The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit. The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month. It’s clear the current upcycle will continue beyond..
MIAMI — Housing Trust Group (HTG) has unveiled plans to develop Princeton Park, a $36 million apartment community located at 13105 S.W. 248th St. in Miami. The development will be reserved for family households earning at or below 60 percent of the area median income (AMI). National Equity Fund, in conjunction with SunTrust Bank, provided $23.7 million in equity for construction of the project. Additionally, the financial package included 9 percent Low Income Housing Tax Credit (LIHTC) from..
MIAMI AND FORT LAUDERDALE, FLA. — Walker & Dunlop has closed 13 loans totaling $96 million for an industrial portfolio located throughout Miami and Fort Lauderdale. The 13-property portfolio totals 1.6 million square feet and houses more than 120 tenants. David Gahagan and Niki Perez of Walker & Dunlop arranged the loans through an unnamed life insurance company on behalf of the borrower.
TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.
DANIA BEACH, FLA. — Kimco Realty Corp. (NYSE: KIM) has broken ground on the Phase I retail portion of Dania Pointe, a mixed-use project in Dania Beach, a beachside suburb of Fort Lauderdale in Broward County. Total project costs are estimated at $1 billion, according to local media reports. Slated to open in time for the 2018 holiday season, the $109 million Phase I comprises 300,000 square feet of retail space, which is approximately 80 percent preleased to tenants such as T.J. Maxx,..
FORT MYERS, FLA. — TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired Sienna at Vista Lake, a 640-unit apartment community located at 3701 Winkler Ave. in Fort Myers, for approximately $66 million. Constructed as two communities on adjacent parcels in 1991, the property was combined and rebranded in 2010. The garden-style community is situated on 35 acres and offers a mix of one- and two-bedroom units. Amenities include two resident clubhouses, two swimming pools, a spa,..
PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group. Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort..
TRINITY, FLA. — Sleiman Enterprises has purchased Shoppes at Trinity Lakes, a shopping center located at 12500 State Road 54 and Community Drive in Trinity, roughly 30 miles north of Tampa, for $18 million. Cushman & Wakefield represented the Jacksonville-based buyer in the transaction. The Sembler Co. sold the asset. Constructed in 2016, Shoppes at Trinity Lakes comprises 67,334 square feet of retail space and is anchored by Publix. At the time of sale, the property was 96 percent leased..
OAKLAND PARK, FLA. — Marcus & Millichap has brokered the $13.5 million sale of The Oasis, a 141-unit apartment community located at 3860 N. Andrews Ave. in Oakland Park, roughly four miles north of Fort Lauderdale. Daniel Cunningham, Derek Gibbs and Evan Richardson of Marcus & Millichap arranged the transaction on behalf of the seller, an undisclosed limited liability company, and procured the buyer, an individual/personal trust. The Oasis comprises seven buildings situated on five..
JACKSONVILLE, FLA. — The Praedium Group has acquired The Views at Harbortown, a 300-unit multifamily community located in Jacksonville, for $57 million. The property was built in 2015, offering a mix of one-, two- and three-bedroom units with kitchen islands, walk-in closets, granite countertops and in-unit washers and dryers. Community amenities include a clubhouse with lounge areas and a billiard room; sundeck with wi-fi; two resort-style swimming pools with cabanas; a cyber lounge..