Florida

CBRE Arranges $45.1M Sale of Six-Building Office Park in Tampa

by Camren Skelton November 17, 2017

TAMPA, FLA. — CBRE has arranged the $45.1 million sale of Tampa International Business Park, a six-building office park in Tampa’s Westshore submarket, roughly six miles north of Tampa International Airport. Dale Peterson, Zachary Eicholtz, Courtney Snell, Philip Weber and Hans Kaunath of CBRE arranged the transaction on behalf of the seller, TerraCap Management LLC. Real Estate Value Advisors LLC acquired the property. At the time of sale, the office park was 98 percent leased to tenants including WellCare, Gateway One Financial & Lending and MedHOK Health Care. The six buildings were constructed between 1980 and 1986 and renovated between 2014 and 2017. The property offers 1,816 parking spaces, accounting for a parking ratio of 5.61 spaces per 1,000 rentable square feet.

November 17, 2017

Florida Hospitality Southeast

WoodSpring Hotels Opens 123-Room Extended-Stay Hotel Near Miami

by Camren Skelton November 16, 2017

RICHMOND HEIGHTS, FLA. — WoodSpring Hotels has opened a new location at 16055 S.W. 117th Ave. in Richmond Heights, roughly 23 miles south of Miami. The 123-room WoodSpring Suites Miami Southwest offers three room layouts, each with an in-room kitchen equipped with full-size refrigerator, two-burner stovetop and a microwave. WoodSpring Suites also features guest laundry and a fitness center. Gold Coast Premier Properties LLC owns the hotel, and Hotel Management & Consulting LLC (HMC) will manage the property. Gold Coast Premier also plans to complete seven more WoodSpring Suites in the South Florida area.

November 16, 2017

Florida Loans Multifamily Southeast

Encore Receives $75M Loan for New Apartment Project in Fort Lauderdale’s Flagler Village

by Camren Skelton November 15, 2017

FORT LAUDERDALE, FLA. — Encore Capital Management has received a $75 million construction loan for The Rise Flagler Village, a 348-unit apartment project located at 405 N.E. 2nd St. in downtown Fort Lauderdale’s Flagler Village. Walker & Dunlop arranged the financing through Pacific Western Bank and Square Mile Capital. G.T. McDonald Enterprises Inc. will serve as the general contractor for the project, and Cohen Freedman Encinosa & Associates Architects Pa Inc. will serve as the architect. The Rise Flagler Village will feature a pool, garden, fitness center, lounge area and ground floor retail. The project will be situated within walking distance to shopping, outdoor entertainment and transit offered within Flagler Village. Construction is expected in begin in January 2018.

November 15, 2017

Florida Office Southeast

Highline, Sefira Acquire Two-Building Office Portfolio in Broward County for $13M

by Camren Skelton November 15, 2017

WESTON, FLA. — Highline Real Estate Capital, in a joint venture with Sefira Capital, has acquired a two-building, 63,000-square-foot office portfolio in Weston, for $13 million. Situated in South Florida’s Broward County, the portfolio includes the 28,000-square-foot Chase Building located at 1040 Weston Road and the 35,000-square-foot Weston Commerce Center at 1625 N. Commerce Parkway. David Duckworth, John Crotty and Michael Fay of Avison Young arranged the transaction on behalf of the seller, Realty Associates Fund X LP, an affiliate of Boston-based TA Realty. Christian Lee and Amy Julian of CBRE arranged acquisition financing on behalf of Highline and Sefira through BankUnited. Alfie Hamilton and Caitlin Inklebarger of Colliers International will handle the portfolio’s leasing assignment. At the time of sale, the buildings were 90 percent leased.

November 15, 2017

Florida Multifamily Southeast

Cushman & Wakefield Arranges $7.1M Sale of Multifamily Community in North Miami

by Camren Skelton November 15, 2017

NORTH MIAMI, FLA. — Cushman & Wakefield has arranged the $7.1 million sale of Holly House, a 57-unit apartment community in North Miami. Calum Weaver and Perry Synanidis of Cushman & Wakefield arranged the transaction on behalf of the seller, Barry University Inc. Holly House Partners LLC, a subsidiary of Freshwater Group, acquired the asset. The three-story community totals 45,496 square feet and was constructed in 1968. Barry University acquired the property in 2009 to serve as student housing. The building was vacated in May 2017. Holly House offers a mix of one- and two-bedroom units with an average size of 796 square feet. Community amenities include a pool, courtyard and a laundry room.

