MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan. Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units. The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete. “Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.” The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit …
Florida
BRADFORDVILLE, FLA. — Mesa Capital Partners has broken ground on The Bradbury at Bannerman Village, an apartment community located on a 14-acre site in Bradfordville, a city located north of downtown Tallahassee. The property will be located at Bannerman and Bull Headley roads within the Bannerman Village master-planned community. Situated near a Publix and the Landon Hill for-sale homes, The Bradbury will comprise two-story carriage homes and three-story walk-up buildings. Amenities will include a clubhouse, fitness center, sundry market, resort-style pool with grilling stations, dog park, EV charging stations and garage parking. Cadence Bank and SouthState Bank provided an undisclosed amount of construction financing to Mesa Capital Partners for the project, which will begin leasing in mid-2026 and be fully delivered in early 2027. The design-build team includes general contractor The Crown Group and architect The Coursey Group.
GRAND ISLAND, FLA. — Spartan Investment Group has opened FreeUp Storage Eustis, a 660-unit self-storage facility located at 36536 S. Fish Camp Road near Lake Eustis in Grand Island, about 47 miles northwest of Orlando. Spartan Construction Management, a general contractor affiliate of the Colorado-based developer, broke ground on the facility in June 2024. FreeUp Storage Eustis features 340 climate-controlled units and 266 non-climate-controlled units across nearly 67,000 rentable square feet.
Marcus & Millichap Brokers $6.2M Sale of Multifamily Community in Royal Palm Beach, Florida
by John Nelson
ROYAL PALM BEACH, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Timbercreek Townhomes and Villas, a 20-unit multifamily community located at 100 Sparrow Drive in Royal Palm Beach, about 12 miles west of West Palm Beach. Evan Kristol and Brandon Rex of Marcus & Millichap represented the seller, a private syndicator, and procured the buyer, a California-based investment group, in the transaction. The buyer purchased the community as part of a 1031 exchange. Both parties requested anonymity. Built in 1980, Timbercreek Townhomes and Villas features a gated swimming pool, gazebo and landscaped grounds.
MIAMI — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani. The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots. The Miami Worldcenter master plan includes approximately $100 million in completed infrastructure; 100,000 square feet of new public space; 300,000 square feet of retail, restaurant and entertainment space; and 16 high-rise towers for residential and hospitality uses, many of which are completed or underway. The development will bring approximately 11,000 residences and more than 1,000 hotel rooms to downtown Miami. “Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of downtown Miami and repositioned it as a vital contributor to the community and the local economy,” says Shaul Kuba, co-founder and principal of CIM Group. “We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly …
PALMETTO, FLA. — The Collier Cos. has begun leasing Stafford at Artisan Lakes, a 300-unit multifamily development located in the Sarasota suburb of Palmetto. The gated community offers one-, two- and three-bedroom floorplans, ranging from 705 square feet to 1,326 square feet in size, according to Apartments.com. Monthly rental rates for the Stafford at Artisan Lakes begin at $1,599 for a one-bedroom apartment. Amenities include a resort-style pool, fitness center, outdoor yoga lawn, game room, pickleball court and pet spa, as well as rental garages and electric vehicle charging stations. Select apartments also offer lake views and private backyards.
ST. JOHNS, FLA. — Madison Communities has opened Madison Fountains, a 276-unit apartment community located in the Jacksonville suburb of St. Johns. BenCo, the project’s general contractor, is an affiliate of Madison Capital Group Holdings. The development features studios, one-, two- and three-bedroom floorplans, ranging from 708 square feet to 1,363 square feet in size, according to Apartments.com. Monthly rental rates for studio apartments begin at $1,378. Amenities at the property include a clubhouse-integrated fitness center, resort-style swimming pool with grilling stations and an onsite dog park and grooming station, as well as proximity to the Gourd Island Conservation Area, a 3.7 dog-friendly trail system. Additionally, the community is within walking distance to Jacksonville’s St. Johns Town Center, a super-regional open-air mall that features more than 175 stores.
Fairfield Delivers Two Multifamily Developments in Fort Lauderdale Totaling 537 Units
by John Nelson
FORT LAUDERDALE, FLA. — Fairfield, a multifamily developer and owner based in San Diego, has completed construction of Coasterra Apartments in downtown Fort Lauderdale. The mid-rise community has 242 studio, one-, and two-bedroom apartments. Located at 150 SE 3rd Ave. in the Las Olas district, the community is adjacent to the One Financial Plaza office building. Fairfield also recently completed construction of Treo Apartments at 6500 N. Andrews Ave. in Fort Lauderdale. Treo has 295 studio, one- and two-bedroom units.
PENSACOLA, FLA. — Berkadia has brokered the sale of West Woods Apartments, a 268-unit community located at 3202 W. Nine Mile Road in Pensacola, a city in Florida’s Panhandle near the Alabama border. David Etchison of Berkadia led the transaction on behalf of the seller, Benefit Street Partners. The undisclosed buyer assumed in-place HUD financing as part of the transaction. The sales price was also not released. West Woods was delivered in 2016 and 2017 on a 14-acre site and offers one-, two- and three-bedroom floor plans averaging 1,087 square feet in size. Amenities at the gated-community include a clubhouse, two 24-hour fitness facilities, two resort-style pools, two dog parks, a business center, playground, 24-hour pet spa, car care center, fire pit, ping pong table and detached garage rentals. West Woods was 96 percent occupied at the time of sale.
PEBB Enterprises, Banyan Development Sell Shopping Center in Port St. Lucie, Florida for $32M
by John Nelson
PORT ST. LUCIE, FLA. — A joint venture between PEBB Enterprises and Banyan Development has sold The Shoppes at the Heart of Tradition, a 71,000-square-foot shopping center located within the master-planned community of Tradition in Port St. Lucie, for $32 million. One Investment Group represented the buyer, an entity doing business as 4Y Plaza LLC, in the transaction. The center — which was completed in 2024 — is anchored by Aldi. Additional tenants include Papa John’s Pizza, Carmela Coffee, Kyle G’s Amore Italian Chophouse, Spanish restaurant Port Tradition, Tomalty Dental, Peach Cobbler Factory, Picasso Nails & Spa, Rita’s Italian Ice & Frozen Custard and Swift Mediterranean Grill. Tradition, which opened in 2003, spans approximately 8,300 acres and features a variety of residential, retail and commercial spaces. PEBB Enterprises and Banyan Development are also developing Shoppes at Southern Grove within Tradition, which will include a 14.2-acre retail development with additional outparcels available for ground lease.