• PANHANDLE
Luxury apartment complex targets spring completion
NAVARRE — As the Navarre community continues to rapidly grow, a new luxury apartment complex aims to fill some of the community’s needs. The Sound on Navarre Beach, which is actually off of Navarre Parkway with views of the Gulf of Mexico and Santa Rosa Sound, is a 250-unit complex featuring one, two and three bedroom apartments starting at $1,085 for a one-bedroom, $1,370 for two-bedroom and $1,600 for three-bedroom. Read more.
• CENTRAL FLORIDA
UCF Downtown reveals cost of new apartments, parking garage
UCF Downtown has more than just its $60 million academic building on the line. The University of Central Florida also has plans for a 300-bed student housing complex, a 600-space parking garage, and a heat and power plant — all that serve an integral part in the overall success of the first phase of the proposed $207 million downtown Orlando campus. All, which also, pose multimillion-dollar construction opportunities for local firms. Read more.
Orlando Suburb Getting High-End MF
ORLANDO—Integra Lakes at Concord Village, a luxury multifamily community in the Orlando suburb of Casselberry, just broke ground. LandSouth Construction is building the $19 million multifamily project using its integrated construction approach where each service component works together to provide a seamless delivery system. Developed by Lake Mary, FL-based Integra Land Company, the apartment project sits on 7.5 acres. Associated Consulting International architected the 203-unit, 284,628-square-foot multifamily project. Amenities include a pool, outdoor area for grilling, fitness center with club room, business center and Wi-Fi lounge. LandSouth is currently working throughout the Southeastern US on apartments and mixed use developments in Boynton Beach, Delray Beach, Sanford, Jacksonville, Davenport, Odessa and Orlando, Mount Pleasant, SC and senior housing in Bonita Springs, FL. Read more.
Promise in Brevard breaks ground on apartments
WEST MELBOURNE — Promise in Brevard hosted a groundbreaking ceremony for a $15.8 million inventive apartment complex for special-needs adults in West Melbourne. Workers will construct a trio of three-story buildings containing 51 one-, two-, three- and four-bedroom apartments just north of the Hammock Landing shopping center. Read more.
Developers close on land in hear of Maitland for $67M project with apartments, shops
In late October, developers purchased 3.2 acres in the heart of Maitland for a $67 million apartment and shopping project. The sale price was $4.2 million. Read more.
Job Growth Key to Orlando Apartment Market’s Strong First-Half Performance
Orlando’s multifamily market is in the midst of a golden era of sorts, as it sits squarely at the intersection of strong employment growth, an increasing population, a major demographic shift and a variation in lifestyle preferences. Together, these factors provide a tremendous tailwind for future strength in the local apartment market. While the national multifamily market continues to perform at a high level, Orlando is starting to show up on the radar of more institutional investors due to its recent outperformance and tremendous growth prospects.According to recent data from MPF Research, Orlando is on pace to see 5.6 percent rent growth in 2015, followed by 4.7 percent growth in 2016. Read more.
• BAY AREA
Lloyd Jones Capital Purchases 432-Unit Apartment Community in St. Petersburg
Multifamily investment firm of Lloyd Jones Capital has closed on Palmway Village, a 432-unit apartment complex in St. Petersburg, FL. Located at 411 77th Ave North, the property consists of 12 apartment buildings, two pools, a fitness center and library on 15 landscaped acres. Read more.
New mixed-use development in the works in Seminole Heights
The developer behind the Warehouse Lofts in Seminole Heights is zeroing in on a nearby site for his next project — a mixed-use building at the corner of North Florida and East Wilder avenues.
Wesley Burdette said Tuesday he is under contract to acquire the .87-acre site at 5023 N. Florida Ave., where he'll demolish the old warehouse on the site and build a five-story apartment building with ground-level retail and a rooftop lounge. Like the Warehouse Lofts, it will include an on-site dog park. Read more.
• TRI-CITY AREA
Apartment complex going up on Cattlemen
SARASOTA COUNTY - Southwest Florida’s rental crunch is poised to get some much-needed relief. Crews have begun clearing trees from a 32.5-acre tract of vacant property along Cattlemen Road, bordering Interstate 75 to the east and Proctor Road to the south, where 360 apartment units are planned. Read more.
