Florida

ST. PETERSBURG, FLA. — ARA Newmark has arranged the $64.1 million sale of Reserve at Gateway, a 314-unit apartment community located at 500 Trinity Lane in St. Petersburg. Patrick Dufour, Richard Donnellan, Scott Ramey and Ryan Crowley of ARA Newmark arranged the transaction on behalf of the seller, New York-based Clarion Partners. Matthew Williams of NKF Capital Markets arranged acquisition financing for the asset on behalf of the buyer, Philadelphia-based Equus Capital Partners. Constructed in 1999, the property underwent renovations between 2013 and 2017. Individual units feature crown molding, faux-wood flooring, stainless steel appliances, granite countertops and new cabinetry and lighting. Community amenities include a resort-style pool, outdoor kitchen, fitness center, lighted tennis court, car care center and a dog park.

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PEMBROKE PINES, FLA. — Strategic Storage Growth Trust Inc., a non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 870-unit self-storage facility in Pembroke Pines, roughly 23 miles north of Miami. The property is located at the intersection of Pines Boulevard and S.W. 186th Avenue. The 84,000-square-foot, climate-controlled facility was completed earlier this year and comprises one two-story and one three-story building. The sales price was not disclosed.

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MIAMI — Pinnacle Housing Group has opened Pinnacle Heights, a 109-unit affordable housing community located at 3530 N.W. 36th St. in Miami. The $31.5 million project includes one-, two- and three-bedroom units, the bulk of which are reserved for residents earning 60 percent or less of the area median income (AMI). Four units will be leased at market-rate rents. Monthly rents for affordable units at Pinnacle Heights range from $797 for a one-bedroom apartment to $1,112 for a three-bedroom unit. Market-rate rents begin at $1,450 per month. The 13-story building features a cyber lounge, media room, computer lab, fitness center and a covered playground. In addition, the property includes a four-story parking garage with 173 spaces.

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LAKE WORTH AND HIALEAH, FLA. — Hunt Mortgage Group has provided two loans totaling $24.5 million for the refinancing of two multifamily properties in South Florida: Village at Lake Osborne Apartments in Lake Worth and Amelia Oaks Apartments in Hialeah. Hunt Mortgage provided a $13 million, 10-year Fannie Mae loan for Village at Lake Osborne on behalf of the borrower, AHS Development Group LLC. The loan features two years of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 118-unit property, located at 2430 Lake Worth Road, includes three, three-story apartment buildings and 168 parking spaces. In addition, the gated community features nearby public transportation, a fitness center and a pool. In Hialeah, Hunt Mortgage provided a $10.5 million Fannie Mae loan for the refinancing of Amelia Oaks on behalf of the borrower, Hialeah 2.71 Acres LLC. The 10-year loan features five years of interest-only payments and a 30-year amortization schedule. Located at 295 W. 79th Place, Amelia Oaks features 82 units housed in five, three-story buildings and 164 parking spaces.

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MIAMI SPRINGS, FLA. — Aztec Group Inc. has arranged a $15.2 million construction loan for the development of a new Comfort Inn & Suites hotel located at 665 Mokena Drive in Miami Springs. Aztec Group arranged the loan through TotalBank on behalf of the developer, 665 Mokena Partners LLC, an entity led by Steven Marin and Michael Pfeffer. The eight-story hotel will include 120 guestrooms and will feature complimentary breakfast, a fitness center, outdoor swimming pool and deck, business center, sundries shop, guest laundry and meeting space. Travelers Hotel Group will manage the hotel, which is expected to open mid-2019.

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GAINESVILLE, FLA. — The Sembler Co., in partnership with Forge Capital Partners, has acquired Gainesville Shopping Center, a 185,000-square-foot retail center located at the northwest corner of North Main Street and N.W. 10th Avenue in Gainesville. The companies acquired the asset through their investment fund, Forge Real Estate Partners III (FREP). Other terms of the deal were not disclosed. At the time of sale, Gainesville Shopping Center was 91 percent leased to tenants including Publix, Beauty Max and Family Dollar. The Sembler Co. will manage the property and handle the center’s leasing assignment.

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BRANDON, FLA. — Marcus & Millichap has arranged the $30 million sale of Lakeside Apartment Homes, a 228-unit apartment community in the Tampa Bay suburb of Brandon. Ned Roberts, Nicholas Meoli and Michael Donaldson of Marcus & Millichap represented the seller and procured the buyer, both of which are Florida-based limited-liability companies. The new owner will upgrade the property’s common areas and unit interiors. Constructed in 1985, Lakeside Apartment Homes is located directly across from Brandon Regional Hospital. Community amenities include a swimming pool, sports courts, car-care center, storage units and a lakeside gazebo.

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MELBOURNE, FLA. — NorthMarq Capital has arranged the $25 million sale of a 191,500-square-foot office building located at 1990 NASA Blvd. in Melbourne. The building is home to General Electric Co. Dallas-based Reserve Cap Partners acquired the asset from an undisclosed seller, and Will James of NorthMarq brokered the sale. In addition, NorthMarq arranged a 10-year, CMBS acquisition loan on behalf of Reserve Cap Partners.

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TAMPA, FLA. — Cushman & Wakefield has arranged the $20.3 million sale of Bay West, a 195,558-square-foot office park located at 5660 to 5840 W. Cypress St. in Tampa’s Westshore district. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based Equus Capital Partners Ltd. Greenville, S.C.-based RealOP Investments acquired the asset. Bay West includes eight office buildings, constructed between 1983 and 1985. At the time of sale, the office park was 95 percent leased to tenants including Fidelity National Title, GEICO and Beef ‘O’ Brady’s. Paula Buffa and Lauren Coup of Cushman & Wakefield have been retained to handle the property’s leasing assignment.

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PEMBROKE PINES, FLA. — HFF has arranged a $14.2 million senior loan for Sheridan Village, a 63,654-square-foot retail center and self-storage facility in Pembroke Pines. Scott Wadler and Jesse Wright of HFF arranged the seven-year, fixed-rate loan through Mercantil Bank NA on behalf of the borrowers, construction firm ANF Group Inc. and its affiliate Sheridan Real Estate Group LLC. The borrowers will use the loan proceeds to retire the existing construction loan. Phase I of Sheridan Village was completed in December 2016 and includes 15,098 square feet of retail fronting Sheridan Street. The second phase, completed in December 2017, includes an additional 14,029 square feet of retail and 34,527 square feet of climate-controlled self-storage space, situated on two floors above the ground-floor retail space. Both phases are fully leased or preleased to tenants including Dunkin’ Donuts, Cricket Wireless, Memorial Healthcare System, a pharmacy and an Italian restaurant.

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