MIAMI — San Francisco-based The Reliant Group has acquired Palm Lake Apartments, a 300-unit multifamily property in Miami. The 211,500-square-foot property sold for $15 million, which represents $50,000 per unit or $71 per square foot. Located at the corner of NW 27th Ave. and NW 115th Ave., the property features 220 one-bedroom/one-bath units, 40 two-bedroom/one-bath units and 40 two-bedroom/two-bath units. Still Hunter III and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer and the seller, an entity controlled by The Related Group, in the transaction.
Southeast
HOLDEN BEACH, N.C. — The Boulder Group has completed the disposition of a Walgreens property in Holden Beach. The property is long-term leased to Walgreens, with 24 years remaining on the term. A Chicago-based private investor acquired the property for $4.4 million in a 1033 exchange. The seller was a North Carolina developer. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
BOCA RATON, FLA. — Thomas D. Wood and Company has secured financing for Bayrock Portfolio, a portfolio of six single-tenant restaurants and banks throughout five states. The 5-year $9.49 million loan has a variable interest rate and a loan-to-value of 60 percent. The portfolio includes major tenants such as Burger King, McDonald's, Capital One Bank and SunTrust Bank. Patrick Madore of Thomas D. Wood and Company secured the financing through the company's relationship with a local bank.
ORLANDO, FLA. — NorthMarq Capital has arranged $32.8 million in first mortgage financing for Gates at Harbortown Apartments. The 428-unit multifamily complex is located at 2333 Lake Debra Dr. in Orlando. Financing was based on a 10-year term with 3 years interest only then a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office arranged the financing for the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
PALM CITY, FLA. — Surgical Laser Solutions has acquired a 16,000-square-foot office property located on Bruner Terrace in Palm City. P&VB Associates sold the property for $1.45 million. Nikolaus Schroth and NAI Southcoast brokered the transaction.
MONROE, N.C. — RealtyLink LLC has completed the development and disposition of a 4,500-square-foot Verizon Wireless store, which is located on U.S. Highway 74 in Monroe. A Texas-based institutional real estate company acquired the property, which is currently on a 10-year lease with Verizon, for $2.58 million.
ATLANTA — Mumford Co. has brokered the sale of the former InHome Suites located at the interchange of Interstate 20 and Fulton Industrial Boulevard in Atlanta. The 105-suite property was vacant at the time of the sale. The buyer, Parthi Sai LLC, plans to extensively renovate the hotel and reopen it. Ed James of Mumford's Newport News, Va., office and Burton Brooks of the firm's Atlanta office represented the seller, Wells Fargo Bank, N.A.
KNOXVILLE, TENN. — Love Funding has secured $3.74 million in FHA 223(a)(7) funds for the refinancing of Londontown Apartments in Knoxville. The loan carries a 3.88 percent fixed interest rate and a 35-year amortization schedule. Tammy Tate of Love's Knoxville office arranged the loan on behalf of the borrower, OSM Investment Co. This is the third time Tate has helped the borrower refinance the property, and she was also responsible for helping the borrower arrange its original acquisition financing. Londontown Apartments contains 210 residences in a mix of one-, two- and three-bedroom units. Amenities include a fitness center, a swimming pool, lighted tennis courts, a picnic area, a car wash area and a clubhouse.
ORLANDO, FLA. — Construction is under way for a new 53,351-square-foot aircraft maintenance facility for Avocet Capital at Orlando Sanford International Airport in Orlando. The $5 million project is scheduled for completion in January. It consists of 44,000 square feet of hangar space, 5,351 square feet of administrative offices and 4,000 square feet of maintenance space.
WINTER PARK, FLA. — The groundbreaking has been held for the new Winter Park Community Center. The project will include the demolition of the existing center and the construction of a 38,572-square-foot facility that will contain a swimming pool, an ancillary building, a playground, an exterior stage and additional parking. The project will be seeking LEED-Silver certification. The general contractor is Turner Construction Co., and the project architect is SchenkelShultz Architecture.