• SOUTHEAST FLORIDA
SunTrust funds $42M for affordable apartment development in Miami
The Richman Group secured $42 million in financing to build the Allapattah Trace Apartments in Miami with help from SunTrust Community Capital. The 77-unit affordable apartment project is under construction at Northwest 17th Avenue and Northwest 34th Street. Read more.
Lincoln Property Co. pays $89M for Plantation apartments
Dallas, Texas-based Lincoln Property Co. has added a Broward apartment community to its portfolio for $88.6 million. An affiliate of the multifamily developer and operator acquired the 376-unit complex, St. Tropez at Plantation, from BIT Investment Twenty-Five LLC. The seller is tied to PNC Capital Advisors, Broward County records show. The property, at 8000 Cleary Boulevard, covers nearly 40 acres in Plantation. Read more.
Apartment building in Miami Beach’s South of Fifth faces foreclosure
Miami Beach’s South of Fifth neighborhood has become a trendy spot for condo development and restaurants, but one apartment building has missed out on the boom and could be seized in foreclosure.
SHE DDF1-FL1 LLC, an affiliate of Miami Beach-based Safe Harbor Equity Managers, filed a foreclosure lawsuit on Nov. 2 against TwoFifty Collins LLC. It targets the 28-unit building at 250 and 260 Collins Ave. Read more.
North Miami sells 55 acres to Biscayne Landing developers
A joint venture between the Soffer and LeFrak real estate families has closed on a $22 million deal to buy 55 acres of land from the city of North Miami. The deal is part of a plan to redevelop the 183-acre site formerly known as Biscayne Landing and now called SoLe Mia. The first phase of the project will include two 200-unit rental buildings, a 10-acre swimming lagoon and a retail center. It will ultimately include 4,000 residential units, one million square feet of commercial and office space, 37 acres of parks and a hotel, and could take 15 years and between $3 billion and $4 billion to build. Read more here and here.
Hollywood approves partnership with Pinnacle for senior housing
The City of Hollywood approved a public private partnership on Tuesday with Pinnacle Housing Group to build a senior housing project. The Miami-based developer plans to purchase or lease the property on the south side of Adams Street just west of Dixie Highway from the city and its community redevelopment agency. It plans to build 100 units of affordable senior housing, for those ages 55 and up with area median income of no more than 60 percent. The project would feature a clubhouse, fitness center, cyber café, and game rooms. Read more here.
Wawa and senior housing plans on newly acquired site in Parkland
A commercial development group bought a vacant property in Parkland out of foreclosure for $8.5 million and plans to build a Wawa convenience store and senior housing. Miami-based Banif Finance (USA) Corp. seized the 11.2-acre site at 7207 North State Road 7/U.S. 441 in 2012 after foreclosing on the $7.5 million mortgage of Millennium 441. BFBMF Parkland, an affiliate of Banif Finance, recently sold the property to EP Lox LLC, a joint venture Aventura-based Elion Partners and Preferred Developers. A spokesman for EL Lox LLC said that a 170-unit senior housing facility is planned behind the Wawa. Read more.
Hunt Mortgage Group Refinances a Multifamily Property Located in Miami, Florida
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $3.6 million Fannie Mae loan facility to refinance a multifamily property located in Miami, Florida. Garcia Apartments is located at 2150 NW 9th Street and consists of one four-story building that contains 62 units. The building was developed in 1973 on a 1.32 acre, parcel of land with 48,512 square feet of rentable space. Read more.
Fairfield pays $88M for two Broward apartment communities
Affiliates of Fairfield Residential, a California real estate company that specializes in multifamily properties, just paid $88 million for two apartment communities in Broward County. The sale breaks down to $44.8 million for the Water’s Edge at Welleby Apartments in Sunrise, located at 10901 Northwest 40th Street, and $43.225 million for the Southern Point Apartments in Plantation, at 8080 Northwest 10th Court. Read more.
Carroll Organization and PCCP Acquires 260-Unit Luxury Apartment Community in South Florida
Carroll Organization announced today that it has formed a joint venture with PCCP, LLC and Silverpeak Real Estate Partners for the acquisition of Pineapple Cove, a 260-unit apartment community located in Jensen Beach, FL. Following Carroll’s ARIUM brand, Pineapple Cove will be rebranded as ARIUM Jensen Beach and managed by Carroll Management Group. Read more here and here.