FAA APTitudes Newsletter
February 2016 | The monthly e-newsletter of the Florida Apartment Association

Market Report

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2/26 Hunt Mortgage Group Facilitates the Acquisition of Two Multifamily Properties Located in Florida
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, has announced that it provided $5.4 million in funding to facilitate the acquisition of multifamily properties in Seminole and in Pembroke Pines. Read more.


2/19 2 Jacksonville complexes sold for $48 million
A Tampa-based company expanded its apartment portfolio Wednesday with the purchase of two Southside apartment complexes for $48 million.Blue Rock Premier Properties LLC bought the 284-unit Landmark at Hampshire Place on 10023 Belle Rive Blvd. and the 248-unit Landmark at Sage Commons on 8401 Southside Blvd. Read more.

2/19 Developers reveal some plans, including apartments, for the District at public meeting
During a Downtown Development Review Board meeting last month, the developers behind The District revealed new plans, including a proposed marina on the St. Johns River and a five-story, 276 unit apartment structure. While the presentation wasn’t an official submittal for conceptual designs, the DDRB board members were impressed with the "overwhelming" size of the 33 acre project. Read more.


2/25 Morgan Sells 528-Unit Village at Baldwin Park Apartment Community in Orlando
Morgan, a leader in upscale multifamily development, construction and property management, has sold its 528-unit Village at Baldwin Park multifamily complex in Orlando to Preferred Apartment Communities based in Atlanta. Morgan built The Village at Baldwin Park in 2009. Read more.

2/1 Wendover Housing Partners Opens Premier 208-Unit Transit Oriented Multifamily Development
Wendover Housing Partners, a privately held real estate development, investment, and management company, announced the opening of its newest property, Weston Park. As a premier transit-oriented development, Weston Park offers the first multifamily residential housing directly adjacent to the City of Longwood's SunRail Station. Now accepting applications for new residents, the 208-unit apartment home community encourages residents to adopt a more car-independent lifestyle. Read more.

1/30 Ohio Developer Plans $101M in New Class A Apartments 
NM Residential plans to invest a total of $101 million into two projects: The 272-unit Marden Ridge complex in Apopka and the 315-unit Maitland West community in Maitland. NM Residential has retained Winter Park-based MMI Development Inc. as the developer for both projects. Read more.  


1/20 Preferred Apartment Communities Acquires 342-Unit Multifamily Community in Tampa
Preferred Apartment Communities announced that it acquired a newly constructed 342-unit Class A multifamily community in Tampa, Florida named Crosstown Walk."We believe Crosstown Walk is a one of a kind asset that marries a great location with outstanding and unique architecture," said Daniel M. DuPree, Vice Chairman and Chief Investment Officer for PAC. Read more.


2/26 Jupiter Apartment Complex Sells for $42 Million
A Jupiter property picked up for $1.2 million and developed into an apartment community just sold for $42 million.The deal closed Feb. 17, reeling in a sizable profit for the developer, Palm Beach Gardens-based Eastwind Development LLC. In a joint venture with Jupiter-based Index Investment Group, Eastwind purchased the 6.4-acre parcel in 2012 and completed the 190-unit Dakota at Abacoa apartment complex in June 2014, according to a news release. The price works out to $221,053 per unit.The buyer is Priderock Capital Partners, a multifamily management and development firm based in West Palm Beach. Read more.

1/31 Sugar Producer Cuts Ribbon on 1st of 10 Planned Apartment Communities
FCI Residential Corp., a subsidiary of Florida Crystals Corp., held a ribbon-cutting ceremony last month to open a 322-unit apartment building in southwest Miami-Dade County called Atlantico at Kendall. Read more here and here.

1/27 Preiss Company Joint Venture Acquires Off-Campus Student Housing in Boca Raton
Officials of The Preiss Company, the nation's third largest privately held owner-operator of private student housing and the fifth largest third-party management company, announced the closing of a portfolio of three student housing properties located in Boca Raton, Florida together with their joint venture partner Investcorp.The properties, University View, University Square and University Park are comprised of 892 total beds and located within a mile of the Florida Atlantic University campus and also serve Palm Beach State College and Lynn University. Read more.


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