Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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10 October 2016 • Southeast Real Estate Business www.REBusinessOnline.com F L O R I D A HARBOR GROUP SELLS TWO APARTMENT COMMUNITIES IN SOUTH FLORIDA FOR $105.6 MILLION WEST PALM BEACH AND FORT LAUDERDALE, FLA. — Affiliates of Harbor Group International (HGI) have sold Turtle Cove Apartments in West Palm Beach and Serramar in Fort Lauderdale for a combined sales price of $105.6 million. HGI purchased both assets in June 2012 for a combined $67.8 million. Turtle Cove was built in 1986 and contains 444 units. Amenities include a clubhouse, swimming pool, fitness center, sports courts, gazebo/ picnic area and a car care center. The property is currently 95 percent occu- pied. Serramar was also built in 1986 and contains 302 units. Amenities include a clubhouse, two swimming pools, fitness center, sports court, cy- ber café, playground and a car care center. The property is currently 96 percent occupied. ALEXANDER INVESTMENTS BREAKS GROUND ON $102 MILLION MULTIFAMILY PORTFOLIO CLEARWATER AND LONGWOOD, FLA. — Alexander Investments Inter- national has begun construction on The Alexander at Countryside in Clearwa- ter and The Alexander at Sabal Point in Longwood. The $102 million invest- ment will total 616 apartment units fea- turing one-, two- and three-bedroom layouts with 9-foot ceilings, quartz or granite countertops and wood-style plank flooring. Both projects will fea- ture clubhouses with fitness centers, game rooms, bar areas, resort-style pools with gazebos, fire pits and grill- ing stations. The 330-unit Alexander at Countryside will rent from $1,100 to $2,000 per month, and the 286-unit Alexander at Sabal Point will rent from $980 to $1,800 per month. Alexander Investments plans to deliver both as- sets by the end of 2017. PRISA, PEACHTREE HOTEL GROUP TO DEVELOP THREE HOTELS IN FLORIDA ORLANDO AND TAMPA, FLA. — The PRISA Group and Peachtree Ho- tel Group have partnered to develop three hotels in Florida, including a dual-branded hotel development in Orlando and a new hotel in Tampa's Westshore district. The properties in- clude the dual-brand SpringHill Suites by Marriott Orlando/Mall at Millenia and Residence Inn by Marriot Orlan- do/ Mall at Millenia and the 175-room AC Hotel by Marriott Tampa/Airport – Westshore. The dual-branded proj- ect will feature 120 SpringHill Suites rooms, 134 Residence Inn rooms, a resort-style pool with a bar, game area with large board games and a lounge with water and fire features. The properties are currently under construction with a planned opening date of December 2017. Marriott Corp. will manage the three hotels. The con- struction is being conducted by a part- nership between PRISA Group and Orlando-based Welbro Building Corp. Miami-based Popular Community Bank provided construction financing for the projects. PRIVATE INVESTOR BUYS TWO APARTMENT COMMUNITIES FOR $95.6 MILLION TAMPA AND BRANDON, FLA. — An unnamed private investor has pur- chased two apartment communities in Tampa and Brandon for a total of $95.6 million. The portfolio sale in- cluded Columns at Brandon West, a 342-unit, Class A apartment commu- nity located at 10011 Balaye Run Drive in Tampa. A joint venture between ECI Group and funds managed by Ares Management LP sold the asset for $46 million. Completed in 2001, the 96 percent-occupied property features 10 three-story buildings surrounding two lakes. The buyer also purchased Westbury at Lake Brandon, a 366-unit property located approximately three miles southeast of Columns at Bran- don West at 1210 Westbury Pointe Drive in Brandon. An affiliate of Goff Capital Partners sold the property for $49.6 million. Completed in 2001, the 95 percent-occupied, garden- style property features one-, two- and three-bedroom units averaging 988 square feet. Matt Mitchell and Zach Nolan led the HFF investment sales team representing the sellers in both transactions. CARRFOUR, PRIDE CENTER TO DEVELOP AFFORDABLE HOUSING COMMUNITY WITH FOCUS ON LGBT RENTERS WILTON MANORS, FLA. — Miami- based Carrfour Supportive Housing has teamed with The Pride Center to build an affordable housing develop- ment with a special focus on aging members of the LGBT community. The project, known as The Residenc- es at Equality Park, will be located in Wilton Manors, a city in Broward County. Phase I will feature 48 apart- ments, 34 of which will be reserved for low-income seniors living with dis- abling conditions due to HIV/AIDS and other challenges. The remaining units will be reserved for seniors earn- ing 60 percent or less of the area medi- an income (AMI), or roughly $35,000 per year, according to Carrfour. Phase I will break ground in the fourth quar- ter of 2017 with an expected comple- tion in late 2018. Phase II, which will comprise 74 units, will begin at a later date. The Pride Center, a nonprofit LGBT community center, will provide residents with on-site services such as recreation, healthcare consulting and counseling. Carrfour will serve as the project's developer and operator. LANDMARK UNVEILS STANDARD AT GAINESVILLE NEAR UNIVERSITY OF FLORIDA GAINESVILLE, FLA. — Landmark Properties has unveiled The Standard at Gainesville, a 1,200-bed, mixed-use student housing community located near the University of Florida cam- pus in Gainesville. The development will be connected to an AC by Mar- riott Hotel, and will be occupied by retailers including Target, Chick-fil-A and Bento Café. The 430-unit develop- ment will offer 22 different floor plans, ranging from studios to six-bedroom options, including two-story pent- house townhomes. Community ame- nities will include rooftop pools and cabanas, a fitness center, racquetball court, golf simulator, computer labs, 24-hour study lounges and an internet café. The development is scheduled for completion in fall 2017. Pre-leasing for the property has begun. Marketing 27 MILLION SF 347 shopping centers throughout the Southeast www.crossmanco.com | Licensed Real Estate Brokers LEASING | INVESTMENT SALES | MANAGEMENT The 175-room AC Hotel by Marriott Tampa/Airport – Westshore will feature a market, two media salons, fitness center, pool and 2,300 square feet of meeting space.

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