Florida

Cushman & Wakefield Brokers $50M Sale of Victoria Landing Apartment Complex in Central Florida

by Alex Tostado February 6, 2019

LAKELAND, FLA. — Cushman & Wakefield has arranged the $50 million sale of Victoria Landing, a 352-unit apartment complex in Lakeland. Tampa-based Blue Roc Premier purchased the asset and has rebranded it as The Park at Palazzo. The asset totals 383,212 square feet across 12 buildings on 24 acres. The Park at Palazzo offers one-, two- and three-bedroom floor plans and was 98 percent occupied at the time of the sale. Amenities include a resort-style swimming pool, hot tub, athletic facility, business center, sand volleyball court, car care facility, game room, playground, indoor basketball and racquetball courts, two dog parks and a pet washing station. Brad Capas, Luis Elzora and Robert Given of Cushman & Wakefield represented the seller, Minnesota-based Mercury Investment, in the transaction.

February 6, 2019

Acquisitions Development Florida Multifamily Southeast

PTM Partners, EIG Acquire Opportunity Zone in Miami, Plan $100M Multifamily Development

by Alex Tostado February 5, 2019

MIAMI — PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $100 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to include a resort-style, elevated pool deck, fitness center and spa, kids’ playroom, coworking space and resident lounge. The development will be situated at 218 N.W. Eighth St., about two miles north of downtown Miami.

February 5, 2019

Acquisitions Florida Multifamily North Carolina Southeast Top Stories

Carroll Organization Acquires 1,012-Unit Apartment Portfolio in Jacksonville, Raleigh for $145M

by Kristin Harlow February 1, 2019

JACKSONVILLE, FLA. AND RALEIGH, N.C. — Carroll Organization has acquired three apartment properties totaling 1,012 units in Jacksonville and Raleigh for $145 million. All three communities will be part of Carroll Multifamily Real Estate Fund V LP, managed by Carroll Management Group and rebranded under the Arium name. Sellers were not disclosed. The 288-unit Autumn Cove and the 272-unit Vista Grande are adjacent communities in Jacksonville. The properties will be renamed Arium Retreat at Orange Park and Arium Reserve at Orange Park. Both feature pools, fitness centers and dog parks. Stonehenge Apartments is a 452-unit property in Raleigh. Amenities include a multi-level fitness center, pools, cabanas, playground and sports club with racquetball, basketball and tennis courts. The location provides convenient access to the Research Triangle and downtown Raleigh. “All three assets are consistent with a strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth metro areas,” says M. Patrick Carroll, CEO of Carroll Organization. Atlanta-based Carroll has now purchased 29 properties totaling more than $1.5 billion over the past 12 months. The privately held real estate company manages approximately 35,000 multifamily units across eight states. — Kristin Hiller

February 1, 2019

Acquisitions Florida Mixed-Use Southeast

Traina Sells Downtown Fort Lauderdale Site for $23.1M, Stays on as Development Partner for Mixed-Use Project

by Alex Tostado January 31, 2019

FORT LAUDERDALE, FLA. — New York-based Traina Cos. has sold a 2.8-acre parcel known as FATCity (Florida Arts and Technology City), a future mixed-use development in downtown Fort Lauderdale. An affiliate of Aventura, Fla.-based BH3 purchased the site at 300 N. Andrews Ave. from Traina Cos. for $23.1 million. The development is entitled to cover 1.35 million square feet of mixed-use space spanning a city block from N.E. Third Street to N.E. Fourth Street. At full build-out, FATCity is expected to comprise 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces. Traina Cos. will continue to be co-developer of the project. A timeline for the project was not disclosed. Avison Young represented Traina Cos. in the land sale.

January 31, 2019

Florida Loans Multifamily Southeast

HFF Arranges $60M Construction Loan for Apartment Building in Orlando

by Alex Tostado January 30, 2019

ORLANDO, FLA. — HFF has arranged a $60 million construction loan for the nine-story Lake House, an apartment building in Orlando’s Ivanhoe Village. Brett Moss, Michael Weinberg, Tyler Swidler and Alec Fox of HFF secured the loan on behalf of a partnership between developers Sumitomo Corp. of Americas, Finfrock and OneEleven Residential. Lake House is expected to deliver in 2020 and feature 252 apartment and townhome units, as well as 36,000 square feet of ground-level commercial space along Lake Ivanhoe. Lake House will be located at 301 N.E. Ivanhoe Blvd., about three miles north of downtown Orlando.

