Florida

Bridge Investment Group Acquires Two Office Properties Totaling 528,679 SF in Metro Miami

by Alex Patton August 16, 2019

MEDLEY AND DORAL, FLA. — Bridge Investment Group LLC, a Salt Lake City-based investment firm, has acquired two office properties totaling more than 500,000 square feet in the western Miami metro area. The price was not disclosed. The properties include the Offices at Flagler Station in Medley and the Offices at Doral Square in Doral. The buildings are approximately five miles away from each other, and just west of Miami International Airport. The Offices at Flagler Station is a collection of three buildings totaling 387,474 square feet within the Flagler Station Business Park. Bridge plans to invest $5.2 million to renovate the fitness centers, conference facilities and cafes of all three buildings. Renovations are slated for completion in 2020. At the time of sale, the buildings were 91 percent leased, with available offices ranging from 1,507 to 16,970 square feet. The Offices at Doral Square is an eight-story, 141,205-square-foot property originally built in 1979. A recent $8.5 million renovation project upgraded the lobby, corridors, bathrooms and elevators. The investment also funded completion of a new roof and three-story parking deck. At the time of sale, the building was 89 percent leased, with available offices ranging from 1,974 to 8,165 square …

August 16, 2019

Florida Market Reports Multifamily Southeast Southeast Market Reports

Demand for Higher-End Markets in Southwest Florida Helps Class B Market

by Taylor Williams August 16, 2019

As job growth supports a healthy economy in Southwest Florida, the region is experiencing major population growth, causing a surge in new Class A multifamily construction. The number of new construction Class A units in Southwest Florida has increased by nearly 150 percent year-over-year. In first-quarter 2018, there were 257 Class A units completed, and in first-quarter 2019, that number rose to 622. With this increased supply of Class A properties, there is now more demand in Class B properties among renters, and ultimately from investors. Class B properties tend to have more affordable rental rates, and investors have now noticed the potential for higher investment returns. Illustrating this demand, in the first quarter of 2018 in Southwest Florida, there were 17 Class B properties sold that totaled nearly $39 million. In first-quarter 2019, the sale volume increased to $68 million with nine properties sold. Also, investors were willing to pay more for these assets if they had a value-add component With Class B vacancies being tight at 4.6 percent, investors are making interior and exterior improvements to properties and gradually raising rental rates to increase their returns. For example, a value-add Class B multifamily property in Fort Myers recently …

August 16, 2019

Acquisitions Florida Retail Southeast

TSCG Brokers Sale of 162,000 SF Retail Center in Gainesville

by Alex Tostado August 15, 2019

GAINESVILLE, FLA. — TSCG has brokered the sale of Gainesville Plaza, a 162,000-square-foot retail center situated along NW 13th Street in Gainesville. The center was 92.4 percent leased at the time of sale to tenants including Burlington, Ross Dress for Less, Sav-A-Lot, 2nd & Charles (a Books-A-Million concept), Lumber Liquidators and Hibbett Sporting Goods. The sale also includes a 1.4-acre outparcel fronting 13th Street that can accommodate 4,000- and 3,750-square-foot buildings. Gainesville Plaza was built in 1971 and renovated in 2014. Anthony Blanco of TSCG and his sales team represented the seller, an affiliate of a publicly traded REIT, in the transaction. An affiliate of Wicker Park Capital Management LLC acquired the center for an undisclosed price.

August 15, 2019

Acquisitions Florida Multifamily Southeast Tennessee

NexPoint Residential Trust Agrees to Buy Two Apartment Complexes in South Florida, Nashville for $384.3M

by Alex Tostado August 14, 2019

PEMPROKE PINES, FLA. AND NASHVILLE, TENN. — NexPoint Residential Trust Inc. has agreed to buy the 1,520-unit Pembroke Cove Apartments in South Florida for $322 million and the 346-unit Arbors of Brentwood in Nashville for $62.3 million. Pembroke Cove Apartments is situated at 13401 NW 5th St., 24 miles north of downtown Miami. The property offers one- through three-bedroom floor plans. Communal amenities include a swimming pool, hot tub, clubhouse, fitness center, tennis courts, racquetball courts, basketball courts, playground and a billiards room. The community was 96 percent occupied at the time of the agreement. The seller was not disclosed. Arbors of Brentwood is located at 100 Brentwood Place, 10 miles south of downtown Nashville. The complex offers one- through three-bedroom floor plans. Community amenities include a fitness center, three swimming pools, outdoor kitchen, business center, pet park, playground, tennis court and outdoor picnic and grilling area. The seller was not disclosed. NexPoint expects both sales to close by Aug. 30.

