BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $77 million sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community located at 9817 Arbor Oaks Lane in Boca Raton. Built in 1995 by Altman Development Corp., the gated complex features a clubhouse and 18 residential buildings surrounding a lake. The property features a mix of one-, two- and three-bedroom apartments, including flats and townhomes. The average unit size is 1,105 square feet. Still Hunter III, Steve Witten and Victor Nolletti of IPA represented the seller and procured the buyer in the transaction.
MIAMI — The Urban Design Review Board (UDRB) has approved Borges + Associates Architects’ design for Megacenter, a two-tower, mixed-use development in Miami’s Brickell district. The project will include a 12-story tower that features six levels of mini-storage, 111 basement parking spots and four levels of boutique office space, as well as an eight-story residential tower with rooftop amenities and ground-level retail space. The exterior of the project will feature a rotating gallery of artwork that will be replaced periodically. Megacenter’s developer, Chilean-based Red Megacentro, is the leading self storage developer in Chile and also develops office and warehouse space in Peru and Miami. Miami-based Borges + Associates expects Megacenter to achieve LEED Gold certification.
TAMPA, FLA. – The Wilson Co., a Tampa-based affordable housing developer and manager, has sold a 31-property portfolio of affordable housing communities in Florida for $563.5 million. Totaling 8,498 units, the portfolio is heavily concentrated in Orlando and Tampa. Starwood Property Trust (NYSE: STWD), an affiliate of Starwood Capital Group, purchased the assets, which were developed between 1995 and 2004 using Low Income Housing Tax Credits (LIHTC). On average, maximum allowable rents across the portfolio are approximately $350 below average rents at nearby market-rate communities. The portfolio was more than 97 percent occupied at the time of sale. “This transaction represents the beginning of a new era for LIHTC investment sales,” says Doug Childers, managing director of HFF’s investment sales team, which represented The Wilson Co. in the transaction. “Traditionally, LIHTC transactions have attracted primarily private, regional capital providers. HFF’s affordable housing experts were able to educate institutional investors regarding the portfolio’s relatively low cash-flow volatility and the regulatory and operational nuances associated with LIHTC communities. As a result, we were able to create a competitive bidding process that included large, institutional investors,” added Childers. Childers led HFF’s investment sales team in the transaction, along with HFF’s senior managing director …
LARGO, FLA. — Berkadia has brokered the $54 million sale of Madison at Largo, a 444-unit property located at 601 E. Rosemary Road N.E. in Largo, a city in the Tampa Bay area roughly five miles from downtown Clearwater. Since purchasing the property in 2011 for $14.3 million, the seller, West Springfield, Mass.-based Largo Landry LLC, completed major interior and exterior renovations of Madison at Largo. Jason Stanton, Cole Whitaker, Hal Warren and Tal Frydman of Berkadia brokered the transaction. Community amenities include three resort-style pools, a 24-hour fitness center and a lounge with pool tables and bistro seating. Individual residences include breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies.
MIAMI — Marcus & Millichap has brokered the $12.5 million sale of Sabina Plaza, a 51,044-square-foot shopping center located at 4001 S.W. 152nd Ave. in Miami’s West Kendall submarket. Built in 2007, the property is fully leased to tenants such as Dollar Tree, two restaurants, a cross-fit gym, nail salon, martial arts studio, nail salon, beauty salon, dental office and a daycare. Walgreens and Bank of America are outparcels to the property but were not included in the sale. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, Sabina 40 Street LLC, an affiliate of North Miami-based IMC Equity Group and headed by Yoram Izhak, who purchased the property out of foreclosure in 2012 for $5.4 million.
TAMPA, FLA. — Cushman & Wakefield has brokered the $32 million sale of Corporate Oaks, a 186,854-square-foot office campus in Tampa’s Westshore District. New York Life Insurance Co. fully occupies Corporate Oaks and houses its AARP program at the campus, which houses about 920 employees. New York Life Insurance’s lease runs through 2024. Built in 1983, Corporate Oaks is situated on an 11.4-acre site at 5405, 5445 and 5505 W. Cypress St. Connecticut-based Next Generation Net Lease Management LLC purchased the asset, which features an on-site deli, fitness center, three-story parking garage and surface parking. New York Life Insurance has invested $2.7 million in interior upgrades, while the previous owner invested $1.5 million for upgrades to the interior finishes, elevators, HVAC systems and the parking garage. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the transaction.
MEDLEY, FLA. — Avison Young has arranged Primesource Building Products’ 139,105-square-foot lease renewal at 11700 N.W. 100th Road in Medley. Primesource will continue to fully occupy the industrial facility, which is situated within Flagler Station, South Florida’s largest business park. Primesource is a distributor of fasteners and building materials. Wayne Schuchts and Andrew Bonner of Avison Young represented the tenant in the lease deal. Flagler Global Logistics is the developer of Flagler Station, which will span 14 million square feet on 900 acres upon completion. Other Flagler Station tenants include FedEx, Ryder System and Crowley.
WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.
TEMPLE TERRACE, FLA. — Tampa-based Blue Rock Premier Properties LLC has purchased the 776-unit River Chase Apartments in Temple Terrace, a city within Tampa’s metropolitan area. Blue Rock Premier bought the property from CNLKOR River Chase LLC for $70 million. River Chase was roughly 97 percent occupied at the time of sale. The new buyer plans to invest $6.7 million in capital improvements to the exterior and interior of the asset, which will be rebranded as The Park at Valenza. The improvements will include gated entry, clubhouse, fitness center, coffee shop, wood flooring, cabinets, counters, new appliances and washer/dryer units in every residence. Grandbridge Real Estate Capital provided acquisition financing for Blue Rock Premier, a multifamily investment firm led by Randy Ferreira in partnership with Deerfield Beach, Fla.-based Konover South LLC. Jamie May, Edward Yang and Jonathan Barclay of JMB Tampa brokered the transaction.
MELBOURNE, FLA. — Kayne Anderson Real Estate Advisors has purchased Sonata at Melbourne, a Class A seniors housing community in Melbourne, on the Atlantic coast of Florida approximately 70 miles southwest of Orlando. HFF arranged the transaction on behalf of the undisclosed seller, which divested the property free and clear of existing debt. Built in 2012, Sonata at Melbourne is situated on more than 12 acres and features 47 independent living, 54 assisted living and 34 memory care units, which were 97 percent leased at the time of sale. Ryan Maconachy and Chad Lavender led the HFF team representing the seller.