MIAMI BEACH, FLA. — Starwood Real Estate Income Trust Inc. (Starwood REIT) has acquired a 15,460-unit multifamily portfolio from Strata Equity Group for an undisclosed price. Scott Wittman and Andrew Gordon of Strata Equity were responsible for the structuring and execution of the transaction. The portfolio includes 62 communities located across 10 states — primarily in the Southeast states of Georgia, Tennessee and North Carolina. The portfolio’s units are priced affordably with high-quality amenities, according to Starwood REIT. The Miami Beach-based firm will retain Strata Equity to manage the portfolio under terms of the transaction. As of Sept. 30, Starwood REIT’s portfolio had a total asset value of $12.6 billion across 246 properties. Starwood Capital Group manages Starwood REIT via a subsidiary doing business as Starwood REIT Advisors LLC. Strata Equity Group is a San Diego-based, privately held real estate investment and management company. The firm has sold in excess of $4 billion worth of multifamily assets this year through multiple transactions.
MIRAMAR, FLA. — Berkadia has arranged the sale of LUMA at Miramar, a 380-unit, garden-style multifamily community in Miramar, about 22 miles north of Miami. Roberto Pesant, Jaret Turkell, Charles Foschini, Omar Morales and Jose Mota of Berkadia Miami marketed the property on behalf of the seller, ANSCA. Avalon Bay Communities Inc. acquired the property for $133 million. Built in 2019, LUMA at Miramar features three- and four-story buildings with one-, two- and three-bedroom floorplans ranging from 818 square feet to 1,355 square feet. Each building features an elevator, and the units include insulated impact windows, wood plank flooring, granite countertops, stainless steel appliances, subway tile backsplash, walk-in closets and private screened balconies or patios. Monthly rent ranges from $1,999 to $2,750, according to Apartments.com. Community amenities include a gated electric entrance, swimming pool, fitness center, yoga room, Zen Garden, billiard room with fireplace, café with complementary self-service Starbucks coffee, outdoor grilling area, independent attached and detached garages and valet trash service. The occupancy rate at LUMA at Miramar remained at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale. Robert Pesant, a senior managing director at Berkadia, says the property …
WEST PALM BEACH, FLA. — A joint venture between Globe Invest, Related Group and BH Group are planning to develop Transit Village, a transit-oriented mixed-use project spanning 10 acres in downtown West Palm Beach. Keith O’Donnell, John Crotty, Gary Gottlieb, Michael Fay, David Duckworth and Brian de la Fé of Avison Young represented the project’s principal, Mike Masanoff, during the development planning process. The amount and terms of the investment were not disclosed. Related Group will serve as the project’s developer. Transit Village is projected to cost over $500 million to develop. The site is approved for approximately 1.5 million square feet of flexible zoning uses. The city granted approval for $25 million in tax increment and grants. Located at 150 Clearwater Drive and 203 S. Tamarind Ave., Transit Village will be situated close to Interstate 95 and less than three miles from the Palm Beach International Airport. Additionally, the project is directly connected to the Tri-Rail and Amtrak Station, providing direct transit access to Palm Beach International, Fort Lauderdale-Hollywood International and Miami International Airports. Related Group is a Miami-based developer that has developed, rehabilitated and managed more than 100,000 condominium, rental and commercial units. For the Transit Village development, …
TALLAHASSEE, FLA. — Ready Capital has closed the $10.1 million acquisition and stabilization financing for a 160-unit multifamily property in Tallahassee. The financing is a non-recourse, interest-only, floating-rate loan with a 24-month term and two extension options. The loan includes a facility to provide the unnamed borrower with future funding for capital expenditures. The name of the property was not disclosed.
EUSTIS, FLA. — Tabani Group Inc., a Dallas-based commercial real estate firm, has acquired Shoppes at Eustis Village, a 29,367-square-foot retail strip center in Eustis, about 37.9 miles north from Orlando. Brad Peterson, Whitaker Leonhardt, Michael Brewster and Tommy Isola of JLL represented the seller, Miami-based CORE Investment Properties, in the transaction. The sales price was approximately $9.2 million. Completed in 2006, the Shoppes at Eustis Village is fully leased to nine tenants including Starbucks Coffee, Verizon Wireless, Pep Boys, Greenberg Dental, Liberty Health Sciences and Planet Smoothie. Located at 15439 US Highway 441, the three-building property is shadow-anchored by Publix and Bealls.