January 30, 2019

Florida Loans Multifamily Southeast

Mast Capital, AEW Capital Secure $59.7M Construction Loan for Multifamily Project in Miami

by Alex Tostado January 29, 2019

MIAMI — A joint venture between Mast Capital and AEW Capital Management LP has secured a $59.7 million construction loan for its Miami River Walk project. The 688-unit multifamily development will be built in two phases on 6.3 acres of land, situated less than two miles from downtown Miami. The first phase is expected to break ground in the first quarter of this year and will comprise 346 residential units. Corwil Architects is the designer. PNC Bank provided the construction loan.

January 29, 2019

Development Florida Retail Southeast

Alamo Drafthouse Cinema to Anchor Phase III of Orlando Retail Development

by Alex Tostado January 28, 2019

ORLANDO, FLA. — O’Connor Capital Partners has signed Alamo Drafthouse Cinema to be the anchor tenant of the third phase of Vineland Pointe, a 450,000-square-foot retail development in Orlando. Phase III is expected to be complete in 2020, Phase II is on schedule to open by this holiday season and Phase I was delivered in December. This will be Austin, Texas-based Alamo Drafthouse Cinema’s first Florida location and will offer a 10-screen theater with 942 recliners, a full-service bar and a restaurant. The retail project is situated adjacent to Orlando Vineland Premium Outlet Mall, and is being designed by Eleven18 Architecture, with Harris Civil Engineers serving as project engineer.

January 28, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of Two Florida Apartment Communities Totaling $72.6M

by Alex Tostado January 25, 2019

LAKELAND AND PLANT CITY, FLA. — Cushman & Wakefield has arranged the sale of two Florida apartment communities in separate transactions totaling $72.6 million. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield represented Highland City Garden LLC in selling Century Ariva Apartments, a 312-unit complex in Lakeland. Atlanta-based Centennial Holding Co. bought the property for $54.6 million, or $175,000 per unit. Built in 2017, Century Ariva Apartments offers one-, two- and three-bedroom floor plans, as well as a resort-style pool, mini movie theater, 24-hour package center, internet café, grilling areas and a 24-hour gym. Elzora, Capas and Given also represented Lakeside Garden of Plant City LLC in selling Lakehouse Luxury Apartment Homes, a 125-unit community in Plant City, for $18 million, or $144,000 per unit. The community was delivered in 2015 and offers one-two- and three-bedroom floor plans. Amenities include an access gate, lake frontage with fishing areas, grill and picnic areas, 24-hour fitness center, business center, dog park and a swimming pool.

January 25, 2019

Florida Loans Multifamily Southeast

KeyBank Provides $52.4M Refinancing Loan for Apartment Complex in Orlando

by Alex Tostado January 25, 2019

ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $52.4 million Fannie Mae loan for the refinancing of Harbor Beach Apartment Homes in Orlando. Todd Linehan of KeyBank originated the non-recourse, fixed-rate loan with a 15-year term and 30-year amortization schedule on behalf of the undisclosed borrower. The 602-unit community was built between 1984 and 1987 and was renovated in 2013. Amenities include a fitness center, car wash, resident boat dock, sand volleyball court, picnic area, swimming pool and a tennis court.

January 25, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $48.5M Sale of Office Building in Metro Orlando

by Alex Tostado January 23, 2019

MAITLAND, FLA. — Cushman & Wakefield has arranged the $48.5 million sale of Maitland Promenade One, a 230,371-square-foot office building in Maitland. KBS purchased the asset, which is situated within Maitland Center, an office park with eight Class A office buildings. KBS already owns Maitland Promenade Two. Maitland Promenade One is located about 10 miles north of downtown Orlando and was 98.1 percent leased at the time of sale to tenants including Allstate, Spectrum Communications, Adventist Health and Taylor Morrison. Michael Lerner, Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, Boston-based TA Realty, a private real estate investment firm, in the transaction.

January 23, 2019

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