Apartment Moves

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Panhandle

J.I. Kislak will hold an open house on March 24 to introduce the public to the beautifully renovated Cypress Ridge Apartments. This new apartment home community was formerly known as Jasmine Fields.

"We recognized this property’s history as a premier West Pensacola community and committed ourselves to not only restoring, but enhancing, its facilities and reputation," said Tom Bartelmo, J.I. Kislak President and CEO. "Many local contractors and vendors were involved in our extensive renovations, and in making Cypress Ridge Apartments a warm and welcoming community residents will be proud to call home."

Atlanta-based ARA brokered the $24 million sale of The Blake at Gulf Breeze, a 107-unit assisted living and memory care community in Santa Rosa County.AEW Capital Management, a global real estate investment manager, acquired the property on behalf of AEW Senior Housing Investors, L.P. ARA’s Seniors Housing specialists Ryan Maconachy and Chad Lavender represented Twin Palms, LLC in the sale of the asset. Going forward, the community will be operated by Blake Management Group, which was the original developer of the asset.

Built in 2008, the two-story community has 70 assisted living units and 37 memory care units. The community has an extended congregate care (ECC) license, which sets the facility above competing properties in the level and standard of care it can offer to its residents.

Northeast Florida

Atlantica Investment Group, LLC. awarded Horizon Realty Management, Inc. the property management contract for the 100-unit Atlantica Apartments in Atlantic Beach. The community offers condominium-quality interior finishes with all units providing a two bedroom/two bathroom floor plan.

Central Florida

Orlando’s Hendricks & Partners negotiated the sale of the 44-unit Oak Clusters West Apts. in Orlando for $1.188 million, or $27,000 per unit. Hal Warren negotiated the sale representing the seller, Berkadia Commercial Mortgage, LLC. A private investment group acquired the property, which was built in 1984.

Bay Area

Marcus & Millichap handled the sale of the 144-unit Gateway Apts. in St. Petersburg. Largo private investor Ben Mallah bought the property from Tritex Real Estate Advisors for $5.25 million, or $36,458 per unit. Gateway was built in 1987 and was 90% occupied at time of sale. Michael P. Regan and Francesco P. Carriera handled the sale.

Marcus & Millichap also handled the sale of the 40-unit Dale Mabry Palms in Tampa. A private investor brought the distressed property from a developer for $2 million, or $500,000 per unit. Casey Babb, CCIM, and Luis Baez represented the seller in the transaction.Dale Mabry Palms Apartments was built in 1987.

Southeast Florida

Beech Street Capital, LLC provided a $9.5 million Fannie Mae conventional loan for the acquisition of the 369-unit Oak Grove Apts. in Miami. The transaction was originated by David Hayum of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Beech Street was able to satisfy the borrower’s request of a short sale acquisition with great efficiency. Oak Grove was built in 1972.

Blanca Commercial Real Estate, Inc. has sold 33 acres of developable land in West Miami-Dade County to Related Development, LLC from Fontainebleau Lakes, LLC for $20.5 million. The property is located at the junction of Northwest 97th Avenue and the Dolphin Expressway (S.R. 836), at the entrance to the City of Doral.

Related Development plans to build a 720-unit multifamily rental project built in two phases, each with 360-units. The community will comprise a mix of 1-, 2-, and 3-bedroom units. Amenities will include a resort style pool, tennis courts, private garages, a fitness trail, wireless internet service in public areas and a car wash. Construction will begin in the third quarter of this year.

Blanca Commercial Real Estate President and CEO Tere Blanca represented seller Fontainebleau Lakes, LLC in the transaction. She was supported by firm associate Andres del Corral.

"This is a prime location for infill multifamily development in an area benefitting from above-average occupancy rates and significant barriers to entry," Blanca said. "The site is centrally located and enjoys terrific expressway access. It is near both the Doral and Airport West submarkets, which are home to several multinational corporate headquarters and locally-based companies, creating built-in demand for rental housing among the workforce."

McKinley has completed the successful resolution of the 294-unit Rio Apartments, located in the Fontainebleau neighborhood of Miami. McKinley was hired by the court-appointed Receiver to stabilize the community, cure deferred maintenance and to address numerous resident concerns. In only 25 days, the community was repositioned resulting in a 100% recovery of the outstanding debt.