Florida

Camden Property Trust Acquires 358-Unit Apartment Community Near Tampa for $127M

by Taylor Williams January 15, 2018

ST. PETERSBURG, FLA. — Camden Property Trust (NYSE: CPT), a Houston-based multifamily REIT, has acquired Camden Pier District, a 358-unit apartment community in the Tampa suburb of St. Petersburg, for $127 million. The community is located at 330 3rd St., less than a mile from the waterfront and within close proximity to Tropicana Field and the University of South Florida St. Petersburg. Patrick Dufour and Richard Donnellan of ARA Newmark arranged the transaction on behalf of the sellers, Miami-based American Land Ventures LLC and global equity partner Barings Real Estate — part of Barings LLC — on behalf of an institutional investor. American Land Ventures developed the property — originally known as AER Luxury Apartments — in 2016. “AER was an especially important assignment for us as we represented the land owner in the sale of the site to the developer, sourced the equity for the development of the project, monitored the asset closely through lease up and ultimately secured an institutional buyer in the sale of the asset.” says Dufour. The sales price, which equates to about $354,745 per unit, makes this transaction the largest apartment deal in the history of the Tampa Bay area on a per-unit basis, according …

January 15, 2018

Florida Multifamily Southeast

IPA Arranges $46.3M Sale of Multifamily Community in Downtown St. Petersburg

by Camren Skelton January 12, 2018

ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $46.3 million sale of Urban Style Flats, a 481-unit apartment community located at 300 10th St. in downtown St. Petersburg. IPA arranged the transaction on behalf of a New York-based buyer. Other terms of the deal were not disclosed. Constructed between 1971 and 1978, Urban Style Flats has undergone a number of capital improvements since 2010, including new air conditioning systems, a structured parking garage and modern décor. The property comprises a high-rise building with three multi-story towers. Community amenities include a 24-hour fitness center, swimming pool, bocce ball court, golf putting green and an on-site restaurant.

January 12, 2018

Florida Multifamily Southeast

Pollack Shores Sells 274-Unit Apartment Community in Tampa for $58.1M

by Camren Skelton January 11, 2018

TAMPA, FLA. — Pollack Shores Real Estate Group LLC has sold Havana Square, a 274-unit apartment community located at 400 N. Rome Ave. in Tampa, for $58.1 million. Matt Mitchell and Zac Nolan of HFF arranged the transaction on behalf of Pollack Shores, which completed the property in 2017. Nashville-based Nicol Investment Co., a private investment firm, acquired the asset. Located in Tampa’s North Hyde Park neighborhood, Havana Square is roughly one mile west of Tampa’s central business district. The four-story building includes one-, two- and three-bedroom units averaging 804 square feet. Community amenities include a swimming pool, outdoor kitchen, bocce ball court, fire pits, grilling areas, fitness center, clubroom with game tables, kitchen and a bar.

January 11, 2018

Florida Loans Retail Southeast

Aztec Group Secures $24.5M Acquisition Loan for Publix-Anchored Center in Miami

by Camren Skelton January 11, 2018

MIAMI — Aztec Group Inc. has arranged a $24.5 million loan for the acquisition of Old Cutler Town Center, a 106,500-square-foot shopping center located at 20405 Old Cutler Road in Miami. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the undisclosed borrower, which acquired the property for $31.5 million. A 42,000-square-foot Publix anchors Old Cutler Town Center, whose other tenants include GNC, Ace Hardware, Florida Oncology, La Colonial Medical Center and Subway.

January 11, 2018

Florida Hospitality Southeast

BPG Acquires 238-Room Hilton-Branded Hotel in Melbourne, Florida

by Camren Skelton January 11, 2018

MELBOURNE, FLA. — The Buccini/Pollin Group (BPG) has acquired Hilton Melbourne Rialto Place, a newly renovated, 238-room hotel in Melbourne. Jordan Roeschlaub, Dustin Stolly, Bob Tonnessen and Jason Deck of NKF Capital Markets arranged a $26.6 million acquisition loan through Ladder Capital on behalf of BPG. The hotel, located one mile from Melbourne International Airport, recently underwent a $5 million upgrade. Hilton Melbourne Rialto Place features more than 12,000 square feet of function space, a business center, meeting rooms, fitness center, pool, tennis court and a basketball court. Washington, D.C.-based PM Hotel Group will operate the hotel.

