Florida

Avilla-Land-O-Lakes
Build-to-RentDevelopmentFloridaNewsSoutheast

NexMetro Opens Third BTR Avilla Community in Metro Tampa

by Lynn Peisner

LAND O’ LAKES, FLA. — NexMetro has opened Avilla Silver Palm, a 180-home build-to-rent community in Land O’ Lakes, about 20 miles north of Tampa, Florida. This is NexMetro’s third Avilla Homes neighborhood in the greater Tampa market (the other two are Avilla Suncoast in Odessa and Avilla Cypress Creek in Sun City Center). Located at 11334 Zion Narrows Trail, Avilla Silver Palm sits on 26 acres and features mostly detached, single-level homes with private fenced backyards, front porches, optional garages and amenities such as a resort-style pool, outdoor lounge …

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Ibis-Park-St-Cloud
BerkadiaBuild-to-RentFinanceFloridaInvestment SalesNewsSoutheast

Bayshore Investment Partners Acquires Metro Orlando BTR Development for $29.4M, Berkadia Arranges Acquisition Loan  

by Lynn Peisner

ST. CLOUD, FLA. — Berkadia has arranged a $19.1 million loan for Miami-based Bayshore Investment Partners’ (BIP) acquisition of Ibis Park at Harmony West in St. Cloud, about 30 miles south of Orlando. Ibis Park at Harmony West is a 101-home build-to-rent community. Coral Gables, Florida-based BIP bought the property from D.R. Horton for $29.4 million. Brad Williamson, Kyle Ryan, Mitch Sinberg, Scott Wadler and Matt Robbins of Berkadia Miami arranged the five-year, fixed-rate loan. This is the fourth Florida BTR community BIP has acquired from D.R. Horton. The other …

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Orchid-Run-Naples
BerkadiaFloridaInvestment SalesNewsSoutheast

Berkadia Arranges $89.8M Trade in Naples, Florida

by Lynn Peisner

NAPLES, FLA. — The Inland Real Estate Group of Cos. has sold Orchid Run, a 282-unit property in Naples, to Cardone Capital, a Miami-based firm founded by real estate investor and sales entrepreneur Grant Cardone. Matt Mitchell and Chris Burtner of Berkadia Florida arranged the sale on behalf of Inland. According Cardone’s investment memoranda on the deal, the asset traded for $89.8 million. The investment vehicle acquiring Orchid Run also plans to hold 282 Bitcoin, part of Cardone Capital’s strategy of pairing multifamily real estate with cryptocurrency exposure. Cardone Capital …

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Ponte-Verde-West-Palm-Beach
FloridaInvestment SalesNewsSoutheast

Kamson Corp. Buys Florida Condo Property for $90.5M, Plans Multifamily Conversion

by Lynn Peisner

WEST PALM BEACH, FLA. — Kamson Corp. has acquired the 400-unit Ponte Verde at Palm Beach Lakes in West Palm Beach for $90.5 million. The New Jersey-based buyer plans to convert the property from condos to multifamily. IPA’s Luke Wickham, Shelton Granade and Justin Basquill and Marcus & Millichap’s Evan Kristol brokered the sale. According to the brokerage team, condo conversions are increasing  in Florida as older properties face rising maintenance costs, mandatory structural reserve funding and evolving regulatory requirements. Ponte Verde at Palm Beach Lakes is a gated, two- …

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Havens-at-Hickory-Tree-St-Cloud
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

Joint Venture Secures $35.1M Refinancing for Newly Completed BTR Project in Orlando Metro

by Lynn Peisner

ST. CLOUD, FLA. — Adam America Real Estate and Stellar Communities have obtained a $35.1 million construction takeout loan for Havens at Hickory Reserve, a newly completed 134-unit townhome build-to-rent community in St. Cloud, about 30 miles south of Orlando. The joint venture secured the financing through lender CoreVest Finance. Walker & Dunlop arranged the loan. Stellar is an Aventura, Florida-based developer, while Adam America Real Estate also is a development firm and is headquartered in New York City. Located at 4896 Stellar Drive, Havens at Hickory Tree Reserve offers …

