Florida

RUDG Breaks Ground on Fourth Phase of 60-Acre Liberty Square Redevelopment in Miami

by Hayden Spiess October 31, 2023

MIAMI — Related Urban Development Group (RUDG), the affordable housing arm of Related Group, has broken ground on Phase 4 of the 60-acre Liberty Square redevelopment in Miami. Dubbed Serenity Liberty Square, the fourth phase will comprise 193 residential units across three buildings for families and individuals earning 30 to 80 percent of the area median income (AMI). Upon completion, which is scheduled for March 2025, the property will also feature the Jessie Trice Healthcare Center, as well as the new headquarters of the Miami-Dade Chamber of Commerce. Funding for Liberty Square Phase Four includes tax-exempt bonds, low-income housing tax credit (LIHTC) equity and funds from the Florida Housing State Apartment Incentive Loan Program (SAIL) and Miami-Dade County Surtax. The Liberty Square redevelopment will total nine phases and comprise roughly 1,900 new residential units, renovations to the Liberty Square Community Center, a new educational center, green spaces and a grocery store.

October 31, 2023

Development Florida Multifamily Southeast

Thompson Thrift to Develop 300-Unit Standard441 Multifamily Community in Orlando Suburb

by Hayden Spiess October 31, 2023

LADY LAKE, FLA. — Thompson Thrift will begin development this month on Standard441, a 300-unit multifamily community to be located in the Orlando suburb of Lady Lake. Upon completion, the property will feature apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a fitness center, swimming pool and outdoor spa, pavilion with a built-in fireplace and grills, pickleball court, dog park and pet spa, 24-hour social hub, work-from-home suites and electric vehicle charging stations. Standard441 is scheduled to open in late 2024.

October 31, 2023

Acquisitions Florida Multifamily Southeast

LeCesse Sells 269-Unit Avila Apartment Community in Oviedo, Florida

by Hayden Spiess October 31, 2023

OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.

October 31, 2023

Acquisitions Florida Southeast Student Housing

CBRE, GMH Communities Acquire 734-Bed Student Housing Community in Tampa

by John Nelson October 30, 2023

TAMPA, FLA. — A joint venture between the CBRE Strategic Partners U.S. Value 9 investment management fund and GMH Communities has acquired Venue at North Campus, a 734-bed student housing community located in Tampa. Situated adjacent to the University of South Florida at 13702 42nd St., the property features units in studio, two-, four- and five-bedroom layouts. Amenities at the community include in-unit washers and dryers, valet garage service, two swimming pools, fitness centers, grilling stations, a study room and internet café, volleyball court and a convenience store. Venue at North Campus was fully leased at the time of sale. The seller and sales price were not disclosed.

October 30, 2023

Development Florida Leasing Activity Retail Southeast

Three Retail Tenants Sign Leases at Century Town Center in Doral, Florida

by John Nelson October 30, 2023

DORAL, FLA. — Three new tenants have signed leases at Century Town Center, a mixed-use property in Doral. My Salon Suites, Rumble Boxing and Kidstrong will occupy 5,910; 2,541; and 2,734 square feet of ground-floor retail space, respectively. Located at 8175 NW 107th Ave., Phase I of Century Town Center features 326 residential units and 31,000 square feet of retail space. A planned second phase of the project will comprise an additional 408 residential units and 27,000 square feet of retail space. Rafael Romero and Malina Huynh of JLL represented the landlord — a partnership between Mattoni Group, Double C and Century Homebuilders Group — in the lease negotiations.

October 30, 2023

Florida Market Reports Multifamily Southeast Southeast Market Reports

Strong Office Sector Helps Propel Miami’s Multifamily Market

by John Nelson October 30, 2023

While many cities grapple with a declining population, softening rents and a struggling office market, Miami is riding a wave of population growth and apartment demand. This stems from the usual factors — sun, lifestyle and low taxes — as well as something unprecedented: an influx of large office users. New-to-market office tenants are transforming Miami’s economy and helping offset the challenges of inflation and rising interest rates. Miami multifamily fundamentals remain strong, with plenty of liquidity in the market. Our economy is more diversified than ever, and this has made it one of the most desirable markets in the country. Supply and demand People and businesses fleeing states with higher taxes and longer pandemic restrictions helped fuel Miami’s population surge between 2020 and 2022 and led to record-breaking rent growth during that period. Miami has become a magnet for large financial and tech firms, with well-heeled companies like Starwood Property Trust, Citadel Securities, BlockChain and Blackstone Group taking new office space. All told, a record 57 companies relocated or expanded to Miami-Dade County last year. Between May 2022 and May 2023, Miami added over 83,000 jobs, more than a 4 percent increase. Miami’s unemployment rate as of May 2023 …

