CLEARWATER, FLA. — Waters Edge Clearwater and REDUS Clearwater Bluff have purchased the 153-unit Water's Edge condominium building from an affiliate of Concierge Asset Management for an undisclosed price. The 26-story property is located at 331 Cleveland St. in Clearwater. Amenities include a pool, a spa and a fitness center.
Southeast
The Orlando multifamily market has exhibited noticeable improvement this year, and is gaining momentum toward a very strong recovery. After 3 years of rent and occupancy losses due largely to the global recession, apartment fundamentals in Central Florida have registered gains again in 2010. With more than 207,000 new jobs expected locally through 2015 and a very favorable supply/demand balance during the next few years, investors see strong upside in the Orlando apartment market moving forward. Sales volume in Orlando has increased significantly through mid-year, and is up from the historic lows of 2009. Through June, the local market has seen approximately $188 million in multifamily sales — already approaching last year’s total of $219 million but still largely off the 2005 high of $3.2 billion. Cap rates have compressed considerably during the last several months, and most buyers are securing Freddie Mac debt on new acquisitions. Lenders have been the most active sellers in 2010 thus far, and institutional buyers have returned to the acquisition market. New private equity groups — both national and foreign — have also been drawn to Orlando during the last 12 months. Average rents are projected to increase about 1 percent in the second …
LARGO, FLA. — Formulated Solutions has acquired a 142,000-square-foot industrial development in Largo from Smith & Nephew United for $8.3 million. The two-building property, which was built in 1988, is located at 11775 Starkey Road. It contains warehouse, office and lab space. John Dunphy of Colliers International represented the seller.
CAVE CITY, KY. — Supertel Hospitality has sold a 96-room Masters Inn to Fine Hospitality for an undisclosed amount. The two-story property is located on Interstate 65 in Cave City. Fine Hospitality plans on renovating the hotel and franchising it with Days Inn. Mumford Co.'s David Holcombe and Burton Brooks brokered the sale.
PLANT CITY, FLA. — A special servicer has sold the 81-unit Caribbean Park Apartments to Caribbean Apartments LLC for an undisclosed amount. Located at 1601 E. Alabama St. in Plant City, the property was about to go into foreclosure and was traded by way of a short sale. John Burpee and T. Sean Lance of NAI Tampa Bay brokered the transaction.
MIAMI — Dencity Development has purchased a 19-unit apartment complex in Miami from a private party for an undisclosed amount. The property is located at 1100 SW 2nd Ave. in the city's Brickell area. John Crotty of Colliers International South Florida represented the seller in the transaction.
NASHVILLE, TENN. — Olympus Property has purchased the 452-unit Overlook apartment complex from DRA Advisors. The Nashville property was listed at $26.2 million and was sold below replacement cost. Sean Henry, Derrick Bloom and Vince Lefler of Apartment Realty Advisors represented the seller. ARA Finance provided funding for the sale.
BETHESDA, MD. — Bainbridge Cos. and Restis Group will break ground this fall on a 200-unit apartment complex in downtown Bethesda. National Real Estate Advisors will provide additional equity for the project. Initial occupancy is slated for fall 2012.
HOLLYWOOD AND DANIA BEACH, FLA. — Sperry Van Ness has brokered two industrial sales in Florida totaling $4.4 million. In the first sale, SVN's Les Byron represented Bayly in the sale of the Bayly Building to 4151 Property for $2.4 million. Located at 4151 N. 29th Ave. in Hollywood, the property spans 26,800 square feet. Beachfront Realty's Dee Price represented the buyer. Steve Davis of Sperry Van Ness represented Carib in its sale of the Tile International building to RDRW Properties for $2 million. Located at 101 SW 12th Ave. in Dania Beach, the property spans 30,000 square feet. Dan Smith of Smith Moses, Morris & Associates represented the buyer.
BRASELTON, GA. — TranSouth Logistics has leased 190,000 square feet of warehouse space from Atlanta Property Group in Braselton. The 455,000-square-foot property is located at 1001 Cherry Drive. Bill Buist and Price Weaver of Colliers International represented the landlord.