Florida

Passco Purchases Apartment Property in Metro Tampa for $49.7M

by John Nelson June 2, 2017

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

June 2, 2017

Florida Hospitality Southeast

Xenia Hotels Purchases Hyatt Regency Grand Cypress in Orlando for $205.5M

by John Nelson June 1, 2017

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. has purchased the 815-room Hyatt Regency Grand Cypress in Orlando for $205.5 million. An affiliate of Hyatt Hotels Corp. sold the hotel, which features six food and beverage outlets, more than 65,000 square feet of indoor and outdoor meeting and event space, a full-service spa and access to 45 holes of Jack Nicklaus signature-designed golf courses. The hotel has received roughly $32 million in capital investment over the past five years, including major improvements to the public spaces and food and beverage outlets. Xenia Hotels plans to renovate the guestrooms and existing meeting space, as well as add a new ballroom.

June 1, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners Tops Off $82M Seniors Housing Project in Celebration, Florida

by John Nelson June 1, 2017

CELEBRATION, FLA. — Big Rock Partners has topped off Windsor at Celebration, a new 239-unit seniors housing property in Celebration, the Disney-originated master-planned community in Central Florida. The independent living, assisted living and memory care project will be situated south of Walt Disney World along Interstate 4. The project team includes architect Gensler and construction manager Balfour Beatty Construction. Windsor at Celebration, which won’t require an up-front entrance fee, will comprise 151 independent living units, 55 one- and two-bedroom assisted living units and 33 one-bedroom memory care residences. Life Care Services, an LCS Co., will manage the new community upon completion. Big Rock Partners has launched preleasing at the project, which is set to open in spring 2018.

June 1, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Secures $21.2M Freddie Mac Green Up Loan for Multifamily Property in Naples, Florida

by John Nelson June 1, 2017

NAPLES, FLA. — NorthMarq Capital has arranged a $21.2 million acquisition loan for Berkshire Reserve, a 146-unit apartment community located in Naples. Lee Weaver and Melissa Marcolini-Quinn of NorthMarq Capital structured the loan through Freddie Mac’s Green Up program on behalf of the borrower, which has committed to saving at least 15 percent in energy or water usage.

June 1, 2017

Florida Multifamily Southeast

CBRE Arranges $50.7M Sale of Apartment Community in Southwest Orlando

by John Nelson May 31, 2017

ORLANDO, FLA. — CBRE has arranged the $50.7 million sale of Mission Club, a 356-unit apartment community located off International Drive at 6739 Mission Club Blvd. in southwest Orlando. White Eagle Property Group purchased the asset from Mission Club Owner LLC. Built in 1996, the gated property features a clubhouse, sports courts, pool and sundeck, whirlpool spa, 3D surround sound theater, fitness center, business center, playground with a wading pool and private garages. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

May 31, 2017

Florida Office Southeast

Cushman & Wakefield Brokers $9.3M Sale of Office Campus in Broward County

by John Nelson May 31, 2017

SUNRISE, FLA. — Cushman & Wakefield has arranged the $9.3 million sale of Executive University Courts, a 97,125-square-foot office campus in Broward County. Built in 1987, the six-building, two-story development is located on 5.9 acres at 4300 N. University Drive in Sunrise. Executive University Courts was 84.1 percent leased at the time of sale to tenants such as Strax Rejuvination, Optimum Education Group and Authorized Recovery. Dominic Montazemi, Greg Miller and Scott O’Donnell of Cushman & Wakefield represented the seller, Kas University LLC, in the transaction. MYP Executive LLC purchased the asset for about $96 per square foot.

May 31, 2017

Florida Hospitality Southeast

Concord Hospitality Breaks Ground on Hyatt Place Jacksonville

by John Nelson May 30, 2017

JACKSONVILLE, FLA. — Concord Hospitality has begun construction on Hyatt Place Jacksonville, a 160-room hotel situated across from St. Johns Town Center in Jacksonville. The five-story hotel will anchor The Strand at St. Johns Town Center, a new 45-acre mixed-use development with retail, restaurants and multifamily residences. Scheduled to open in late 2018, the hotel will feature 3,000 square feet of flexible meeting space, an outdoor pool, fitness center and an outdoor deck for events. Concord Hospitality operates two other Hyatt-branded hotels in Florida: Hyatt Place Miami Airport and Hyatt Centric South Beach Miami. Concord also plans to open Hyatt Centric Brickell Miami later this year.

May 30, 2017

Florida Industrial Southeast

Easton Group Buys New Distribution Center in Metro Miami for $21.8M

by John Nelson May 26, 2017

MEDLEY, FLA. — An affiliate of The Easton Group has purchased a newly built, 182,000-square-foot distribution center in Miami’s Medley submarket for $21.8 million. The affiliate, EWE Airport North Logistics Center LLC, purchased the asset from the developer, Ridge Development, in an all-cash transaction. The Easton Group is handling leasing and management for the property, which is situated on 10 acres at the corner of 87th Avenue and 90th Street, about six miles north of Miami International Airport.

May 26, 2017

Florida Multifamily Southeast

Avesta Acquires Two Apartment Communities in Metro Orlando for $32M

by John Nelson May 25, 2017

ALTAMONTE SPRINGS, FLA. — Avesta has purchased two apartment communities in Altamonte Springs, about 11 miles north of Orlando, for a combined $32 million. Avesta has rebranded and operationally merged the two assets, known as Altamonte Villas and Palms at Altamonte, as East Pointe at Altamonte. Totaling 354 units, East Pointe at Altamonte features a mix of one- and two-bedroom apartments and townhomes. Community amenities include two swimming pools, a fitness center, sports court, dog park, central laundry facilities and select covered parking. Avesta will invest $5 million to renovate and upgrade the community’s interiors, exteriors and amenities.

May 25, 2017

Florida Multifamily Southeast

Allen Morris Co. Opens $73M Apartment Community in Tampa Bay Area

by John Nelson May 24, 2017

ST. PETERSBURG, FLA. — The Allen Morris Co. has opened The Hermitage Apartment Homes, a $73 million multifamily community located at 151 7th St. in downtown St. Petersburg. The Tampa Bay-area property features 348 studio apartments, as well as one- and two-bedroom units. The community also displays artwork in the lobby in homage to its namesake, the Hermitage Art Museum in St. Petersburg, Russia. Community amenities include a rooftop pool and spa, outdoor grilling area, fitness center, pet spa, bike shop and storage and private dining and meeting areas. The Hermitage is Allen Morris Co.’s 81st development.

May 24, 2017

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