Florida

JQ Group Completes Development of 263-Unit Madison Point Apartments in Metro Miami

by John Nelson July 7, 2023

NARANJA, FLA. — JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a swimming pool, community center, playground, fitness center, library, media center and approximately 200 parking spaces.

July 7, 2023

Development Florida Multifamily Southeast

ZOM Living Delivers 214-Unit Multifamily Development in Tampa

by John Nelson July 7, 2023

TAMPA, FLA. — Orlando-based ZOM Living has completed the construction of Azola South Tampa, a 214-unit multifamily community located at 7701 Interbay Blvd. in Tampa. Units range in size from 747 to 2,115 square feet and include apartments in one- and two-bedroom layouts, as well as six townhomes with three bedrooms and two-and-a-half bathrooms. Amenities at the property include a 6,000-square-foot clubhouse, swimming pool, fire pit and a pool courtyard featuring an outdoor billiards table, TVs, seating, a summer kitchen and two grilling areas. Architectural firm LRK designed the community, which is currently 70 percent occupied. Monthly rental rates at the community begin at $1,987.

July 7, 2023

Development Florida Industrial Southeast Top Stories

Saint-Gobain Plans $235M Expansion to CertainTeed Gypsum Facility in Palatka, Florida

by Jeff Shaw July 7, 2023

PALATKA, FLA. — Saint-Gobain North America has announced plans to invest $235 million to expand manufacturing space at its CertainTeed gypsum facility in Palatka, near the Port of Jacksonville on the St. Johns River in northern Florida. The Palatka facility, which currently employs more than 150 people, began operations in 2001. According to Saint-Gobain, the facility is one of the largest gypsum plants in the Southeast. The firm’s expansion project received more than $7 million in cash benefits and high-impact investment tax credits, including a State of Florida Capital Investment Tax Credit, a Career Source Florida Quick Response Training Grant, a grant from Putnam County and a Clay Cooperative Economic Development Rate. According to Saint-Gobain, the expansion will more than double the production capacity of the existing manufacturing plant, as well as create more than 100 new jobs. The investment will be made over the next two years through the firm’s building products subsidiary, CertainTeed Interior Products Group. In line with Saint-Gobain’s goal for carbon neutrality by 2050, the firm plans for sustainability to be an essential aspect of the project. The development will include the installation of new energy-saving equipment and automation technologies, including an energy board dryer that …

July 7, 2023

Acquisitions Florida Mixed-Use Retail Southeast

JLL Arranges Sale of 454,872 SF Mixed-Use Development in Lakeland, Florida

by John Nelson July 6, 2023

LAKELAND, FLA. — JLL has arranged the sale of Lakeside Village, a mixed-use power retail center located at 1479 Town Center Drive in Lakeland. Of the 541,465 square feet that make up Lakeside Village, 454,872 square feet of retail and office uses are part of the sale. The center is also home to four hotels totaling 383 rooms that are separately owned and not a part of the sale. Developed in 2005, Lakeside Village’s tenant roster includes anchors CMX Cinemas (18 screens), Belk, Books-A-Million and Kohl’s. Additional tenants include Starbucks, Chili’s, Olive Garden, LongHorn Steakhouse and Famous Footwear. The average tenure of the property is 14 years. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction. Baltimore-based Continental Realty Corp. acquired Lakeside Village for an undisclosed price.

July 6, 2023

Affordable Housing Development Florida Seniors Housing Southeast

HTG, Broward County Housing Break Ground on 75-Unit Affordable Seniors Housing Project in South Florida

by John Nelson July 6, 2023

DEERFIELD BEACH, FLA. — Housing Trust Group (HTG) has formed a joint venture with the Broward County Housing Authority to develop Hillsboro Landing, a 75-unit affordable housing project in Deerfield Beach that will be reserved for renters age 62 and older. The duo broke ground on the $41 million development last month and are aiming for an October 2024 completion date. The project is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007. Located at 3851 N. Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. Apartments will be reserved for income-qualifying seniors who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Amenities will include a multipurpose room, fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. Debt and equity partners on the project include Raymond James, Fifth Third Bank, Grandbridge Real Estate Capital, the State of Florida and Broward Housing Finance Authority. The design-build team includes architect ATL Architecture, general contractor Ferncore Corp., engineer …

