DEERFIELD BEACH, FLA. — Housing Trust Group (HTG) has formed a joint venture with the Broward County Housing Authority to develop Hillsboro Landing, a 75-unit affordable housing project in Deerfield Beach that will be reserved for renters age 62 and older. The duo broke ground on the $41 million development last month and are aiming for an October 2024 completion date. The project is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007. Located at 3851 N. Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. Apartments will be reserved for income-qualifying seniors who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Amenities will include a multipurpose room, fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. Debt and equity partners on the project include Raymond James, Fifth Third Bank, Grandbridge Real Estate Capital, the State of Florida and Broward Housing Finance Authority. The design-build team includes architect ATL Architecture, general contractor Ferncore Corp., engineer …
Southeast
DEBARY, FLA. — Mosaic Development LLC has purchased 13.1 acres of land in Debary, roughly 23 miles north of Orlando, for the development of the first phase of a mixed-use project to be located immediately north of the city’s SunRail station. Upon completion, the “Main Street-style” development will feature 500 apartment units, 40,000 square feet of retail space and a central park and community plaza. Construction on the project is scheduled to begin early next year. Mosaic purchased the land parcels, which are zoned as a transit-oriented development (TOD) district, from private landowners as well as the City of DeBary for a total $4.2 million. Mosaic is currently under contract to purchase an additional 5.7 acres within three years for the second phase of the development. Colliers worked to bring the private owners into a joint marketing agreement with the city. Ken Krasnow, Brooke Mosier and David Calcanis of Colliers represented the sellers, which included Miller Land Trust, Ray Sands/Frank Slabodnik, Empire Cattle and DeBary Central LLC, in addition to the city. Casey Babb of Colliers represented Mosaic in the transaction. “I envision a main street that serves as the vibrant heart of our community — a place where neighbors …
Technology, like commercial real estate, becomes increasingly vulnerable to the need for replacement and updates over time. Just as multifamily landlords can update properties by periodically replacing outmoded flooring and fixtures to suit the latest occupier preferences, technology must also keep up with the latest trends. For the best renter experience, multifamily properties need Internet connectivity that will serve residents as their technological needs grow and their tolerance for frequent outages diminishes. Disruptions associated with repairs or network upgrades can threaten customer satisfaction and renewal rates. Unfortunately for many landlords who rely on traditional telecommunications lines for their properties’ Internet, modern usage is straining older infrastructure. Booming wireless technology use is gobbling up bandwidth to connect everything from consumers’ phones and laptops to fitness monitors, smart TVs and other household appliances. As a vice president of product catalog who has worked for over a decade at broadband service provider Pavlov Media, John Danner understands the problem of limited Internet bandwidth all too well. He is eager to see technological improvements that will replace these old systems. “The old copper infrastructure can’t meet the requirements of the next generation of wireless connectivity,” explains Danner. “With fiber-optic connections, the sky is the …
Newmark Arranges Sale of 1,557-Bed Student Housing Community Near Florida State University
by John Nelson
TALLAHASSEE, FLA. — Newmark has arranged the sale of Seminole Grand, a 1,557-bed student housing community located near the Florida State University campus in Tallahassee. Ryan Lang, Jack Brett, Ben Harkrider and Avery Klann of Newmark represented the seller, The Collier Cos., in the disposition of the property to FPA Multifamily. The sales price was not disclosed. Located at 1505 W. Tharpe St., the garden-style community offers a mix of two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, fitness center, yoga studio, sound-proof study rooms and a multimedia gaming center. The property also features a bus stop for the Florida State University line.
WEST PALM BEACH, FLA. — Harbor Group International (HGI) has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach. Developed by Resia earlier this year, the property features apartments in one- and two-bedroom layouts. Community amenities include a fitness center, basketball court, clubhouse, swimming pool and children’s play area. HGI will assume the in-place, floating-rate construction debt on the property, with plans to refinance with permanent fixed-rate debt once leasing is completed. Hampton Beebe and Avery Klann of Newmark brokered the transaction. The sales price was not disclosed.
