Tuesday, June 3, 2025
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Downtown 5th
FloridaLoansMultifamilySoutheast

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

by Julia Sanders

MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group. Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only. Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.

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Arium
AcquisitionsFloridaMultifamilySoutheast

Carroll, PGIM Buy 12-Property Multifamily Portfolio Across Florida

by Julia Sanders

ATLANTA AND NEWARK, N.J. — Atlanta-based Carroll, in partnership with Newark-based PGIM Real Estate, has bought 12 multifamily communities in Orlando, Sarasota, West Palm Beach and Fort Lauderdale totaling 3,976 units. All properties were acquired through Carroll’s latest institutional investment vehicle, Carroll Multifamily Venture VI LP. The sales price was not disclosed. Carroll will manage the properties, which include seven Orlando properties, three Sarasota-Bradenton communities, one West Palm Beach property and one Fort Lauderdale community. The properties will all be rebranded under the Arium name, including: • Arium Altamonte Springs (previously Ashford Altamonte Springs) • Arium Winter Park (Bishop Park) • Arium Springs Colony (Springs Colony) • Twelve Oaks at Windemere by Arium (Twelve Oaks at Windemere) • Arium Valencia Gardens (Verona at Valencia Park) • Arium Mission Bay (Mission Bay) • Arium Mariner’s Village (Valencia Plantation) • Arium Bristol Bay (Perico Apartments) • Arium Citrus Run (Mcintosh Apartments) • Arium Grove Walk (Heron’s Run) • Gardens East by Arium (Gardens East) and • Park Place at Turtle Run by Arium (Park Place at Turtle Run) Carroll currently manages 39 properties throughout Florida and more than 13,000 units, totaling $3.5 billion in assets under management. Between 2015 and 2021, Carroll …

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AcquisitionsFloridaOfficeSoutheast

Cushman & Wakefield Arranges $315M Office Sale in Orlando

by Julia Sanders

ORLANDO, FLA. — Cushman & Wakefield has arranged the $315 million sale of SouthPark Center, a 10-building suburban office park in Orlando totaling approximately 1.3 million square feet. PPF Real Estate, part of PPF Group, acquired the property. The property is located near John Young Parkway and Sand Lake Road. The property was sold for the highest amount ever for the office market in Orlando, according to the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zach Eicholtz, Brooke Tulley and Ryan Jenkins of Cushman & Wakefield represented the seller, Boston-based AEW Capital Management, in the sales transaction. Additionally, Brian Linnihan, Jason Hochman, Mike Ryan and Ron Granite of Cushman & Wakefield arranged $233 million in acquisition financing on behalf of PPF Real Estate.

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Las Olas Walk
FloridaLoansMultifamilySoutheast

Square Mile Capital Provides $277.5M in Total Financing for Two Multifamily Properties in Fort Lauderdale

by Julia Sanders

FORT LAUDERDALE, FLA. — New York-based Square Mile Capital Management LLC has provided two separate acquisition loans totaling $277.5 million for two downtown Fort Lauderdale multifamily properties: Las Olas Walk and 4 West Las Olas. Purvesh Gosalia of Newmark arranged the $174 million and $103.5 million loans on behalf of the buyer, Aventura, Fla.-based Cardone Capital. Orlando-based ZOM Living developed and sold Las Olas Walk, and a partnership between NCC Development and Elevate Partners developed and sold 4 West Las Olas. Both properties were delivered in 2020. Las Olas Walk is an eight-story, 456-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a pet spa, coworking spaces, dockside marina lounge and grill, reserved parking, bike storage, outdoor gaming space, bark park, fitness center, electric car charging stations and an infinity edge pool. Located at 106 S. Federal Highway, the property is situated close to Morton’s The Steakhouse, Posh, Starbucks and the NSU Art Museum Fort Lauderdale. 4 West Las Olas is a 26-story, 260-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. The units feature open concept living rooms, quartz countertops, stainless steel appliances and full-size washers and dryers. Community amenities …

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St. Regis
DevelopmentFloridaMultifamilySoutheast

Related Group, Integra to Develop 354-Unit St. Regis Condo Project in Miami

by Julia Sanders

MIAMI — Related Group and Miami-based Integra Investments have plans to develop St. Regis Residences, Miami, a two-tower condominium project in Miami’s Brickell district. New York City-based Robert A.M Stern Architects and New York-based Rockwell Group will oversee architecture and interior design, respectively. ONE Sotheby’s International Realty will be the project’s sales and marketing partner. St. Regis Residences, Miami will offer 354 residential units across both towers. The units will range in size from a 1,300-square-foot one-bedroom to a 7,000-square-foot duplex. The prices will start at $2 million per unit and go up to over $40 million, according to Bloomberg. Condo reservations for St. Regis Residences, Miami will begin this January, with the official sales slated to begin shortly thereafter. The property will also include over 55,000 square feet in amenity areas, including an indoor lap pool, St. Regis Tea Room and butler service. The amenities and features are similar to the original St. Regis, a hotel property in New York City dating back to 1904. Located at 1809 Brickell Ave., the project will be located 12 miles from Miami Beach, about 11 miles from Miami International Airport and 6.6 miles from the University of Miami. The property will also …