January 11, 2018

Florida Multifamily Seniors Housing Southeast

Validus Receives $117.5M Line of Credit from SunTrust to Acquire Three Seniors Housing Assets in Southeast

by Camren Skelton January 10, 2018

TAMPA, FLA. — Tampa-based Validus Senior Living has closed a $117.5 million syndicated revolving line of credit with SunTrust Robinson Humphrey for the acquisition of three seniors housing communities located in Louisiana, Florida and Georgia. SunTrust Robinson Humphrey, a division of SunTrust Banks Inc. that provides investment banking services including mergers and acquisitions and private equity financing, served as the lead arranger and bookrunner for the deal, while SunTrust Bank acted as the lead participant and administrative agent. The five-year deal is renewable, and Validus will use the credit line to acquire Inspired Living at Ocoee in Ocoee, Fla., and Inspired Living at Kenner in Kenner, La. A third community, Inspired Living at Alpharetta in Alpharetta, Ga., is expected to close in the coming weeks. The communities offer both assisted living and memory care units. The two initial acquisitions will add more than 250 units to Validus’ existing portfolio.

January 10, 2018

Florida Multifamily Southeast

Lantower Residential Purchases Multifamily Community in Tampa Bay Area for $94M

by Camren Skelton January 10, 2018

BRANDON, FLA. — Dallas-based Lantower Residential has acquired Lantower Brandon Crossroads, a 450-unit apartment community in Brandon, for $94 million. Constructed in 2016, the community is located at 10440 Sanderling Shores Drive, roughly 12 miles east of downtown Tampa. Bainbridge Cos. developed and sold the property. Lantower Brandon Crossroads offers a mix of one-, two- and three-bedroom units with attached garages. Community amenities include two fitness centers, two resort-style pools with sundecks and two dog parks with pet washing stations.

January 10, 2018

Florida Industrial Southeast

IPA Brokers $32.5M Sale of 41-Building Industrial Portfolio in South Florida

by Camren Skelton January 10, 2018

WEST HIALEAH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $32.5 million sale of West Hialeah Industrial Portfolio, a 376,016-square-foot industrial warehouse portfolio in West Hialeah, located roughly 11 miles northwest of Miami. The portfolio comprises 41 freestanding, multi-tenant buildings arranged in two separate clusters: one west of the Red Road corridor and north of the Hialeah Expressway and the other west of West 16th Avenue and north of Okeechobee Road. The buildings range in size from approximately 4,000 square feet to 28,000 square feet. Douglas Mandel and Benjamin Silver of IPA arranged the transaction on behalf of the seller, The Realty Associates Fund VII, an affiliate of TA Realty. The team also procured the buyer, Cofe Cix West Hialeah LLC. According to IPA, 95 percent of the portfolio’s leases have triple-net structures with annual rent increases that average roughly 4.5 percent.

January 10, 2018

Affordable Housing Florida Multifamily Southeast

Starwood Property Trust to Acquire Affordable Housing Portfolio in Florida for $600M

by Camren Skelton January 8, 2018

GREENWICH, CONN. — Starwood Property Trust Inc., an affiliate of Greenwich-based Starwood Capital Group, has signed a definitive agreement to acquire a 28-property affordable housing portfolio located throughout Florida for approximately $600 million. The portfolio includes 6,185 units predominately located in Orlando, with smaller concentrations in West Palm Beach, Tampa and Miami. At the time of sale, the portfolio was 99 percent occupied. The transaction is expected to close in phases due to timing of regulatory approvals and the assumption of in-place financing. The first phase, which includes 1,740 units, closed in December. Starwood Property Trust expects to complete the remaining phases by the end of the second quarter. Upon closing, the company’s portfolio will include more than 15,100 affordable housing units, located predominately in Florida.

January 8, 2018

Florida Loans Retail Southeast

Fifth Third Bank Provides $43M Construction Loan for Retail Portion, Parking Garage at Miami Worldcenter

by Camren Skelton January 5, 2018

MIAMI — Fifth Third Bank has provided a $43 million construction loan for the construction of 53,000 square feet of retail space and a 1,100-space parking garage at Miami Worldcenter, a 27-acre mixed-use project in downtown Miami. Miami Worldcenter Associates and CIM GROUP are developing the project, which at full build-out will feature 360,000 square feet of retail space, apartments buildings, a 600,000-square-foot office building, 1,700-room Marriott Marquis hotel and 350,000 square feet of convention space. The loan brings the total amount of financing secured to date to approximately $500 million.

January 5, 2018

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