Florida

M2-at-Millenia
FloridaInvestment SalesNewsSoutheast

JSB Capital, BLD Group Sell Orlando Asset

by Lynn Peisner

ORLANDO, FLA. — JSB Capital Group and BLD Group have sold M2 at Millenia, a 403-unit property in Orlando. JLL Capital Markets, representing the sellers, arranged the transaction. The buyer was Independence Realty Trust. The acquisition cost was not disclosed. Built in 2019, M2 at Millenia is a five-story community consisting of one-, two- and three-bedroom units. Amenities include a resort-style pool, 24-hour fitness center, yoga studio and an entertainment lounge with a kitchen, bar and outdoor grilling areas. M2 at Millenia also includes 4,216 square feet of ground-floor retail …

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Lauderhill-Point
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Fairstead Completes $17.7 Million Broward County Rehab

by Lynn Peisner

LAUDERHILL, FLA. — Fairstead has completed the $17.7 million renovation of Lauderhill Point, a 176-unit affordable housing community in Lauderhill. Fairstead acquired Lauderhill Point in 2024 for $26.5 million. Total acquisition and redevelopment costs amounted to $68.7 million, or approximately $390,000 per residence. Financial partners on the acquisition included the Housing Finance Authority of Broward County, which helped obtain $40 million in tax-exempt bond financing, and the Florida Housing Finance Corp., which facilitated $25 million via the Low-Income Housing Tax Credit (LIHTC) program. Additional financial partners included Freddie Mac, PNC …

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Madison-Bradenton
DevelopmentFinanceFloridaNewsSoutheast

Peachtree Group Approved for Immigrant Investor-Funded Bradenton Project

by Lynn Peisner

BRADENTON, FLA. — Peachtree Group has received federal funding approvals for the development of Madison Bradenton, a 240-unit property in Bradenton. The EB-5 Immigrant Investor program, which is funding the development, allows residents of other countries to apply for a permanent U.S. residence (also known as a green card) provided they make commercial investments in the United States. The minimum investment is $800,000, and the project must create or preserve at least 10 full-time jobs. The program is administered by U.S. Citizenship and Immigration Services. Peachtree Group is pairing the …

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Villas-of-Torino
Build-to-RentDevelopmentFloridaNewsSoutheast

13th Floor Completes Two Florida BTR Projects

by Lynn Peisner

PORT ST. LUCIE, FLA. — 13th Floor Homes has completed development of two rental townhome communities in Port St. Lucie, Villas of Torino and Tredici at Central Park. The two projects are within 12 miles of each other. Located at 5600 NW Coventry Circle, Villas of Torino includes 126 townhomes with amenities that include a resort-style pool with cabanas and lake views. Homes range from three- to four-bedroom floor plans. All units feature two-car garages, private driveways and backyards. The community is 75 percent leased. Monthly asking rents range from …

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Karlyn
DevelopmentFinanceFloridaNewsSoutheast

Marcus & Millichap Arranges $91.4 Million in Construction Financing for Two Southwest Florida Projects

by Lynn Peisner

NAPLES, FLA. — Marcus & Millichap has arranged $91.4 million in construction financing for Plymouth, Minnesota-based Roers Cos. to build two projects in Naples. The properties are the 150-unit Vintana at Vanderbilt, located at 3375 Vanderbilt Beach Road, which is adjacent to The Ritz-Carlton, Naples golf course, and the 159-unit active adult community The Karlyn, which is located at 7576 Immokalee Road about four miles from Vintana at Vanderbilt. Both projects are slated for completion in 2027 and will feature high-end finishes and resort-style amenities. Marcus & Millichap’s New York City-based …

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Walden-Pond-Rendering
Affordable HousingDevelopmentFloridaNewsSoutheast

Alexander Goshen, Avanti Residential to Break Ground on Tampa-Area Workforce Development

by Lynn Peisner

NEW PORT RICHEY, FLA. — Alexander Goshen and Avanti Residential will break ground in the first quarter of 2026 on Walden Pond, a workforce housing development in New Port Richey, about 33 miles north of Tampa, Florida. The $30 million project is situated on about 9 acres on the site of a former mobile home park. Walden Pond will consist of three four-story residential buildings containing 125 units in a mix of studios and one-, two- and three-bedroom floor plans. Amenities include a dog park, pickleball court, children’s playground and …

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Adela-at-Mimo-Bay
FinanceFloridaNewsSoutheast

ACRE Lands $72 Million ReFi Loan for Miami Asset

by Lynn Peisner

MIAMI — ACRE has secured a $72 million refinancing loan for Adela at MiMo Bay, a 236-unit, waterfront community in Miami. JLL Capital Markets arranged the financing. Adela at MiMo Bay was developed in 2020 and features a range of studios and one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and floor-to-ceiling windows. ACRE is planning to add 14 additional units and to upgrade amenity offerings. These renovations are expected to begin in September with completion slated for 2026. ACRE, a private equity firm that invests in …

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ZMR Hanley Place
ArizonaFinanceFloridaGeorgiaNewsSoutheastWestern

ZMR Lands $230 Million Debt-Equity Refinancing

by Lynn Peisner

TAMPA, FLA. — ZMR Capital, a Tampa-based multifamily investment firm founded by Zamir Kazi, has secured $230 million to refinance a portfolio of 1,600 units across Florida, Georgia and Arizona. The financing includes equity from an institutional joint venture and a five-year, fixed-rate Fannie Mae loan. ZMR will complete gradual renovations to each property during its hold period. Henry Stimler and Ricky Warner of Newmark represented ZMR Capital in the transaction. The portfolio includes four properties in Tampa, one in Atlanta and one in Phoenix.

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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 Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. 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 …

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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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