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Biscayne
AcquisitionsDevelopmentFloridaMixed-UseSoutheast

Avison Young Arranges $105M Sale of Mixed-Use Development Site in Miami

by Julia Sanders

MIAMI — Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Michael Fay, John Crotty, David Duckworth, Brian de la Fe and Berkley Bloodworth of Avison Young represented the seller, Midgard Group. Joel Rodriguez of Global Investments Realty represented the buyer, Miami-based Melo Group. Construction has not started and the development timeline was not disclosed. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be situated near Miami’s Arts & Entertainment District between Biscayne Boulevard and Northeast Second Avenue. The site is currently home to a Burger King, a two-story mixed-use commercial building, parking lots and several vacant parcels.

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Beach Place
AcquisitionsFloridaMultifamilySoutheast

Jamestown Completes Sale of 308-Unit Apartment Community in Metro Miami

by Julia Sanders

SUNNY ISLES BEACH, FLA. — Atlanta-based Jamestown has completed the sale of Beach Place, a 308-unit apartment community in Sunny Isles Beach, about 19 miles north from Miami. A private buyer purchased the property for an undisclosed amount. Jaret Turkell, Roberto Pesant, Jose Mota and Omar Morales of Berkadia Institutional Solutions represented Jamestown in the sale. Beach Place features four, six-story buildings offering 213 one-bedroom units and 95 two-bedroom units averaging 900 square feet. Units feature stainless steel appliances, granite countertops, tile and hardwood flooring, walk-in closets and patios or balconies. Community amenities include a fitness center, pool, hot tub, bark park, dog wash, business center and bike parking. The property was 96 percent leased at the time of sale. Located at 17101 N. Bay Road on seven acres, the 277,200-square-foot property is located near Aventura Mall, Bal Harbour Shops, Oleta River State Park and Florida International University.

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220 Alhambra Circle
AcquisitionsFloridaOfficeSoutheast

Amerant Bancorp Enters $135M Sale-Leaseback Deal for Office Headquarters in Coral Gables, Florida

by Julia Sanders

CORAL GABLES, FLA. — Amerant Bancorp Inc., a Coral Gables-based bank holding company, has sold its Coral Gables headquarters to an entity doing business as FNLI Audax LLC in a sale-leaseback deal totaling $135 million. Located at 220 Alhambra Circle, the Amerant Center spans approximately 177,000 square feet of office space and 134,000 square feet in structured parking. Built in 1997, the property will have 402 parking spots and was 82 percent occupied at the time of sale. As part of this transaction, Amerant’s subsidiary, 220 Alhambra Properties LLC, entered into an 18-year triple-net leaseback agreement for about $43 per square foot during the first year. Stream Capital Partners represented Amerant on this transaction.

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Granada Shoppes
AcquisitionsFloridaRetailSoutheast

JLL Brokers $97M Sale of Trader Joe’s-Anchored Shopping Center in Naples, Florida

by Julia Sanders

NAPLES, FLA. — JLL Capital Markets has brokered the sale of Granada Shoppes, a 307,000-square-foot shopping center in Naples. Danny Finkle and Eric Williams of JLL represented the sellers, Miami-based Courtelis Co. and Barron Collier Cos., in the transaction. New York-based Brixmor Property Group acquired the property for $97 million. Anchored by Trader Joe’s, Granada Shoppes was 98 percent leased at the time of sale to a tenant lineup including Marshalls, Haverty’s Furniture, Dollar Tree, Tuesday Morning, Xfinity, First Watch, Jersey Mike’s, Sports Clips, Visionworks, Men’s Wearhouse, Petland of Naples, Hobby Lobby and P.F. Chang’s. Located at 10940 Tamiami Trail N. on more than 39 acres, Granada Shoppes is 3.5 miles west of the Interstate 75, 11 miles from Naples Beach and about 27 miles from Fort Myers.

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DevelopmentFloridaOfficeSoutheast

Bansi Properties to Develop 140,000 SF Office Building in Sunrise, Florida

by Julia Sanders

SUNRISE, FLA. — Bansi Properties has plans to develop a new 140,000-square-foot, four-story office building in Sunrise. The facility is slated for completion by 2023. Located on 22 acres within Sawgrass International Corporate Park, the new office building is part of Bansi’s newly established office campus that currently includes two office facilities available for lease, including 1500 Concord Terrace, a 180,000-square-foot property that Bansi recently acquired. Designed by architectural firm FSMY, the building will feature ample natural light, large floor plates and Energy Star- and LEED-certified materials and designs. The building will be located right off the Sawgrass Expressway, as well as near Sawgrass Mills Mall. Jay Adams of Newmark is managing leasing on behalf of Bansi.

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