SARASOTA, FLA. — Berkadia has arranged the sale of Reserve at Palmer Ranch, a 320-unit community located at 4100 Winners Circle in Sarasota. Built in 1990, Reserve at Palmer Ranch features two- and three-bedroom units, as well as a fitness studio, two pools, bark park, car care center and a courtyard with communal games. Strategic Holdings sold the asset to MLG Capital. Berkadia’s Jason Stanton, Cole Whitaker and David Etchison represented the seller in the deal. John Koeijmans of Berkadia’s Dallas office arranged financing on behalf of the buyer. The …
DAVENPORT, FLA. — Sovereign Properties and Invest Capital Group have opened the first phase of Atlantica at Town Center, a 360-unit complex in Davenport. The property is currently 60 percent leased. Units come in one-, two- and three-bedroom floor plans ranging from 683 square feet to 1,435 square feet in size. Amenities include a pool with cabanas, outdoor kitchen, fitness center, pet park, dog spa, yoga studio, clubhouse, package lockers, storage units and on-site security. The developers expect to break ground on phase two of the project later this year. …
Berkadia Brokers $37.5 Million Acquisition Loan for Build-to-Rent Project in Port St. Lucie, Florida
PORT ST. LUCIE, FLA. — Berkadia has arranged a $37.5 million forward acquisition loan for Tavalo Tradition, a 216-unit build-to-rent development underway in Port St. Lucie. An investment vehicle managed by GTIS Partners purchased the townhome-style community from K. Hovnanian. Scott Wadler and Matt Nihan of Berkadia arranged the financing through an unnamed national bank on behalf of GTIS Partners, which will obtain the capital in draws. Tavalo Tradition will be situated within the 2,500-acre Tradition master-planned community. Units will come in two- and three-bedroom townhomes and average 1,387 to 1,494 …
ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Windrift in Orlando. Shelton Granade, Luke Wickham and Justin Basquill represented the seller, Bridge Investment Group, and procured the buyer, Eagle Property Capital. Windrift was built in 1986 and comprises 288 units. All apartments have open-concept floorplans, washers and dryers, screened patios, and window treatments. Amenities include green spaces, a fitness center, pool and covered playground area.
ENGLEWOOD, FLA. — Kaplan Residential has acquired a 20-acre site in Engelwood to construct Generation Englewood, a 306-unit community in Southwest Florida. The developer purchased the site from a private investor for $5.2 million. Hunter McCarthy of SVN Commercial Partners brokered the land transaction. The property will include a 10,000-square-foot clubhouse with a dog park, outdoor TVs, lounge seating areas and a bar. Architecture Alliance, the project’s landscape architect, is designing walking trails, seating areas, benches and outdoor grilling stations at the community. Kaplan plans to break ground on Generation Englewood …
JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The Jacksonville Downtown Development Review Board has approved the conceptual plan for the $500 million first phase of the project, which is called Pearl Street District. Phase one include three buildings in the North Core district of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. Gateway Jax plans to break ground midway through …
TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the sale of Captiva Club, a garden-style property located along Memorial Highway in Tampa. Eagle Property Capital sold the asset to Sinatra & Co. Real Estate for an undisclosed price. IPA’s Shelton Granade, Sean Williams, Luke Wickham and Justin Basquill represented the seller and procured the buyer. Captive club comprises 361 apartments on a 20-acre site. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include two pools, a fitness center, a clubhouse, pet parks and courtyards.
MIAMI — Crescent Heights has topped off NEMA Miami, a 39-story rental tower in downtown Miami. McHugh Construction and Stiles Construction are the general contractors for the project. NEMA Miami will offer 588 apartments, as well as ground-floor retail, including a 42,030-square-foot Whole Foods Market, and a seven-story parking garage with 748 spaces. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, sauna and steam rooms, event space, a private bar lounge and a fitness center. First move-ins are slated for summer 2024. …
HOLLYWOOD, FLA. — Pinnacle has secured $47.8 million in financing to build the second phase of Pinnacle 441, an affordable housing community in Hollywood. The first phase of the project comprises 113 affordable units and 8,000 square feet of commercial space. Phase two of Pinnacle 441 will rise eight stories on a 1.7-acre site just west of the first phase. The development will offer 100 one-, two- and three-bedroom units that will be affordable to tenants earning up to 60 percent of the area median income. Construction will begin in September and is …
LAKE WORTH, FLA. — Marcus & Millichap arranged the $2.9 million sale of a Lucerne Apartments, a 14-unit apartment property located in Lake Worth. Daniel Cunningham, Evan Richardson, River Rhoads and Dillon Majeski of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, private investor, and secured the buyer, a New York-based private investor. Steve Goldwyn and David Purisch of Marcus & Millichap Capital Corp.’s Fort Lauderdale office arranged $2 million in acquisition financing. The property was built in 1974.