Florida

Royal-Crest-Marlborough
FloridaInvestment SalesMassachusettsNew HampshireNewsNortheastRhode IslandSoutheast

Aimco Sells Two Portfolios for $1.26 Billion

by Lynn Peisner

DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from the Denver-based, publicly traded REIT Apartment Investment and Management Company (Aimco). HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in the fourth quarter. The assets are located throughout New England, primarily near Boston, and span the states …

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Royal-Palms-Main-Street
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

Ceiba Groupe Receives $40.2 Million Construction Loan for Jacksonville Project

by Lynn Peisner

JACKSONVILLE, FLA. — Ceiba Groupe, a Fort Lauderdale-based developer, has received a $40.2 million construction loan for Royal Palms Main Street, a community in Jacksonville that is slated for completion in the first quarter of 2027. JLL arranged and Crestline Investors originated the loan. The 227-unit community Royal Palms Main Street will feature 168 elevator-serviced, garden-style apartments and 59 townhomes. Units will be offered as one- and two-bedroom apartments and three- and four-bedroom townhomes. Amenities include a clubhouse, a pool, fitness center, a dog park and spa, a playground, climate-controlled …

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Asher
DevelopmentFinanceFloridaNewsSoutheast

PGIM Provides Tampa Developer $110 Loan for Asher Residences

by Lynn Peisner

TAMPA, FLA. — PGIM Real Estate has provided a $110 million, five-year, interest-only, fixed rate loan to Cascade Investment for the refinancing of Asher Residences in Tampa. The 22-story building is a part of the Water Street development downtown and was completed in December 2021. Strategic Property Partners, the developer of Asher Residences as well as the master developer of Water Street Tampa, is a subsidiary of Cascade Investments. The community contains 490 units, including 97 furnished residences that are operated as part of a partnership with ROOST Apartment Hotels. …

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Easton-Riverview
BerkadiaFinanceFloridaNewsSoutheast

Joint Venture Secures $56.6 Million to Refinance Easton Riverview in Ruskin, Florida

by Lynn Peisner

RUSKIN, FLA. — Berkadia has arranged a $56.6 million loan to refinance The Easton Riverview in Ruskin, 27 miles south of Tampa, Florida. The borrower/owner is a joint venture of Cross Lake Partners of New York, GreenPointe Holdings of Jacksonville, Florida, and Rivers Residential LLC of Atlanta. Mesa West Capital provided the loan. Built in 2023 on 15 acres, The Easton Riverview offers a mix of one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, 24-hour fitness center with yoga room, two dog parks, electric vehicle charging …

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HueHub
Affordable HousingDevelopmentFloridaNewsSoutheast

Miami-Dade County Approves $880 Million Affordable Housing Development

by Lynn Peisner

MIAMI — Miami-Dade County has approved plans for The HueHub, an $880 million, 12-acre development in the West Little River neighborhood that will include 4,032 units of affordable housing. Developers Pablo Castro and Laura Tauber will break ground later this year with completion slated for the second quarter of 2028. The project was approved under the Live Local Act, which is state legislation passed in 2023 to encourage affordable housing projects by granting developers tax incentives and flexibility with permits related to density, height, parking and other building regulations. In …

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Riverview
BerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Category Five Buys Florida Portfolio for $32.3 Million

by Lynn Peisner

SUNRISE, FLA. — Category Five Real Estate has acquired a four-property portfolio in Sunrise, about 10 miles west of Fort Lauderdale. The South Florida-based private equity firm paid approximately $32.3 million, which included a $21 million loan funded by Santander and arranged by Berkadia. The four assets in the portfolio were constructed between 1969 and 1973 and total 185 units. The properties are Sunrise Gardens, La Haina, Lake Success and Riverview.

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Lakeside-Central
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $32.4 Million Freddie Mac ReFi Loan for JV Owners of Tampa Asset

by Lynn Peisner

BRANDON, FLA. — Berkadia has arranged approximately $32.4 million on behalf of Robbins Property Associates and Hartford Investment Management Co. (HIMCO) to refinance Lakeside Central Apartments, a 228-unit garden-style community in the Tampa suburb of Brandon, Florida. Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Brad Williamson and Vice President Hugo Hernandez of Berkadia Miami and Boca Raton secured the five-year, fixed-rate Freddie Mac loan. Berkadia also financed the property’s acquisition in 2018 with a floating-rate, Freddie Mac loan. Buit in 1985 and located at 529 S. Parsons …

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Walker-Apartments
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Brokers Sale of 65-Year-Old Miami Asset

by Lynn Peisner

MIAMI — Marcus & Millichap has arranged the $3.6 million sale of Walker Apartments, a five-building, 18-unit portfolio in Miami. Nicholas McAndrew, Evan P. Kristol and Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private owner in the transaction, marking the first time the property has changed hands in about 40 years. Built in 1960, the units at Walker Apartments are located at five separate street numbers along NE 5th Place on a 1.2-acre lot. The unit mix comprises one- and three-bedroom apartments. …

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WynwoodHaus
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $56 Million Fannie Mae ReFi for Miami High-Rise

by Lynn Peisner

MIAMI — Berkadia has arranged a $56 million Fannie Mae loan on behalf of a joint venture partnership that is refinancing Wynwood Haus, a 224-unit, 20-story community developed in 2024 in Miami’s Wynwood neighborhood. The joint venture owners are LD&D, IGEQ, Black Salmon and Bridge Investment Group. The deal closed on July 21, at which time the property was 94 percent occupied. Wynwood Haus offers studios, one- and two bedroom-units and 6,824 square feet of ground-floor retail. One hundred of the apartments are designated as workforce housing for households earning …

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7700-7720-Abbott-Avenue
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Arranges $9 Million Sale of Midcentury Miami Beach Property

by Lynn Peisner

MIAMI BEACH, FLA. — Bristol Realty Partners LLC has sold 7700-7720 Abbott Avenue, a three-property, 36-unit, corner-lot portfolio in Miami Beach for $9 million. Joseph P. Thomas, senior managing director investments, and Alec Demetriou and Adam Marcuvitz, investment specialists in Marcus & Millichap’s Fort Lauderdale office, marketed the property on behalf of the seller and procured the unidentified buyer. Built between 1940 and 1957, the three properties include 12 studios and 24 one-bedroom units on approximately 17,000 square feet of land.

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