Southeast

MIAMI — Terra Group has broken ground for the development of the Grove at Grand Bay luxury residential condominium project. Located at 2675 S. Bayshore Drive in Miami’s Coconut Grove submarket, the project consists of two 20-story towers containing 98 units. Resident balconies are each 12 feet tall and 12 feet deep with hurricane-proof sliders. Building amenities include a multi-lingual butler, on-site chef, curator-maintained art gallery, a gym, a spa, a pet spa and four swimming pools. Units are priced from $3 million. Terra Group is the developer of Grove at Grand Bay. Bjarke Ingels Group is the project architect. More than 90 percent of the units in the North Tower have already been sold.

FREDERICK, MD. — Apartment Realty Advisors (ARA) has arranged the sale of Crystal Park at Waterford, a 314-unit, garden-style apartment community located in Frederick. Constructed in 1990, the property was 93.3 percent occupied at the time of closing. Drew White and Ryan Ogden of ARA represented the seller, Washington, D.C.-based Federal Capital Partners. The buyer was Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT. The acquisition price was not released.

STATESBORO, GA. — Campus Advantage has closed on its first acquisition under the company's second joint venture with the California State Teachers' Retirement System (CalSTRS). The property, The Woodlands at Statesboro, serves the students of Georgia Southern University. Consisting of two-bed, two-bath units, the property includes 184 units and 368 beds and is 99 percent occupied. The property is within walking distance of the university and includes amenities such as a clubhouse, swimming pool, fitness center, basketball and sand volleyball courts, business center and a billiards room. In addition, units feature washer/dryer, crown moldings, walk-in closets, track lighting and a breakfast bar. The Woodlands at Statesboro is the first property acquired under the $75 million commitment that CalSTRS has made with Campus Advantage. The California pension fund first teamed up with Campus Advantage in 2007 for a $100 million partnership that was fully placed in December 2011. The first venture acquired seven properties totaling more than $193 million in student housing assets and encompassing 4,749 beds.

NORTH MIAMI, FLA. — Marcus & Millichap has completed the sale of a North Miami multifamily portfolio for $14.65 million. The Royal Properties Portfolio comprises five properties totaling 233 units that were constructed between 1964 and 1971. They include: Royal Vista, a 59-unit property located at 400 NE 137th St.; Royal Place, a 55-unit property located at 14050 NE 6th Ave.; Royal Village, a 51-unit property located at 13055 NE 6th Ave.; Royal Point, a 44-unit property located at 1525 NE 125th St.; and Royal Courtyard, a 24-unit property located at 13020 NE 6th. Ave. The properties were extensively renovated in 2011 and 2012. Still Hunter, III; Evan Kristol; and Felipe Echarte of Marcus & Millichap’s Ft. Lauderdale office represented the seller, a limited liability company managed by CFH Group. The same team partnered with Mark Thompson of Marcus & Millichap’s Orlando office to represent the undisclosed buyer.