LAKEWOOD RANCH, FLA. — LandSouth Construction has broken ground on Summerhouse Apartments, a planned 257-unit, five-building community in Lakewood Ranch. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, pool and dog fountains. The five-acre plot is situated at 11716 18th Place, 48 miles south of downtown Tampa. LIV Development is developing the asset, which is expected to deliver in winter 2022.
LAUDERHILL, FLA. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided the buyer with an $8.5 million acquisition loan.
TITUSVILLE, FLA. — Skyview Advisors has arranged the sale of Prestige Self Storage, a 530-unit, 57,600-square-foot facility in Titusville. The self-storage property is situated on five acres at 4706 S. Washington Ave., four miles south of downtown Titusville and 37 miles east of downtown Orlando. Zack Urow and Ryan Clark of Skyview Advisors represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.
TALLAHASSEE, FLA. — Housing Trust Group (HTG) has broken ground on Lafayette Gardens, a planned 96-unit affordable housing community in Tallahassee. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $315 to $930 per month. The units will be reserved for residents earning at or below 33 percent of area median income (AMI) or 60 percent of AMI. Units will range in size from 709 square feet to 1,159 square feet. Communal amenities will include a clubhouse, pool, playground, media center, fitness center and a biking/walking trail. Residents will also have access to employment assistance, financial management and literacy services onsite. Hennessy Construction Services is the general contractor, Fugleberg Koch is the architect, Inovia Group is the civil engineer, Stiles Interiors is the interior designer and Wood + Partners is the landscape architect. HTG expects to open the community in June 2021. Chase Bank provided an initial $15 million construction loan, Raymond James provided $16.1 million in 9 percent low income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac permanent loan for the development.
ST. PETERSBURG, FLA. — CBRE has negotiated the $10.6 million sale of the Old Southeast Portfolio, a seven-property multifamily portfolio in St. Petersburg. The portfolio traded at $83,730 per unit, or a 5.3 percent cap rate. The buyer, Otto Investment Group, is planning both interior and exterior renovations across all seven properties. The seller, Second Half Properties, maintained 95 percent rent collection in April and May, according to CBRE. The properties include Old Southeast Apartments, Tropical Shores, The Palms Apartments, Bayside Apartments, Park View Apartments, Lakewood Apartments and Uptown St. Petersburg. The communities are roughly 25 miles southwest of downtown Tampa. Joseph Thavis and Cameron Barbas of CBRE represented both the buyer and seller in the transaction.
ROYAL PALM BEACH, FLA. — Cushman & Wakefield has arranged a 152,390-square-foot industrial lease renewal for Millwork Sales in Royal Palm Beach. The property spans 24 acres and is located at 700 103rd Ave., 13 miles west of downtown West Palm Beach. The building features 40-foot-by-48-foot column spacing, a 60-foot-by-48-foot loading bay, energy-efficient lighting and hurricane impact-resistant windows. Christopher Thomson, Rick Etner Jr., Chris Metzger and Matthew McAllister of Cushman & Wakefield represented the tenant in the transaction. Millwork Sales is a producer of doors, millwork and other interior housing products. The landlord was not disclosed.
JACKSONVILLE, FLA. — CBRE has arranged the $17 million sale of Riviera Parkway Apartments, a 134-unit waterfront community in Jacksonville. Situated along the St. Johns River, the property, which was origianlly built in 1937, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, dog park and laundry facilities. The asset is located at 2798 St. Johns Ave., four miles southwest of downtown Jacksonville. Joe Ayers and Cliff Taylor of CBRE represented the seller, KAE Apartments, in the transaction. Maryland Management Co. acquired the property.
MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, producer of electric cars, will open at the development this holiday season. Due to the COVID-19 pandemic, Brickell City Centre closed in March and reopened its doors May 22. The center includes a 500,000-square-foot, open-air shopping center; and five million square feet of office, residential and hotel space in Miami’s Brickell district.
TRINITY, FLA. — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The newly built, five-story community features 117 independent living units and is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. Watermark at Trinity is located at 1960 Blue Fox Way, 29 miles northwest of downtown Tampa. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller, a development group comprising Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, in the transaction.
FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.