July 6, 2023

Development Florida Mixed-Use Multifamily Retail Southeast Top Stories

Mosaic Acquires Land for $250M Mixed-Use Development in Metro Orlando

by Jeff Shaw July 6, 2023

DEBARY, FLA. — Mosaic Development LLC has purchased 13.1 acres of land in Debary, roughly 23 miles north of Orlando, for the development of the first phase of a mixed-use project to be located immediately north of the city’s SunRail station. Upon completion, the “Main Street-style” development will feature 500 apartment units, 40,000 square feet of retail space and a central park and community plaza. Construction on the project is scheduled to begin early next year. Mosaic purchased the land parcels, which are zoned as a transit-oriented development (TOD) district, from private landowners as well as the City of DeBary for a total $4.2 million. Mosaic is currently under contract to purchase an additional 5.7 acres within three years for the second phase of the development. Colliers worked to bring the private owners into a joint marketing agreement with the city. Ken Krasnow, Brooke Mosier and David Calcanis of Colliers represented the sellers, which included Miller Land Trust, Ray Sands/Frank Slabodnik, Empire Cattle and DeBary Central LLC, in addition to the city. Casey Babb of Colliers represented Mosaic in the transaction. “I envision a main street that serves as the vibrant heart of our community — a place where neighbors …

July 6, 2023

Acquisitions Florida Southeast Student Housing

Newmark Arranges Sale of 1,557-Bed Student Housing Community Near Florida State University

by John Nelson July 5, 2023

TALLAHASSEE, FLA. — Newmark has arranged the sale of Seminole Grand, a 1,557-bed student housing community located near the Florida State University campus in Tallahassee. Ryan Lang, Jack Brett, Ben Harkrider and Avery Klann of Newmark represented the seller, The Collier Cos., in the disposition of the property to FPA Multifamily. The sales price was not disclosed. Located at 1505 W. Tharpe St., the garden-style community offers a mix of two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, fitness center, yoga studio, sound-proof study rooms and a multimedia gaming center. The property also features a bus stop for the Florida State University line.

July 5, 2023

Acquisitions Florida Multifamily Southeast

HGI Acquires Newly Built Multifamily Community in West Palm Beach, Florida

by John Nelson July 5, 2023

WEST PALM BEACH, FLA. — Harbor Group International (HGI) has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach. Developed by Resia earlier this year, the property features apartments in one- and two-bedroom layouts. Community amenities include a fitness center, basketball court, clubhouse, swimming pool and children’s play area. HGI will assume the in-place, floating-rate construction debt on the property, with plans to refinance with permanent fixed-rate debt once leasing is completed. Hampton Beebe and Avery Klann of Newmark brokered the transaction. The sales price was not disclosed.

July 5, 2023

Acquisitions Florida Self-Storage Southeast

CBRE Brokers $23.1M Sale of New Self-Storage Facility in Orlando

by John Nelson July 5, 2023

ORLANDO, FLA. — CBRE has brokered the $23.1 million sale of Windermere Storage, an 89,145-square-foot self-storage facility located at 8550 Old Winter Garden Road in Orlando. CBRE’s Self Storage Advisory Group represented the seller, locally based Schrimsher Properties, in the transaction. Wentworth Properties was the buyer. Built in the second quarter of this year, Windermere Storage features a two-story building comprising 609 climate-controlled units ranging in size from 25 to 450 square feet, as well as a 2,000-square-foot office building and 351 parking spaces.

July 5, 2023

Development Florida Loans Mixed-Use Multifamily Southeast

Walker & Dunlop Arranges $58.8M Construction Financing for Multifamily Development in Gainesville, Florida

by John Nelson June 30, 2023

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $58.8 million loan for the construction of Celebration Pointe Apartments, a 239-unit multifamily community to be located within the Celebration Pointe mixed-use development in Gainesville. Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop originated the non-recourse financing through an undisclosed life insurance company on behalf of the borrower and developer, Viking Cos. Combined with a mezzanine loan from an unnamed debt and equity fund, the developer’s total debt capitalization on the project represents and 85 percent loan-to-cost ratio. A construction timeline for the project was not disclosed.

June 30, 2023

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