Florida

Berkadia Provides $93.6M Agency Financing for Two Multifamily Properties in Boynton Beach, Florida

by John Nelson November 9, 2022

BOYNTON BEACH, FLA. — Berkadia has provided a $93.6 million loan on behalf of Advenir for the financing of Advenir at Banyan Lake and Advenir at La Costa, two multifamily communities located in Boynton Beach. Charles Foschini and Chris Apone of Berkadia originated the seven-year, fixed-rate Freddie loan, which features interest-only payments for the full term. Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with apartments in one-, two- and three-bedroom layouts ranging from 900 to 1,290 square feet. Amenities at the development include a swimming pool, fitness center, BBQ grills, playground, racquetball courts, tennis courts and lakes. Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community amenities include two pools, a 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging trail, cyber café and coffee bar, car care center and a fishing dock. Both properties were built in 1986 and underwent value-add renovations after being acquired by Advenir in 2015.

November 9, 2022

Acquisitions Florida Retail Southeast

CrossMarc, MCB Acquire 202,050 SF Shopping Center in Melbourne, Florida

by John Nelson November 7, 2022

MELBOURNE, FLA. — A joint venture between CrossMarc Services LLC and MCB Real Estate — in partnership with Peaceable Street Capital — has purchased Post Commons, a 202,050-square-foot shopping center located in Melbourne. Anchored by a 44,270-square-foot Publix store, as well as a Beall’s and Pet Supermarket, the center was 96 percent leased at the time of sale. Other tenants at the property include Burlington and Five Below. Marcus & Millichap represented the undisclosed seller in the transaction. Flavia Kanyago of CrossMarc will handle leasing at the center.

November 7, 2022

Acquisitions Affordable Housing Development Florida Hospitality Southeast

One Stop Housing Buys Orlando Hotel for Affordable Housing Conversion

by John Nelson November 7, 2022

ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.

November 7, 2022

Development Florida Multifamily Southeast

Middle Street Partners Acquires Land in South Daytona, Florida for 389-Unit Multifamily Project

by John Nelson November 4, 2022

SOUTH DAYTONA, FLA. — Charleston-based Middle Street Partners has purchased 23.4 acres in South Daytona for the development of a 389-unit multifamily community. Justin Basquill, Luke Wickham, Shelton Granade and Sean Williams of Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the land sale. The site is located off US Highway 1 with direct views of the Intracoastal Waterway. The name and details about the project were not disclosed, but Middle Street said the property will feature three- and five-story apartment buildings.

November 4, 2022

Acquisitions Florida Southeast Student Housing

Landmark Properties Acquires Student Housing Community Near UCF in Orlando

by John Nelson November 3, 2022

ORLANDO, FLA. — Landmark Properties has acquired Knightshade, a student housing community located near the University of Central Florida (UCF) campus in Orlando. Landmark originally developed the property in 2014 and will rebrand it as The Retreat West. The community offers two-, three-, four-, five- and six-bedroom units. Shared amenities include tennis, volleyball and basketball courts; green space; a dog park; golf simulator; sauna; technology center; fitness center; clubroom; and a resort-style swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team and Chip Wooten and Jeff Gray of CBRE’s Multifamily Investment Sales team in Orlando arranged the transaction on behalf of the undisclosed seller. The sales price was not disclosed.

November 3, 2022

Acquisitions Florida Hospitality Southeast

CBRE Brokers $29.1M Sale of Courtyard by Marriott Hotel in Downtown St. Petersburg, Florida

by John Nelson November 1, 2022

ST. PETERSBURG, FLA. — CBRE has brokered the sale of Courtyard by Marriott St. Petersburg Downtown, a 128-room hotel located at 300 4th St. N in downtown St. Petersburg. Atlanta-based The Radco Cos. purchased the hotel from Blackstone for $29.1 million. Christian Charre, Paul Weimer, Jennifer Jin and Andrew Pastorino of CBRE’s hotel division in Miami represented the seller in the transaction. The Courtyard by Marriott was converted from an independent boutique hotel in 2006 and underwent a renovation in 2015. Amenities include a restaurant and bar, onsite fitness and business centers, an indoor pool, 806 square feet of meeting space and valet parking.

November 1, 2022

Acquisitions Florida Retail Southeast

JLL Brokers Sale of 142,767 SF Retail Center in Pensacola, Florida

by John Nelson October 31, 2022

PENSACOLA, FLA. — JLL has arranged the sale of Pensacola Square, a 142,767-square-foot shopping center located in Pensacola. Brad Peterson and Whitaker Leonhardt of JLL represented the seller, an affiliate of Atlanta-based RCG Ventures LLC. Pensacola Square, which was 95 percent leased at the time of sale, is anchored by Big Lots and shadow-anchored by Hobby Lobby. Tenants at the property include American Freight Outlet, Beall’s Outlet and Petland. A private Florida-based family office acquired the shopping center for an undisclosed price.

October 31, 2022

Development Florida Multifamily Southeast

Alliance Residential Acquires 12 Acres in Tampa for Waterfront Multifamily Development

by John Nelson October 28, 2022

TAMPA, FLA. — Alliance Residential Co. has acquired a 12-acre property located at 5105 W. Tyson Ave. in Tampa for $15. 8 million. Mark Eilers and Ed Miller of Colliers brokered the sale on behalf of the undisclosed seller. The Arizona-based developer plans to use the site for the development of Broadstone Westshore, a 325-unit luxury apartment community. To be developed in partnership with Santander Bank, Broadstone Westshore will comprise apartments ranging in size from 593 to 1,520 square feet, as well as a clubhouse, pool, fitness center, dog park and wash station, podcast studio, business center and media lounge. Construction is scheduled to begin within the next few weeks, with the first units expected to be ready in April 2024.

October 28, 2022

Development Florida Industrial Southeast

Merritt Properties Buys Land in Jacksonville for 158,400 SF Industrial Development

by John Nelson October 28, 2022

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres off of First Coast Expressway in Jacksonville for the development of a business park comprising 158,400 square feet. The development will feature four single-story, flex/light industrial buildings ranging from 21,600 to 57,600 square feet. Construction is slated to begin before the end of this year, with the first phase including three buildings along Armstrong Lane.

October 28, 2022

Florida Loans Multifamily North Carolina Southeast

NewPoint Provides $93.5M Freddie Mac Financing for Two Apartment Communities in Charlotte, Orlando

by John Nelson October 27, 2022

CHARLOTTE, N.C. AND ORLANDO, FLA. — NewPoint Real Estate Capital LLC has provided two separate Freddie Mac loans totaling $93.5 million for two apartment communities in Charlotte and Orlando. The borrower, an affiliate of American Landmark LLC, is using the loans to refinance both properties. The transactions include a $51 million loan for the 338-unit 8 Metro Station in Charlotte and a $42.5 million loan for the 279-unit Central Station on Orange in Orlando. Marc Cesare of NewPoint originated the 10-year, fixed-rate loans. The loans both featured five years of interest-only payments and provided cash-out options for American Landmark, an investment firm that manages over $5 billion in multifamily properties spanning approximately 32,000 units.

October 27, 2022

Newer Posts

Older Posts