Mia Rose Secures Land, Financing for 177-Unit Multifamily Development in Fayetteville, Arkansas
by John Nelson
FAYETTEVILLE, ARK. — Mia Rose Holdings LLC has secured the land and construction financing for The Junction at Shiloh, a planned 135-unit multifamily community in Fayetteville. Southern Bank provided financing. Upon completion, the property will feature 12 studio, 118 one-bedroom, 35 two-bedroom and 12 three-bedroom apartments ranging from 629 to 1,291 square feet in size. Amenities at the community will include a swimming pool, fitness center, business center and multiple green spaces. Rosemann & Associates is the architect on the project, construction for which is scheduled to begin in the third quarter of this year. The Engenuity is providing mechanical, electric and plumbing (MEP) engineering. Kimbel Mechanical is the MEP contractor, and Oelke Construction is the sitework contractor. Asset Living will manage The Junction at Shiloh, with the first units expected to open mid-year 2024.
Capstone Arranges Sale of 319-Unit Apartment Development Underway in Asheville, North Carolina
by John Nelson
ASHEVILLE, N.C. — Capstone Cos. has arranged the sale of Creekside Luxury Apartments, a multifamily development project located at 2177 Brevard Road in Asheville. Upon completion, which is scheduled for the end of 2025, the property will comprise 319 units. Austin Heithcock, Adam Klenk, Jordan Arand and Josh White of Capstone represented the seller, Advantis, in the transaction. URS Capital, in partnership with PREG-Advantis and its construction arm, BCC Construction Inc., acquired the property for an undisclosed price.
ORLANDO, FLA. — CBRE has brokered the $23.1 million sale of Windermere Storage, an 89,145-square-foot self-storage facility located at 8550 Old Winter Garden Road in Orlando. CBRE’s Self Storage Advisory Group represented the seller, locally based Schrimsher Properties, in the transaction. Wentworth Properties was the buyer. Built in the second quarter of this year, Windermere Storage features a two-story building comprising 609 climate-controlled units ranging in size from 25 to 450 square feet, as well as a 2,000-square-foot office building and 351 parking spaces.
DCHFA Provides $63.2M Financing for Redevelopment of Affordable Housing Community in D.C.
by John Nelson
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $63.2 million in tax-exempt bonds for the rehabilitation of Worthington Woods Apartments in the Washington Highlands neighborhood of Washington, D.C. Originally built in 1944 and renovated in 2002, the property comprises 394 affordable housing apartments. The Worthington Woods Tenants Association acquired the building and selected Montgomery Housing Partnership Inc. and the Anacostia Economic Development Corp. to oversee the $133.6 million overhaul. The DCHFA also underwrote $45.5 million and $9.1 million in federal and local Low Income Housing Tax Credit (LIHTC) equity for the preservation of the affordable apartments. Additionally, the D.C. Department of Housing and Community Development is providing a $38.8 million loan from the Section 108 Loan Guarantee Program for this project. Following the redevelopment, Worthington Woods will feature units in one-, two- and three-bedroom layouts reserved for residents earning 30, 50 and 60 percent of the area median income (AMI). Amenities will include a playground, community room, laundry facilities, onsite tenant services and 156 parking spaces. Communities Together Inc. will provide resident services to tenants.
Walker & Dunlop Arranges $58.8M Construction Financing for Multifamily Development in Gainesville, Florida
by John Nelson
GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $58.8 million loan for the construction of Celebration Pointe Apartments, a 239-unit multifamily community to be located within the Celebration Pointe mixed-use development in Gainesville. Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop originated the non-recourse financing through an undisclosed life insurance company on behalf of the borrower and developer, Viking Cos. Combined with a mezzanine loan from an unnamed debt and equity fund, the developer’s total debt capitalization on the project represents and 85 percent loan-to-cost ratio. A construction timeline for the project was not disclosed.