Florida

NexPoint Residential Trust Agrees to Buy Two Apartment Complexes in South Florida, Nashville for $384.3M

by Alex Tostado August 14, 2019

PEMPROKE PINES, FLA. AND NASHVILLE, TENN. — NexPoint Residential Trust Inc. has agreed to buy the 1,520-unit Pembroke Cove Apartments in South Florida for $322 million and the 346-unit Arbors of Brentwood in Nashville for $62.3 million. Pembroke Cove Apartments is situated at 13401 NW 5th St., 24 miles north of downtown Miami. The property offers one- through three-bedroom floor plans. Communal amenities include a swimming pool, hot tub, clubhouse, fitness center, tennis courts, racquetball courts, basketball courts, playground and a billiards room. The community was 96 percent occupied at the time of the agreement. The seller was not disclosed. Arbors of Brentwood is located at 100 Brentwood Place, 10 miles south of downtown Nashville. The complex offers one- through three-bedroom floor plans. Community amenities include a fitness center, three swimming pools, outdoor kitchen, business center, pet park, playground, tennis court and outdoor picnic and grilling area. The seller was not disclosed. NexPoint expects both sales to close by Aug. 30.

August 14, 2019

Acquisitions Affordable Housing Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $27.9M Acquisition Loan for Affordable Housing Community in Orlando

by Alex Tostado August 14, 2019

ORLANDO, FLA. — Walker & Dunlop has provided a $27.9 million Freddie Mac acquisition loan for Brooke Common Apartments, a 288-unit affordable housing community in Orlando. The borrower is Avanath Capital Management. Half of the units, which are spread out over 38 garden-style buildings, are reserved for those making 60 percent of the area median income (AMI), while 5 percent of the units are reserved for those making 55 percent of the AMI. Brooke Commons Apartments is located 13 miles north of downtown Orlando and offers communal amenities such as a swimming pool, playground, fitness center, volleyball court, business center and a clubhouse. The seller was not disclosed.

August 14, 2019

Acquisitions Florida Multifamily Southeast

Balfour Beatty, ApexOne Buy 300-Unit Apartment Complex in West Jacksonville

by Alex Tostado August 13, 2019

JACKSONVILLE, FLA. — A partnership between Balfour Beatty and ApexOne Investment Partners has bought Landings at Lake Gray, a 300-unit apartment complex in west Jacksonville. The property was built in 2005 and offers one-, two- and three-bedroom floor plans averaging 952 square feet. Community amenities include a swimming pool, fitness center, clubhouse, outdoor kitchen and a playground. The buyers plan to immediately renovate the 14-acre property, which will encompass improvements to landscaping and curb appeal, an upgraded amenity package and interior renovations to further modernize kitchens, lighting and flooring. Shelton Granade, Joe Ayers and Cliff Taylor of CBRE represented the seller in the transaction, American Landmark. The sales price was not disclosed.

August 13, 2019

Acquisitions Florida Multifamily Southeast

Bell Partners Acquires 249-Unit Multifamily Community in South Florida

by Alex Tostado August 13, 2019

POMPANO BEACH, FLA. — Bell Partners has acquired Overlook Pointe, a 249-unit multifamily community in Pompano Beach. The Greensboro, N.C.-based investor will rename the community Bell Lighthouse and manage the property. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, barbecue area with grills, fitness center, free Wi-Fi in common areas, coffee bar and a six-story parking garage with 413 spaces. The seller and sales price were not disclosed.

August 13, 2019

Development Florida Loans Office Southeast

JLL Arranges $300M Construction Loan for Office Tower in Miami

by Alex Tostado August 12, 2019

MIAMI — JLL has arranged a $300 million construction loan for the development of 830 Brickell, a 56-story, 1 million-square-foot office tower in Miami’s Brickell district. MSD Partners provided the four-year loan to the developers, a joint venture between OKO Group and Cain International. Located at 830 SE First Ave., 830 Brickell is slated for completion in early 2022. The property is situated next to a MetroMover station, as well as Brickell City Centre, a $1.5 billion, 506,000-square-foot mixed-use development.

