DAYTONA BEACH, FLA. — Capstone Apartment Partners has brokered the $9.1 million sale of Forestlake Apartments, a 146-unit apartment community located at 132 Forest Lake Blvd. in Daytona Beach. Timberland Partners purchased the 1980s vintage property for $61,986 per unit from Harbor Group. Enon Winkler, Deucie Bies, Jad Richa and Brian Hunsicker of Capstone Apartment Partners represented the seller in the transaction.
JACKSONVILLE, FLA. — Blue Rock Partners LLC and Konover South LLC have partnered to purchase a three-property, 1,040-unit multifamily portfolio in Jacksonville for $64.8 million. The properties include Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd. and Madison at Spring Woods located at 445 Monument Road. The communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. The partnership will invest another $8.5 million in interior and exterior upgrades, including updated fitness centers, internet cafés and upgraded landscaping. Dhaval Patel of CBRE brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo provided acquisition financing on behalf of the partnership.
LAUDERHILL, FLA. — Marcus & Millichap has brokered the $12 million sale of Royal Palms at Inverrary, a 208-unit midrise apartment community located at 2900 N.W. 56th Ave. in Lauderhill. Built in 1978 on seven acres, Royal Palms at Inverrary features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse and playground. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the buyer, also a private investor.
TAMPA, FLA. — Berkadia has originated five loans totaling $75.8 million for five multifamily communities in Florida. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged all five loans on behalf of the borrower, Insula Cos., an owner and manager of apartment communities in Florida. The loans included a $23 million refinance loan for The Valencian Apartments in Kissimmee; $19.2 million acquisition loan for Charter Pointe Apartments in Altamonte Springs; $12.6 million refinance loan for Park East Apartments in Tampa; $10.5 million recapitalization loan for St. Moritz Apartments in Tampa; and a $10.5 million recapitalization loan for Miramar in Kissimmee.
ORLANDO, FLA. — HFF has arranged the $21.1 million sale of Southchase Village, a 229,410-square-foot, grocery-anchored shopping center located at 12381 S. Orange Blossom Trail in Orlando. The center’s tenant roster includes Aldi, Bealls Outlet, Ross Dress for Less, Fallas Paredes, Planet Fitness, Tuesday Morning and a seven-screen Touchstar Cinemas. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Equus Capital Partners Ltd., in the transaction. Viking Partners LLC purchased the property from Equus free and clear of existing debt.
WEST PALM BEACH, FLA. — CBRE has brokered the $10.2 million sale of Horizons Office Building, an eight-story, 64,247-square-foot asset located at 1401 Forum Way in West Palm Beach. AW Horizons LLC purchased the office building and an attached parking garage from Pebb Forum LLC. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Anthony Librizzi of CBRE represented the seller in the transaction. Additionally, Jason Hochman of CBRE arranged an $8 million, 10-year acquisition loan through an unnamed CMBS lender on behalf of the buyer.
HOLLYWOOD, FLA. — Aztec Group Inc. has arranged the $6.6 million sale of a three-story, 20,000-square-foot office building located at 3801 Hollywood Blvd. in Hollywood, a city in South Florida’s Broward County. Bank of America anchors the multi-tenant property. Howard Taft and Charles Penan of Aztec Group brokered the sale and arranged a five-year, $3.9 million acquisition loan through City National Bank on behalf of the buyer, an affiliate of New York-based RAF Ridge. The loan features a fixed 4.25 percent interest rate and a 25-year amortization schedule.
PLANTATION, FLA. — Alliance Residential Co. has purchased a 12-acre parcel of land located at 6901 W. Sunrise Blvd. in Plantation, roughly 30 miles north of Miami, for $7.5 million. The Phoenix-based developer plans to build a 250-unit apartment community tentatively named Broadstone Plantation at the site. The lakefront property will feature a community clubhouse, pool, fitness center and dog park. Steve Hyatt of Berger Commercial Realty represented Alliance in the land transaction. The seller was William Murphy of Sunrise Properties and Investments #14 LLC. Hyatt also represented Alliance in its $22.1 million purchase of a 4.3-acre parcel in Fort Lauderdale, where the developer will build the 394-unit Broadstone Harbor Beach.
WINTER HAVEN, FLA. — Colliers International has brokered the $9.7 million sale of Central Florida Business Park, a 10-building, 821,000-square-foot industrial park located on 52 acres at 5300 Recker Highway in Winter Haven. Boulder, Colo.-based Legacy Capital Partners purchased the park from an undisclosed, multi-billion dollar global private equity firm. The transaction is the second-largest industrial sale in Central Florida year-to-date, according to Colliers. Central Florida Business Park was 75 percent leased at the time of sale to six different tenants. Fred Beasley of Colliers International’s Central Florida office represented the seller in the transaction.
DAVENPORT, FLA. — Atlanta-based MDH Partners has purchased 52 acres within Four Corners Business Park, an industrial campus located at the intersection of I-4 and U.S. Route 27 in Davenport, roughly 15 miles southwest of Orlando. MDH plans to develop three spec industrial buildings totaling 793,168 square feet at the site. The first two buildings, a 391,928-square-foot cross-dock building and a 112,580-square-foot rear-load building, are slated to begin construction immediately in time for a June 2016 occupancy. The third building, a 288,660-square-foot rear-load facility, will be ready for a late 2016 occupancy or is available earlier subject to potential build-to-suit opportunities. Lee Morris of Colliers International and Dave Buckner of Buckner Commercial Properties will jointly market the buildings for lease. JLL will provide property management on behalf of MDH.