August 14, 2019

Acquisitions Affordable Housing Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $27.9M Acquisition Loan for Affordable Housing Community in Orlando

by Alex Tostado August 14, 2019

ORLANDO, FLA. — Walker & Dunlop has provided a $27.9 million Freddie Mac acquisition loan for Brooke Common Apartments, a 288-unit affordable housing community in Orlando. The borrower is Avanath Capital Management. Half of the units, which are spread out over 38 garden-style buildings, are reserved for those making 60 percent of the area median income (AMI), while 5 percent of the units are reserved for those making 55 percent of the AMI. Brooke Commons Apartments is located 13 miles north of downtown Orlando and offers communal amenities such as a swimming pool, playground, fitness center, volleyball court, business center and a clubhouse. The seller was not disclosed.

August 14, 2019

Acquisitions Florida Multifamily Southeast

Balfour Beatty, ApexOne Buy 300-Unit Apartment Complex in West Jacksonville

by Alex Tostado August 13, 2019

JACKSONVILLE, FLA. — A partnership between Balfour Beatty and ApexOne Investment Partners has bought Landings at Lake Gray, a 300-unit apartment complex in west Jacksonville. The property was built in 2005 and offers one-, two- and three-bedroom floor plans averaging 952 square feet. Community amenities include a swimming pool, fitness center, clubhouse, outdoor kitchen and a playground. The buyers plan to immediately renovate the 14-acre property, which will encompass improvements to landscaping and curb appeal, an upgraded amenity package and interior renovations to further modernize kitchens, lighting and flooring. Shelton Granade, Joe Ayers and Cliff Taylor of CBRE represented the seller in the transaction, American Landmark. The sales price was not disclosed.

August 13, 2019

Acquisitions Florida Multifamily Southeast

Bell Partners Acquires 249-Unit Multifamily Community in South Florida

by Alex Tostado August 13, 2019

POMPANO BEACH, FLA. — Bell Partners has acquired Overlook Pointe, a 249-unit multifamily community in Pompano Beach. The Greensboro, N.C.-based investor will rename the community Bell Lighthouse and manage the property. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, barbecue area with grills, fitness center, free Wi-Fi in common areas, coffee bar and a six-story parking garage with 413 spaces. The seller and sales price were not disclosed.

August 13, 2019

Development Florida Loans Office Southeast

JLL Arranges $300M Construction Loan for Office Tower in Miami

by Alex Tostado August 12, 2019

MIAMI — JLL has arranged a $300 million construction loan for the development of 830 Brickell, a 56-story, 1 million-square-foot office tower in Miami’s Brickell district. MSD Partners provided the four-year loan to the developers, a joint venture between OKO Group and Cain International. Located at 830 SE First Ave., 830 Brickell is slated for completion in early 2022. The property is situated next to a MetroMover station, as well as Brickell City Centre, a $1.5 billion, 506,000-square-foot mixed-use development.

August 12, 2019

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires 259-Unit Multifamily Property in Florida’s Space Coast

by Alex Tostado August 9, 2019

MELBOURNE, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Artistry at Viera, a newly constructed, 259-unit multifamily property in Melbourne. Davis Development delivered the asset in 2018 within Viera, a 22,000-acre, master-planned community being developed by Viera Cos. Artistry at Viera offers one- through three-bedroom floor plans and communal amenities such as a swimming pool, clubhouse, game room, fitness center, media center, movie theater and a business center. The sales price was not disclosed.

August 9, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $17M Sale of Office Campus in Broward County

by Alex Tostado August 9, 2019

DAVIE, FLA. — Cushman & Wakefield has negotiated the $17 million sale of Flamingo Commons, an office campus spanning 81,959 square feet in Davie. Flamingo Commons was 95 percent leased at the time of sale to tenants including Flamingo Commons Dental, Mazzola’s West Italian Restaurant, Shades of Red Salon and The Gordon Group Luxury Cruise Planners. The two two-story buildings and one six-story building were completed between 2002 and 2006. Greg Miller, Miguel Alcivar, Scott O’Donnell, Dominic Montazemi and Mike Ciadella of Cushman & Wakefield, along with Steven Beauchamp from Mangrove Advisory, represented the seller, Flamingo Commons LLC. Miami-based Prive Flamingo LLC Land Banking acquired the property.

August 9, 2019

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