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FloridaLoansMultifamilySoutheast

KeyBank Provides $39M Acquisition Loan for Apartment Complex in Central Florida

by Alex Tostado

DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $39 million Fannie Mae acquisition loan on behalf of Bluerock Real Estate for The Meadows at ChampionsGate. The Meadows at ChampionsGate is a 304-unit apartment community located in Davenport, adjacent to ChampionsGate Country Club and about 30 miles southwest of downtown Orlando. The property comprises nine three-story buildings on 17 acres. Communal amenities include a resident lounge with game room, 24-hour fitness center, swimming pool, bark park, clubhouse and a car care station. The seller was not disclosed.

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DevelopmentFloridaMixed-UseSoutheast

Liberty Investment Leads New Mixed-Use Development in Downtown Orlando

by Alex Tostado

ORLANDO, FLA. — Liberty Investment Properties, in a partnership with private investors, is developing a new mixed-use development in downtown Orlando. Liberty Corner will be a three-story building that will house 150,000 square feet of retail and restaurant space and a climate-controlled self-storage facility. My Neighborhood Storage Center of Magnolia will operate the nearly 700 self-storage units. Liberty Investment Properties will manage the property, which is expected to open at the end of 2020.

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FloridaLoansMultifamilySoutheast

NorthMarq Provides $65M Loan for Refinancing of Apartment Complex in Central Florida

by Alex Tostado

PORT ORANGE, FLA. — NorthMarq has provided a $65 million refinancing HUD loan for Legacy at Crystal Lake, a 510-unit apartment complex in Port Orange. The 35-year, fixed-rate loan comes with a 35-year amortization schedule. Legacy at Crystal Lake is located at 1200 Floral Springs Blvd., six miles south of Daytona Beach. The property offers communal amenities such as a sundeck, swimming pool, cabanas, fitness center, playground, clubhouse and basketball and volleyball courts.

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AcquisitionsFloridaRetailSoutheast

CBRE Brokers $17.2M Sale of Waterfront Shopping Center Near Tampa

by Alex Tostado

MADIERA BEACH, FLA. — CBRE has brokered the $17.2 million sale of The Shops at John’s Pass Village, a 40,771-square-foot shopping center in Madiera Beach. Mark Shellabarger of CBRE represented the undisclosed seller in an online auction that attracted 29 bids. Ben Mallah, an individual buyer, won the bidding process for the waterfront shopping village. The property consists of retail shops, restaurants, a marina and a 325-space parking garage. The Shops at John’s Pass is located about 25 miles west of downtown Tampa.

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DevelopmentFloridaMultifamilySoutheast

Summit Contracting Breaks Ground on 288-Unit Multifamily Complex Near Disney World

by Alex Tostado

KISSIMMEE, FLA. — Summit Contracting Group has broken ground on Sentosa Sinclair, a 288-unit multifamily complex in Kissimmee spanning 10 buildings and 367,043 square feet. The property will be located near the master-planned community of Reunion and Disney World. Communal amenities will include a clubhouse, swimming pool, fitness center, mail kiosk, playground and a dog park. Construction is planned to be complete in January 2021. Sentosa Sinclair Apartments LLC, an affiliate of Reunion developer Falcone Group, is building Sentosa Sinclair. St. Petersburg, Fla.-based ARC3 Architecture Inc. is the architect.

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AcquisitionsFloridaMultifamilySoutheast

Cushman & Wakefield Arranges $43M Sale of Apartment Complex in Southwest Florida

by Alex Tostado

NORTH PORT, FLA. — Cushman & Wakefield has arranged the $43 million sale of Lakes at North Port, a 312-unit apartment complex near Sarasota in southwest Florida. The property comprises 14 three-story buildings, offering one- to three-bedroom floor plans averaging 923 square feet. Communal amenities include a swimming pool, sundeck, clubhouse, computer center, pet park, playground, fitness center and 10 parking spaces reserved for RVs and boats. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Symcor Capital Properties, in the transaction. Cohen-Esrey Apartment Investors LLC acquired the property.

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AcquisitionsFloridaMultifamilySoutheast

Sunstone Properties Trust Acquires Multifamily Community in Tampa for $42.2M

by Alex Tostado

TAMPA, FLA. — Sunstone Properties Trust has acquired Carlyle at Waters, a 392-unit multifamily community in Tampa, for $42.2 million. The community was built in 1985 across 12.7 acres, comprising 16 garden-style buildings and covered parking. Communal amenities include two swimming pools and two ponds. The new owner plans to build an outdoor kitchen and a fitness center. Further renovation plans include upgrading unit interiors, swimming pools and the leasing office. Berkadia provided a Freddie Mac mod-rehab loan to the buyer for renovations. The seller was not disclosed.

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AcquisitionsFloridaRetailSoutheast

Blackwater Resources Sells 75,904 SF Shopping Center in Florida Panhandle

by Alex Tostado

PACE, FLA. — Blackwater Resources has sold Pace Crossroads, a 75,904-square-foot shopping center in Pace. The property was fully leased at the time of sale to Dick’s Sporting Goods, Michael’s and Ulta Beauty. Pace Crossroads was built in 2018 and is located 15 miles northeast of Pensacola. Mark Joines, Drew Fleming and Henry Kushner of Newmark Knight Frank (NKF) represented the seller in the transaction. The buyer was a private company based in the Mid-Atlantic. The sales price was not disclosed.

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Company NewsFloridaRetailSoutheast

Michelle Kidd Joins Crossman & Co. as Director of Client Services

by Alex Tostado

ORLANDO, FLA. — Michelle Kidd has joined Crossman & Co. as its new director of client services. Kidd has lived and worked in Orlando since 1997, most recently as a partner at TSCG. Crossman specializes in commercial property management, leasing and investment sales. “I feel a responsibility to make our team stronger through hands-on training and support,” says Kidd. “My goal is to build a concierge service that’s extended to all of our clients as we continue to strengthen the relationships, by identifying individual goals and manage the asset with that objective in mind.” Kidd is on the Legislative Committee for the Orlando Building Owners and Managers Association (BOMA) and is seeking the organization’s Real Property Administrator (RPA) designation. Kidd is also an active member of Commercial Real Estate Women (CREW), serving on the Special Events Committee.

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AcquisitionsFloridaMultifamilySoutheast

Cushman & Wakefield Arranges $59M Sale of Multifamily Community in Tampa

by Alex Tostado

TAMPA, FLA. — Cushman & Wakefield has arranged the $59 million sale of Mezzo of Tampa Palms, a 340-unit multifamily community in Tampa. The property offers one-, two- and three-bedroom floor plans spread across 20 three-story buildings. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The property was above 95 percent occupied at the time of sale. Communal amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand, business center, Wi-Fi in community areas, two swimming pools, poolside outdoor kitchen with a fire pit, gated access with virtual guards, dog park, tennis court, playground, barbecue and picnic area, walking/jogging trails and a sun deck. Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Boston-based Preston-Giuliano Capital Partners, in the transaction. Boston-based Taurus Investment Holdings acquired the property.

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