August 12, 2019

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires 259-Unit Multifamily Property in Florida’s Space Coast

by Alex Tostado August 9, 2019

MELBOURNE, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Artistry at Viera, a newly constructed, 259-unit multifamily property in Melbourne. Davis Development delivered the asset in 2018 within Viera, a 22,000-acre, master-planned community being developed by Viera Cos. Artistry at Viera offers one- through three-bedroom floor plans and communal amenities such as a swimming pool, clubhouse, game room, fitness center, media center, movie theater and a business center. The sales price was not disclosed.

August 9, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $17M Sale of Office Campus in Broward County

by Alex Tostado August 9, 2019

DAVIE, FLA. — Cushman & Wakefield has negotiated the $17 million sale of Flamingo Commons, an office campus spanning 81,959 square feet in Davie. Flamingo Commons was 95 percent leased at the time of sale to tenants including Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners. The two two-story buildings and one six-story building were completed between 2002 and 2006. Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Mike Ciadella of Cushman & Wakefield, along with Steven Beauchamp from Mangrove Advisory, represented the seller, Flamingo Commons LLC. Miami-based Prive Flamingo LLC Land Banking acquired the property.

August 9, 2019

Florida Market Reports Retail Southeast Southeast Market Reports

Miami is Defying Nation’s Retail Woes With Thriving Malls, Shopping Centers

by Alex Tostado August 9, 2019

While there are mass retail closings around the country, in Miami, there is typically someone waiting on space to become available. Think about it: In Miami, there is actually a shortage of retail space. Uber luxury markets in Miami are performing extremely well with Bal Harbour Shops (owned by Whitman Family Development) being one of the top retail complexes in the country, followed closely by Dadeland Mall and Aventura Mall. These malls are continuously reinvented and expanded, adding various entertainment and diverse dining options to their multi-level retail outlets. The Dolphin Mall, a 1.4 million-square-foot mixed-used complex owned by Taubman Cos., continues to be its No. 1 performing mall in the country, with over 240 retail shops, dining and entertainment venues to choose from including Bass Pro Shops Outdoor World, Cobb Dolphin 19 Cinema, The Cheesecake Factory, Dave and Buster’s, Texas de Brazil, Bloomingdales The Outlet Store, Neiman Marcus Last Call and Saks Fifth Avenue OFF 5th. Miami is cruising There are several factors driving this phenomenon. First, Miami International Airport traffic is setting month-over-month and year-over-year records, according to the Greater Miami Convention and Visitors Bureau. Traffic in February 2019 was 5.7 percent higher compared to February 2018. Cruise …

August 9, 2019

Florida Loans Multifamily Southeast

Terra Receives $91M Refinancing Loan for Recently Delivered Multifamily Community in South Florida

by Alex Tostado August 8, 2019

PEMBROKE PINES, FLA. — Terra has received a $91 million refinancing loan for its recently delivered Pines Garden at City Center. An affiliate of Mack Real Estate Group secured the loan on behalf of the developer. The lender and terms of the loan were not disclosed. Pines Garden is a 387-unit multifamily community situated within Pines City Center, a master-planned 47-acre development that includes 300,000 square feet of retail, entertainment and restaurant space. Pines Garden offers one-, two- and three-bedroom floor plans. Communal amenities include a two-story clubhouse, fitness center, children’s playroom, game room, swimming pool, coworking lounge and coffee bar, outdoor cooking area, gazebo, life-size chess board, dog park and play spaces.

August 8, 2019

Acquisitions Florida Hospitality Southeast Top Stories

Joint Venture Expands Beachfront Footprint with Acquisition of Two Hotels in Miami Beach for $139.9M

by Alex Tostado August 8, 2019

MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …

August 8, 2019

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