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Market Report

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Panhandle
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Landmark and Silver Leaf East Portfolio, a 195-unit multifamily portfolio located in Tallahassee, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $6,475,000.
 
Michael Regan and Francesco Carriera, vice president investments in Marcus & Millichapís Tampa office, represented both parties in the transaction. 

The Landmark and Silver Leaf East Portfolio is located at 2125 Jackson Bluff Road in Tallahassee. 

Landmark Apartments is a 129-unit multifamily community comprised of 15, two-story residential buildings, a one story, stand-alone building that serves as a leasing office and an additional one-story building that serves as a laundry facility.

Silver Leaf East Apartments is a 66-unit multifamily community comprised of eight, two-story residential buildings and a one story, stand-alone building that serves as a leasing office and laundry facility.

"The buyer just acquired a multifamily asset in Tallahassee in 2013 and saw this as an opportunity to acquire two additional stabilized assets with a 95 percent plus occupancy with potential upside through continued capital improvements and the below-market rents," says Regan. "Home of Floridaís State Capital and more than nine post-secondary institutions, including FSU, Tallahassee provides economic stability for the investor."

Central Florida
Berkadia recently negotiated the $21.3 million sale of the Arbour Apartments at 11000-11600 MacKay Boulevard, only one-half mile from the University of Central Florida in east Orlando.
 
Berkadiaís Florida partner, Cole Whitaker, led the team of Hal Warren, Berkadiaís Senior Vice President, and Robert Hold, Hold-Thyssen, Inc.ís President, in representing the seller, Arbour Apartments LLC. The buyer was BW Arbour Apartments LLC, based out of New York.
 
The apartment complex was built in 1972 with one- and two-bedroom units totaling 292,000 rentable square feet in 36 buildings situated on 22.7 acres.
 
The transaction included two swimming pools, lighted tennis and basketball courts, fitness center, billiard room and two 24-hour laundry centers.

Bay Area 
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Urban Heights, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $595,000.

Ari Ravi, associate, Casey Babb, a CCIM and vice president investments, and Luis Baez, senior associate in Marcus & Millichapís Tampa office, represented both parties in the transaction.

Urban Heights is located at 5113 North Nebraska Avenue in Tampa, Fla. This 1980s built property consists of 12 one-bedroom/one-bathroom apartments and two studio apartments, housed in a single, two-story concrete block/wood frame building with pitched shingle roofs and interior corridor entries. Units feature semi-private, interior corridor entries, central HVAC, floor tile coverings, fully appointed kitchens, double basin sinks and dishwashers in select units and fully appointed baths.

"Urban Heights was a value-add opportunity in the emerging Seminole Heights submarket and garnered significant investor activity," says Ravi. "We generated four offers in the first week and the property went under contract within 10 days, resulting in a quick, hassle-free closing."

"This transaction further solidifies Seminole Heights as a market of interest for small apartment investors," add Ravi.
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Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Bay Point Villas Apartments, a 136-unit multifamily community located in St. Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The $4,800,000 sales price equates to $35,294 per unit.

Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichapís Tampa office, and Evan P. Kristol and Still Hunter III, senior vice president investments in the firmís Ft. Lauderdale office, represented both parties in the transaction.

Bay Point Villas Apartments were built in 1972 and are located at 2150 62nd Terrace South in St. Petersburg, Fla. The property consists of seven, two-story residential buildings and a one-story building that serves as the leasing office, clubhouse and laundry facility. The residential buildings are comprised of 76 one-bedroom/one-bathroom units, 30 two-bedroom/one-bathroom units and 30, two-bedroom/two-bathroom units. All units have central heating and air-conditioning and the buildings are situated on approximately an 8.64-acre parcel of land.

In 2014, the property received capital improvements which included a remodeled clubhouse and new brick pavers around the pool area. Amenities include an on-site laundry facility and management office, a clubhouse and a sparkling swimming pool.

"Bay Pointe Villas was a stabilized asset with room to raise rents through the continued improvement of unit interiors," says Regan. "The Pinellas Pointe submarket seems to be on the rise with the renovation of Mariners Pointe and new, single-family homes being built in the market," concludes Regan.
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Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Serenity Apartments at Royalty Court, a 150-unit multifamily community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The $8,150,000 sales price equates to $54,334 per unit.

Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichapís Tampa office, Andrew Daitch and Paul Davis, senior vice presidents investments along with Edward Lippincott, associate vice president investments in the firmís Detroit office, represented both parties in the transaction.

Serenity Apartments at Royalty Court is located at 3606 Royalty Court in Tampa, Fla. The property consists of 19 two-story residential buildings and an additional building that serves as a leasing office. The residential buildings are comprised of 36 one-bedroom/one-bathroom units, 80 two-bedroom/one-bathroom units and 34 three-bedroom/one-bathroom units. All units have central heating and air-conditioning and the buildings are situated on approximately 7.7 acres of land. Amenities include an on-site laundry facility as well as a playground. 

"Serenity Apartments at Royalty Court represents a stable property with an add value play through the continued renovation of units and adding amenities throughout the property," says Regan. "The immediate submarket is highly sought-after and should respond favorably to the improvements."
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Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Essex Court, a 18-unit apartment property located in St Petersburg, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $875,000.

Michael Donaldson, vice president investments, and Nicholas Meoli, senior associate in Marcus & Millichapís Tampa office, represented the seller, a local private investor. The buyer was procured by Earle Hyman, a senior vice president investments in the firmís Encino office, and Donaldson and Meoli in the Tampa office.

Essex Court was built in 1972 and is located at 5800 37th Avenue North in St Petersburg, Fla.
   
"This transaction illustrates the continued national demand for well-located multifamily investments in the Tampa Bay area," says Meoli. "The Essex Court acquisition allowed the buyer to increase their footprint in the St. Petersburg submarket and ultimately improve operations through economies of scale," concludes Donaldson.

Southeast Florida
Berkadia real estate advisors recently negotiated the sale of a 33-acre development site in Martin County.

Cole Whitaker, partner who heads Berkadia in Florida, and senior vice president Hal Warren negotiated the sale of the site located off Cardinal and Baker Roads in Stuart.

The purchase price of the property was $650,000. The seller was Capstone Resdev LLC and the buyer is STB Outdoors, LLC, based in Jupiter. 

Southwest Florida
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Murdock Plaza, an 83,165-square foot retail property located in Port Charlotte, Fla., according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $4,980,000.

James Medefind, associate in Marcus & Millichapís Tampa office, and John Nuzman, vice president investments in the firmís Detroit office, represented both parties in the transaction.

Murdock Plaza is a newly-renovated shopping center that was built in 1991 and located at 1700 Tamiami Trail in Port Charlotte, Fla., just a mile-and-a-half from Port Charlotte Town Center. The center is currently 73 percent occupied and is anchored by Bingo Trail, Dollar General and a local appliance retailer.

"Murdock Plaza was a great example of the current supply-demand imbalance we are seeing in the retail market," says Medefind. "Due to the lack of supply and overwhelming demand for well located, value add opportunities in the marketplace, we were able to drive three offers within the first 48 hours of bringing the asset the market," adds Medefind. "This gave the seller options and negotiating leverage to obtain a phenomenal price and amenable terms that fit the sellerís timeline."
 
Cardillo Law Firm
Valet Waste, Inc.
AMD Group
FAA is a federation of 11 local affiliates, representing over 490,000 apartment homes in Florida. Both community and associate members in good standing of a local affiliate are automatically memebers of FAA and NAA.