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Metro-Parc-Hialeah
DevelopmentFinanceFloridaNewsSoutheast

Baron Property Group Lands $226.5M Refinancing for Miami Project

by Lynn Peisner

HIALEAH, FLA. — Baron Property Group (BPG) has closed on a $226.5 million refinancing for Metro Parc, a 559-unit development in Hialeah that is now 50 percent leased. The financing replaces the project’s construction loan and serves as a bridge to permanent financing. The lenders were Madison Realty Capital and Yellowstone Real Estate. HKS Real Estate Advisors and DIA Capital Group advised BPG. Ben Suky of Bensco arranged the financing. Designed by Modis Architects, Metro Parc is the first phase of BPG’s 2.3-million-square-foot mixed-use development in Hialeah. The property is …

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Ekos-at-Rockledge-Park-Rockledge
Affordable HousingDevelopmentFloridaNewsSoutheast

McDowell Housing Partners Breaks Ground on $38.2M Affordable Housing Community in Rockledge, Florida

by Lynn Peisner

ROCKLEDGE, FLA. — McDowell Housing Partners (MHP) has begun construction of Ekos at Rockledge Park, a $38.2 million, 100-unit affordable housing community in Rockledge. The property’s one-, two- and three-bedroom units will be reserved for households earning up to 30, 60 and 70 percent of area median income. The LIHTC project will be built to National Green Building Standards. Units will be equipped with Energy Star-rated appliances, low-flow plumbing fixtures, LED lighting and other energy-efficient features. Amenities feature a clubhouse, fitness center, business center with computer stations, package lockers, community …

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Tides-at-Palm-Bay-Florida
DevelopmentFloridaLeasing & MarketingNewsSoutheast

Woodfield Development Opens $100M Luxury Mixed-Use Project on Florida’s Space Coast

by Lynn Peisner

PALM BAY, FLA. — Woodfield Development has completed and opened Tides at Palm Bay, a $100 million, 318-unit, mixed-use property in Palm Bay on Florida’s Space Coast. The community features 318 luxury apartments alongside 19,000 square feet of commercial space. The development includes studio, one-, two- and three-bedroom units, with asking rents ranging from $1,600 to $4,200 per month. Amenity highlights include a lounge with gaming areas, fitness center, resort-style pool, outdoor kitchen and grills, fire pit, dog park and a courtyard with central green space. The project team included …

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Artisan-Point-Naranja
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

HTG, AM Affordable Housing Break Ground on Artisan Pointe in Naranja, Florida

by Lynn Peisner

NARANJA, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have secured financing to begin construction of the first phase of Artisan Pointe, an affordable housing community in Naranja, 34 miles south of Miami. Located at 26115 S. Dixie Highway, Artisan Pointe will include 115 units in the first phase. Rents for the one- and two-bedroom units are restricted to 30, 60 and 70 percent of area median income (AMI). Monthly rents for qualifying residents will range from $766 for a one-bedroom apartment at the 30 percent AMI tier …

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ALORA-Kissimmee
Affordable HousingDevelopmentFloridaNewsSoutheast

The NRP Group Breaks Ground on Florida Affordable Development Alora Lofts

by Lynn Peisner

KISSIMMEE, FLA. — The NRP Group has secured financing and begun construction of Alora Lofts, an 88-unit affordable housing community in Kissimmee, 18 miles south of Orlando. Residences will be rent restricted at 30 and 70 percent of area median income. Floor plans are offered as one- to three-bedroom layouts complemented by amenities that include a fitness center, resort-style pool, multipurpose room, community kitchen, a grill area and a playground. FK Architecture is the project architect. Funding sources include the Florida Housing Finance Corp., which provided tax credits, tax-exempt bonds …

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