November 15, 2017

Florida Multifamily Southeast

ARA Newmark Arranges $41.5M Sale of Multifamily Community Near Fort Lauderdale

by Camren Skelton November 14, 2017

CORAL SPRINGS, FLA. — ARA Newmark has arranged the $41.5 million sale of ARIUM San Remo, a 180-unit apartment community in Coral Springs, roughly 20 miles northwest of Fort Lauderdale in Broward County. Avery Klann, Hampton Beebe, Jonathan Senn, Matthew Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark represented the seller, Atlanta-based Carroll Organization, in the transaction. South Florida-based KVR Properties LLC acquired the asset. Constructed in 1995, ARIUM San Remo features two- and three-bedroom townhomes and villas with walk-in closets, screened-in patios and upgrades in approximately 66 percent of the units. Community amenities include a clubhouse, fitness center, pool, picnic area with grills, dog park and a playground. At the time of sale, the property was 96 percent occupied.

November 14, 2017

Florida Multifamily Southeast

Altman Cos., Mattoni Group Break Ground on Apartment Project in Tampa

by Camren Skelton November 14, 2017

TAMPA, FLA. — The Altman Cos., in partnership with Mattoni Group, has broken ground on Altís Grand Central, a 314-unit apartment community in Tampa. The eight-story tower will be located within walking distance of the University of Tampa and Oxford Exchange, a mixed-use development with original walls dating back to 1891. Today, the development is home to food and goods retailers and a shared work environment. Altís Grand Central will offer studio to three-bedroom units, ranging in size from 619 to 1,380 square feet. Community amenities will include a rooftop pool and sky lounge, Zen garden, dog park, dog spa, fitness area, bicycle repair and storage room and gaming area with a pinball machine, PlayStation units, a pool table and a bowling lounge. The community is expected to open in early 2019.

November 14, 2017

Florida Multifamily Southeast

Berkadia Arranges $47.5M Sale of Two Multifamily Properties in Tampa Bay Area

by Camren Skelton November 13, 2017

SAFETY HARBOR AND TAMPA, FLA. — Berkadia has arranged the $47.5 million sale of two multifamily properties in the Tampa Bay region: Twenty 35 in Safety Harbor and The Park at Windsor in Tampa. Jason Stanton, Cole Whitaker, Mary Beale and Greg Rainey of Berkadia arranged both transactions. Blue Roc Premier Properties LLC acquired Twenty 35 from Nashville-based Covenant Capital Group LLC for $21 million. The property features one- and two-bedroom units with granite countertops, stainless steel appliances and walk-in closets. Community amenities include a fitness center, picnic area, courtyard and gated entry. Redwood Capital Group acquired The Park at Windsor from Blue Roc Premier Properties LLC for $26.5 million. The property features balconies or patios for each unit, a fitness center, pool, barbeque area and a laundry center.

November 13, 2017

Florida Multifamily Southeast

Lloyd Jones Capital Purchases 282-Unit Apartment Community in Jacksonville for $40.9M

by Camren Skelton November 13, 2017

JACKSONVILLE, FLA. — Miami-based Lloyd Jones Capital has acquired Deerwood Park, a 282-unit apartment community in Jacksonville. The Florida Times-Union reports the asset sold for $40.9 million. The property is located within Deerwood Office Park on Touchton Road, home to 5.2 million square feet of office space. Constructed in 2002, Deerwood Park offers one-, two- and three-bedroom units. Community amenities include attached garages, a resort-style pool, outdoor kitchen with gas grills and a dog park. Finlay Management, the operations group at Lloyd Jones Capital, will manage the property.

November 13, 2017

Florida Loans Multifamily Southeast

Phillips Realty Capital Secures $19.2M Acquisition Loan for Multifamily Asset in Eastern Florida

by Camren Skelton November 10, 2017

MELBOURNE, FLA. — Phillips Realty Capital has arranged a $19.2 million loan for the acquisition and renovation of Landmark at Waverly Place, a 208-unit apartment community in Melbourne, roughly 70 miles southeast of Orlando. Adam Bieber of Phillips Realty Capital arranged the loan through Ares Management on behalf of the borrower, BG Capital Management. Landmark at Waverly Place features a resort-style pool, clubhouse, fitness center, poolside kitchens and a dog park. Constructed in 1987, the property offers one- to three-bedroom floor plans. BG Capital Management will upgrade 88 of the units over the next two years.

November 10, 2017

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