Southeast Real Estate Business

APR 2018

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 April 2018 • Southeast Real Estate Business F L O R I D A CUSHMAN & WAKEFIELD BROKERS $53 MILLION SALE OF MULTIFAMILY COMMUNITY IN FORT LAUDERDALE FORT LAUDERDALE, FLA. — Cush- man & Wakefield has arranged the $53 million sale of The Queue Apart- ments, a 191-unit multifamily com- munity located at 817 S.E. 2nd Ave. in downtown Fort Lauderdale. Robert Given, Troy Ballard, Zachary Sack- ley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller and property developer, a joint venture between Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset. The seven-story apartment community offers a mix of studio to three-bed- room units. Community amenities include a pool, Zen garden, two-story fitness center, dog park, outdoor din- ing area and an electric car charging station. The property was completed in 2017 and was 95 percent occupied at the time of sale. The project team includes interior designer Big Time Design Studios, general contractor Hooper Construction and architect MSA. JV STARTS CONSTRUCTION OF $50 MILLION SENIORS HOUSING COMMUNITY IN SARASOTA SARASOTA, FLA. — Ryan Cos. US Inc. and its partner Grand Living have started construction of Grand Living at Lakewood Ranch, a 172-unit independent living and assisted living community in Sarasota. Development costs are estimated at $50 million. Grand Living at Lakewood Ranch will be located within the Lakewood Ranch master-planned development, near a new supermarket and a polo club. Ryan A+E is providing architectural services, and Grand Living will operate the community upon completion. TAVISTOCK LAUNCHES HOTEL COLLECTION, ANNOUNCES NEW RESORT AT ORLANDO'S LAKE NONA DISTRICT ORLANDO, FLA. — Orlando-based Tavistock Development Co. has launched the Tavistock Hotel Collec- tion, a hospitality portfolio that will include the previously announced Tavistock Town Center Hotel at Lake Nona Town Center and the newly an- nounced Tavistock Lake Nona Resort. Both properties will be located within Lake Nona, the firm's 7,000-acre mas- ter-planned community in Orlando. Tavistock Lake Nona Resort will be situated between the Lake Nona Golf & Country Club and the United States Tennis Association (USTA) National Campus. The hotel will feature a man- made crystal lagoon, rooftop lounge and a fitness and spa campus. Miami- based architecture firm Arquitectonica is leading the design of Tavistock Lake Nona Resort. Construction is expected to begin this year, with an anticipated opening date for 2020. The 16-story Tavistock Town Center Hotel will sit within Lake Nona Town Center. TRUAMERICA BUYS MULTIFAMILY COMMUNITY IN WINTER SPRINGS FOR $50 MILLION WINTER SPRINGS, FLA. — TruAmer- ica Multifamily has purchased Astor Park, a 368-unit apartment commu- nity in Winter Springs, for $50 million. The community is located at 4545 Wil- la Creek Drive, roughly 16 miles north of Orlando. The name of the seller was not disclosed. Astor Park was built in two phases between 1987 and 1999 and features a mix of one-, two- and three-bedroom units. TruAmerica plans to invest $4 million to upgrade the property's exteriors, common ar- eas and unit interiors. Planned reno- vations will include new stainless steel appliances, stone countertops, new cabinet faces, upgraded lighting and plumbing fixtures, vinyl plank flooring, new landscaping through- out, exterior paint, fitness center up- grades and pool furnishings. TRIBRIDGE, SEFIRA CAPITAL TO OPEN $49 MILLION APARTMENT COMMUNITY IN JACKSONVILLE JACKSONVILLE, FLA. — Atlanta- based TriBridge Residential LLC, in partnership with Miami-based Sefira Capital, will soon deliver The Jaxon, a 287-unit apartment community lo- cated at 4450 Tropea Way in Jackson- ville. Slated to open this summer, the property is situated across the street from St. Johns Town Center, Jackson- ville's premier outdoor mall and retail corridor. The $49 million apartment community will offer a mix of studio to three-bedroom units with granite countertops, built-in Bluetooth speak- ers and custom finishes. Community amenities will include a Vegas-style swimming pool with cabanas and rain curtain, a party porch, dog park, dog wash station and a 24-hour package delivery system with refrigerated stor- age. TriBridge Residential owns and manages approximately 7,000 multi- family units across the Southeast. IPA BROKERS $43.2 MILLION SALE OF TWO-BUILDING OFFICE PORTFOLIO IN BROWARD COUNTY PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Plantation Corporate Center I & II, a two-building, 239,616-square- foot office portfolio in Plantation. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of Gramercy Property Trust sold the portfolio for $43.2 mil- lion. Douglas Mandel and Todd Ever- ett of IPA arranged the transaction on behalf of the seller and procured the buyer, a joint venture between IP Cap- ital Partners LLC and a fund managed by Westport Capital Partners LLC. Both buildings are leased to Crawford & Co., and Centerfield and Aetna Life Insurance Co. are subleasing at the property. Plantation Corporate Center I & II is located at 1600 and 1601 S.W. 80th Terrace. COASTAL RIDGE, H. KATZ BUY 1,115-BED STUDENT HOUSING ASSET NEAR UNIVERSITY OF FLORIDA GAINESVILLE, FLA. — A joint ven- ture between Coastal Ridge Real Es- tate and H. Katz Capital has acquired Campus Lodge, a 1,115-bed student housing community located less than three miles from the University of Florida campus in Gainesville. EdR sold the property for an undisclosed price. The property, constructed in 2000, offers two-, three- and four-bed- room, fully furnished units with bed- to-bath parity and rents ranging from $1,206 to $2,052 per unit. Community amenities include a resort-style pool, fitness center, basketball court, tan- ning bed, a car wash area, picnic areas with barbecues, a computer lab and study rooms. The community is fully occupied for the 2017-2018 school year. This is the 19th joint venture ac- quisition between Coastal Ridge and H. Katz Capital. BERKADIA BROKERS $28.5 MILLION SALE OF MULTIFAMILY COMMUNITY IN SOUTH FLORIDA LAUDERHILL, FLA. — Berkadia has brokered the $28.5 million sale of Summit Palms, a 352-unit apart- ment community located at 4491 N.W. 19th St. in the South Florida town of Lauderhill. Tal Frydman, Yoav Yuhjtman and Nicholas Perrone of Berkadia arranged the transaction on behalf of the seller, Miami-based Summit Property Group, and the buyer, Chevy Chase, Md.-based Fed- eral Capital Partners. Constructed in 1974, Summit Palms features a mix of one-, two- and three-bedroom units. Community amenities include on- site laundry facilities, a playground and on-site management. The Queue in Fort Lauderdale features a courtyard pool, Zen garden, two-story fitness center, dog park, clubroom, entertaining suite and an electric car charging station. Tavistock will break ground on the new Lake Nona Resort in Orlando this year. The hotel will feature a manmade crystal lagoon, rooftop lounge and a spa campus.

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