NAPLES, FLA. — A partnership between The Athens Group and MSD Partners has purchased Naples Beach Hotel & Golf Club, a 125-acre resort that fronts the Gulf of Mexico in Naples. The Watkins Family sold the beachfront resort to the partnership for an undisclosed price, but the Naples Daily News reports the price tag exceeded $362 million. The new ownership plans to redevelop the resort into a mixed-use destination called Naples Beach Club. The development will include a 216-room hotel operated by Four Seasons Hotels and Resorts, the first Four Seasons property on the Gulf Coast. The lodging component will include indoor and outdoor lounges connected to the lobby; a beachside garden with outdoor pools, cabanas and an event lawn; high-end stores; an event ballroom; and multiple dining experiences. In addition, guests will have access to Market Square, which will comprise a general store; bar and grill with a game room and bowling alley; a kids club; and an activities lawn for events featuring eateries including an ice cream parlor. Naples Beach Club will also feature 185 for-sale residential units managed by Discovery Land Co., with amenities for residents and members that include golf, tennis, fitness center, spa and clubhouse. Hart …
KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.
FORT LAUDERDALE, FLA. — JLL Capital Markets has secured a $48.9 million loan for Tower 101 and Centre 101, two connected Class A office towers near downtown Fort Lauderdale. Melissa Rose and Giancarlo Paone of JLL worked on behalf of the borrower, Greenwich, Conn.-based Ivy Realty, to secure the three-year, floating-rate loan through Rialto Capital Management. The loan was meant to refinance existing debt and fund future capital improvements and leasing costs. Tower 101 is a 21-story office tower that connects to the six-story Centre 101. The properties are collectively 75.6 percent leased. Building amenities include 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse. In 2020, Ivy Realty renovated the property including outfitting the structured parking with electric vehicle charging stations and upgrading the full-service café and common areas, as well as modernizing the exterior entrance. Located at 101 NE 3rd Ave., the towers total 230,757 square feet. The towers are situated close to the Fort Lauderdale Brightline inner-city rail station, which connects to Miami, Fort Lauderdale and West Palm Beach.
ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has sold Patterson Court Apartments, a 384-unit multifamily property in Orlando, for $107.8 million. West Hollywood, Calif.-based Trion Properties was the buyer, according to the Orlando Business Journal. Brett Moss and Jaret Turkell of Berkadia represented the seller. Patterson Court offers one-, two- and three-bedroom apartments ranging in size from 772 to 1,312 square feet. Community amenities include a pool, fitness center, grill, picnic area, courtyard, sundeck, business center, clubhouse, conference room and car charging station. Located at 8151 Patterson Woods Drive, the property is situated near Interstates 4 and 417 and Orlando International Airport. Built in 2008, Patterson Court has historically been utilized by Walt Disney World Resort as housing for participants in its Disney College Program, which is an internship program operated by The Walt Disney Co. for college students. The new owner plans to renovate the property.
ORLANDO, FLA. — Stevens Construction has begun construction on PopStroke Orlando, a 13,712-square-foot experiential golf and casual dining concept. The project is slated for completion in spring 2022. PopStroke Orlando will be an interactive and competitive golf experience with food and beverage options, including an open-air restaurant with multiple open decks and covered dining areas and bars. The venue will also have a commercial kitchen, restrooms, covered playground, beer garden and lobby with retail space. The project will also include two 18-hole putting courses designed by TGR Design, and a jumbotron screen to display scores and sporting events. Located at 321 N. Alafaya Trail within Waterford Lakes Town Center, PopStroke Orlando will be the fourth PopStroke location to open in Florida. Stevens Construction is currently under construction on a Sarasota location and previously completed PopStroke Fort Myers in September 2020. Bruce Chartrand, Robert Koller and Corrie Cochran of Stevens Construction are overseeing development. MHK Architecture & Planning is the project’s architect.