REBusinessOnline

Public-Private Partnership Delivers $105M Mixed-Use Student Housing Tower on UCF’s Campus in Downtown Orlando

ORLANDO, FLA. — Development Ventures Group (DEVEN) and Ustler Development Inc., in a public-private partnership with the City of Orlando, have delivered UnionWest at Creative Village on the University of Central Florida’s campus. UnionWest is a 15-story building with 644 student housing beds, 100,000 square feet of academic space, 11,000 square feet of ground-level retail space and a 600-space parking garage. Construction on the $105 million development began in October 2017. The building …

Westside Acquires Multifamily Community in Tampa for $29.5M

TAMPA, FLA. — Westside Capital Group has acquired Watermans Crossing Apartments, a 337-unit multifamily community in Tampa’s Wellswood neighborhood, for $29.5 million. The property, which Westside Capital will rebrand as Westshore Crossing, comprises 20 buildings and offers studio through three-bedroom floor plans averaging 895 square feet. Communal amenities include a clubhouse, 876 parking spots, fitness center and three swimming pools. Westside plans to invest $5 million in capital …

CBRE Negotiates $29.5M Sale of Multifamily Complex in Metro Tampa

LARGO, FLA. — CBRE has negotiated the $29.5 million sale of Enclave on East, a 196-unit multifamily complex in Largo. The property was 95 percent occupied at the time of sale. Enclave on East is located at 3660 E. Bay Drive, 20 miles west of downtown Tampa. Communal amenities include a swimming pool, playground, picnic tables, hammocks, clubhouse, business center and a car wash area. Shelton Granade, Luke Wickham, Justin Basquill, Michael Regan and Francesco Carriera of CBRE represented the …

PMG, Greybrook Plan 49-Story Mixed-Use Tower in Miami

MIAMI — A development partnership between New York City-based Property Markets Group (PMG) and Toronto-based Greybrook Realty Partners are currently developing 400 Biscayne, a mixed-use project offering 646 rental apartments in Miami. Slated for completion in 2021, the 49-story building will include 51,000 square feet of commercial space and a 22,000-square-foot redesigned First United Methodist Church of Miami. PMG originally bought the development site from the church in 2018 for $55 …

Joint Venture Sells High-Rise Apartment Tower in Downtown Tampa to Northwestern Mutual for $103.5M

TAMPA, FLA. — A joint venture between Forge Capital Partners and Intown/Framework Group has sold 500 Harbour Island, a 235-unit, 21-story multifamily tower in downtown Tampa. The high-rise property offers one- and two-bedroom floor plans averaging 1,087 square feet. Communal amenities include a two-story lobby with a concierge, outdoor deck with dining and grilling areas, dog run, heated swimming pool, cabana area, conference room and a fitness center. Northwestern Mutual acquired 500 Harbour …

Sonata Senior Living Plans to Develop $52M Seniors Housing Community Near Orlando

LAKE MARY, FLA. — Sonata Senior Living has announced plans to develop Sonata Lake Mary, a 193-unit seniors housing community in Lake Mary, approximately 15 miles north of Orlando. The four-story, 250,000-square-foot community will be located on a seven-acre site within Parkway Properties Inc.’s Lake Wellness & Technology Park mixed-use development. Sonata Lake Mary will feature 88 independent living, 92 assisted living and 13 memory care apartments. Sonata Senior Living expects to break …

JLL Negotiates $62.7M Sale of Shopping Center, Developable Land in Metro Tampa

WESLEY CHAPEL, FLA. — JLL has negotiated the $62.7 million sale of Grove at Wesley Chapel, a 471,279-square-foot shopping center that also includes 114 acres of developable land in Wesley Chapel. At the time of sale, tenants included Cost Plus World Market, Bed Bath & Beyond, Ulta Beauty, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Old Navy, PetSmart, Best Buy, Dollar Tree, Michaels and Cobb Theatres. The property is located 23 miles north of downtown Tampa on 203.3 acres at …

Urbanica Acquires Land in Miami Beach for $40M, Plans 200-Room Beachfront Hotel

MIAMI BEACH, FLA. — Hotel developer Urbanica has acquired a one-acre plot of land in Miami Beach for $40 million from China City Construction (CCC). Urbanica plans to develop a 200-room, beachfront hotel on the site. The plot is the last undeveloped beachfront lot in North Beach, located between the Deauville Beach Resort and Sterling Condominium buildings on Collins Avenue. Urbanica expects to break ground immediately. Slated to open in approximately two years, the hotel will feature a …

Hunt Real Estate Provides $32M Acquisition Loan for Apartment Complex in South Florida

BOYNTON BEACH, FLA. — Hunt Real Estate Capital has provided a $32 million Fannie Mae acquisition loan to an undisclosed borrower for Savona Grand, a 214-unit apartment complex in Boynton Beach. The seven-year, fixed-rate, interest-only loan features prepayment flexibility with the interest rate dropping to 1 percent over last two years of the loan term. Built in 2003, Savona Grand was recently renovated and was 95 percent occupied at the time of sale. New management will spend $162,000 to …

JLL Arranges $13.5M Sale of Three Adjacent Retail Outparcels in Orlando

ORLANDO, FLA. — JLL has arranged the $13.5 million sale of three newly constructed retail pads leased to Starbucks Coffee, LongHorn Steakhouse and Bahama Breeze in Orlando. The three buildings were delivered in 2018 and are located at 5460, 5540 and 5620 W. Oak Ridge Road, across the street from Orlando International Premium Outlets. Brad Peterson, Whitaker Leonhardt, Michael Brewster Marc Mandel and Steve Schrenk of JLL represented the seller, a partnership between North American Properties …

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