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

Market Report

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6/2 Preferred Apartment Communities Acquires Student Housing Community

Preferred Apartment Communities announced the acquisition of Campus Circle, a 219-unit, 679-bed student housing community located near Florida State University in Tallahassee. PAC acquired this asset through its wholly-owned subsidiary Preferred Campus Communities. Read more here, here, and here.


6/17 Vestcor Receives Approval for Affordable Urban Loft Development in Downtown Jacksonville

Vestcor announced that Lofts at LaVilla has received final approval from the Downtown Development Review Board. The 130-unit urban community will be at the corner of West Bay and Lee Streets, across from the Prime Osborn Convention Center and will have 11 studios, 56 one-bedroom, 60 two-bedroom and 3 three-bedroom apartments. Read more here and here.



6/11 Atlanta firm buys 4th Florida rental property

RADCO Companies paid $111,458 per unit for the 288-unit Class B community in Winter Park. Read More.

6/1 Preferred Apartment Communities Acquires 487-Unit Multifamily Community

Preferred Apartment Communities announced the acquisition of a 487-unit Class A multifamily community in Orlando, constructed in 2008 and known as Grandeville at Avalon Park. Read more.



6/19 Largo rental complex with 444 units fetches $54M

A 444-unit apartment complex in Largo sold for $54 million, or $121,622 per unit.The sale price per unit was a record in Pinellas County for a large, off-waterfront multifamily property, according to brokerage firm Berkadia, which negotiated the sale. Read more.

6/17 Blue Rock Premier Acquires 776-Unit Apartment Community for $70M in Tampa Bay

The Park at Valenza adds a mix of one-, two- and three-bedroom apartments to Blue Rocks growing 9000-plus Florida portfolio. Read more.

6/3 Wendover Housing Completes Seniors Development in Tampa

Wendover Housing Partners, a privately held real estate development, investment, and management company, has opened its first affordable senior community in Tampa. The $14.5 million Haley Park Apartments features 80 units. Read more.



6/14 Bradenton’s Cypress Winds Apartments sell for $33 million

Aspen Square Management, a West Springfield, Mass., company with apartment holdings in 14 U.S. states, sold the 300-unit Cypress Winds Apartments at 6904 Manatee Ave. W. on May 25 to GSC of Richmond, Va., according to Manatee County property records. Read more.



6/21 Dome Equities Acquires North Miami Apartments

Dome Equities has announced its acquisition of Alta Mira, a 240-unit Class A apartment community in North Miami, the firm's eighth Florida property. Read more.

6/17 Luxury 360-Unit Multifamily Community Changes Hands in Boca Raton for $77 Million

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community in Boca Raton. The $77 million sales price equates to nearly $214,000 per unit. Read more.

6/14 New Metropolitan apartment complex opens in Wilton Manors

A four-story apartment building featuring an herb garden, dog park, and private garages has replaced a rundown trailer park in Wilton Manors. The 179-unit Metropolitan is at 1220 NE 24th St., near Dixie Highway, which has seen a revitalization in the past 18 months. Read more. The community has earned a Florida Apartment Association Smoke-Free Certification at the silver level. Learn more and view a list of certified smoke-free communities.

6/13 Starwood Capital Group Selects Construction Firm to Complete Miami Beach Luxury Multifamily Projects

Newport Property Construction has been tapped by Starwood Capital Group to complete two South Florida multifamily renovation projects including high-end luxury apartments at the Miami Beach Roney Palace, and hundreds of units at Palm Trace Landings in Davie. Read more.

6/9 South Florida Company Tapped to Complete 2 Multifamily Projects

Newport Property Construction, Ltd. has been tapped by Starwood Capital Group to complete two South Florida multifamily renovation projects including luxury apartments at the Miami Beach Roney Palace, and hundreds of units at Palm Trace Landings in Davie. Read more.

6/8 2 mixed-use projects proposed in Miami’s urban core include apartments

M-Tower at 56 S.W. 1st St. in downtown Miami would total 637,406 square feet in 53 stories, with 440 apartments, plus office space, retail, and a pool deck with a gym.The Megacenter Brickell project just west of the Brickell area would include a nine-story apartment building with 57 units, plus a rooftop pool deck. Read more.

6/8 Mill Creek Acquires 448-Unit Emerald Bay Club Apartment Community in Boca Raton

Mill Creek Residential has announced the acquisition of Emerald Bay Club Apartments, a 448-unit two-story garden-style community in the West Boca submarket. Mill Creek will rebrand the community Alister Boca Raton and renovate it. Read more here and here.

6/7 Florida Crystals proposes apartment project in Palmetto Bay's new downtown district

The developer, through subsidiary FCI Palmetto Bay, plans to build 271 apartments plus 7,010 square feet of retail at 17945 Franjo Road (S.W. 97th Ave.), according to a spokesperson. Read more.

6/4 Cape Coral affordable housing sells above list price

A Fort Lauderdale-based executive of brokerage Marcus & Millichap handled the sale of an affordable-housing development near Cape Coral for $8.5 million, well above the list price. The sale price of the 168-unit Crossings at Cape Coral, financed by the Low Income Housing Tax Credit, was $600,000 above the list price. Read more.

6/3 Hollywood apartment complex flipped for $39M, marking $9M profitMiami-based CFH Group has sold Sunset Palms, a 318-unit Hollywood complex, for $38.5 million. Records show Sunset Palms United LLC bought the property at 7400 Stirling Road. Les Chalet Investments LLC had paid $29.9 million for the complex, formerly known as the Conquistador Apartments, in May 2015. Read more here and here.


6/3 New York firm sells South Florida apartments for $26M

The Serrano Apartments near Greenacres sold for $25.95 million, five years after they traded in foreclosure. PA Country Lake LLC, an affiliate of New York-based AION Partners, sold the 192-unit apartment complex at 6010 Sherwood Glen Way to Tampa-based GP Serrano. Read more.

6/3 Big developer scores $47 million apartment construction loan

Ram Realty Services broke ground on the Cortina apartment project in Boynton Beach after securing a $47.15 million construction loan from JPMorgan Chase Bank. Read more.

5/27 Developer scores construction loan to build apartment tower in downtown Miami

Property Markets Group secured an $80 million construction loan from Centennial Bank to begin work on a 464-unit apartment tower in downtown Miami. Read more.

5/26 Apartment developer plans new project in Miami's Brickell

Orlando-based apartment developer Zom plans to build a 23-story rental tower in Miami’s booming Brickell neighborhood. Read more.



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