October 30, 2023

Florida Hospitality Loans Southeast

Berkadia Arranges $26M Refinancing for Dual-Branded Hotel in Jacksonville

by John Nelson October 27, 2023

JACKSONVILLE, FLA. — Berkadia has arranged the $26 million refinancing of the leasehold interest in a 221-room dual-branded hotel in Jacksonville’s Southbank neighborhood. Built in 2009 along the St. Johns River, Hilton Garden Inn-Homewood Suites Jacksonville Downtown Southbank is an eight-story hotel located at 1201 Kings Ave. Amenities include an outdoor pool, fitness center, onsite restaurant, room service and meeting rooms. Michael Weinberg, Alec Fox and Lindsey deButts of Berkadia’s Hotels & Hospitality team secured the five-year loan through an undisclosed regional bank on behalf of the borrower, Excel Group.

October 27, 2023

Development Florida Multifamily Southeast

Related Group, W5 to Deliver 63-Unit Co-Living Project in Miami’s Wynwood District

by John Nelson October 26, 2023

MIAMI — Related Group and single-family residential investment firm W5 Group are nearing completion for the first co-living development in Miami’s Wynwood neighborhood. Located at 51 N.W. 28th St., the nine-story property, named i5 Wynwood, will feature 63 fully furnished apartments that comprise 217 private suites that are available for rent. Residents will have shared common areas including living spaces, communal kitchens and dining spaces. Residents can choose between three-bed/three-bath and four-bed/four-bath apartments that will feature queen-size beds, writing desks, multiple shelving units, modern light fixtures, dining tables and chairs, couches, coffee tables, entertainment consoles and flat-screen TVs. Related and W5 plan to launch preleasing in November with rental rates beginning at $1,895 per suite. The design-build team includes architect Arquitectonica and interior designer Michael Wolk. Amenities will include 3,900 square feet of ground-floor retail space surrounding a 6,600-square-foot shaded central courtyard, along with a rooftop pool, an indoor/outdoor gym and coworking and meeting spaces.

October 26, 2023

Acquisitions Florida Industrial Southeast

Boise Cascade Purchases Distribution Facility in West Palm Beach for $31M

by John Nelson October 26, 2023

WEST PALM BEACH, FLA. — Boise Cascade Co., a publicly traded producer of engineered wood products and plywood, has purchased a new 120,000-square-foot distribution facility in West Palm Beach. Locally based Brown Distributing Co. sold the property for $31 million. The buyer’s Building Materials Distribution division will occupy the property, which is situated on an infill site totaling 9.8 acres at 1300 Allendale Road. Robert Smith, Kirk Nelson and Jeff Kelly of CBRE’s Industrial & Logistics team represented the seller in the transaction. NAI Miami represented the buyer. Built in 1987 along I-95, the facility includes 91,120 square feet of climate-controlled warehouse space and 20,000 square feet of office space across two stories.

October 26, 2023

Acquisitions Florida Retail Southeast

CBRE Brokers $49.3M Sale of Grocery-Anchored Shopping Center in West Miami

by John Nelson October 25, 2023

MIAMI — CBRE has brokered the $49.3 million sale of Trail Plaza, a grocery-anchored shopping center located on 17 acres at the corner of SW 8th Street and SW 67th Avenue in west Miami. Boston-based Longpoint Realty Partners LP purchased the 181,558-square-foot shopping center from an unnamed client advised by MetLife Investment Management. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Built in 1987, Trail Plaza was 99 percent leased at the time of sale to tenants including grocer Fresco y Mas, Walgreens, Harbor Freight Tools, Party Depot and six outparcel tenants.

October 25, 2023

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