTown will have two towers with 14 floors of one, two, and three bedroom residences, as well as two-story townhomes. InTown is just minutes away from Downtown Brickell, Coconut Grove, Vizcaya, American Airlines Arena, Adrienne Arsht Center for the Performing Arts, and Miami International Airport.
The InTown condominiums range in size from 660 to more than 1,100 square feet, and the townhomes are up to 1,464 square feet, including modern high-end fixtures, stainless-steel appliances, and quartz countertops.
The building amenities will include 18,000 square feet of ground floor retail, six high-speed elevators, a 14,000-square-foot open-air pool deck, 62-foot-long swimming pool, state of the art fitness center, business center, club room with billiards and theater, valet service, 24-hour reception attendant, and on-site security. Residents will be able to choose from 6 different floor plans and styles as well as completely finished move-in ready units.
Read the full press release at http://www.prweb.com/releases/2015/02/prweb12518205.htm