Apartment Market Report – April 2016

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Information organized and provided by FAA

CENTRAL

4/27 KeyBank Provides $24.4M Freddie Mac Loan for Kissimmee Community

KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Read more.

3/23 Gunter Village poised to take shape near Lake Mary

Gunter Village, a 12-acre mixed-use project in the Lake Mary area, is poised to start taking shape with a Cincinnati group’s purchase of half the site.The South Florida-based Aztec Group represented the land owner in its $6 million sale of the property at 3300 International Parkway. The land is approved for apartments, shops, restaurants and a limited-service hotel. Read more.

BAY AREA

4/28 ZOM and Northwestern Mutual to Break Ground on Luxury Waterfront Apartment Community

SEAZEN, a 323-unit multifamily apartment community, is to be located on the current site of a Chart House restaurant on the island of Rocky Point, just off the coast of Tampa. Read more here and here.

3/30 Preferred Apartment Communities Inks Student Housing Development Investment in Tampa

Preferred Apartment Communities announced that on March 29, 2016, it closed on a loan investment of up to approximately $9.8 million in connection with Haven Campus Communities LLC’s plans to develop a 542-bed, 158-unit student housing community located near the University of South Florida in Tampa. Read more.

3/29 Walden Lake golf course owner drops adult living facility from development plans

The owner of a shuttered Walden Lake golf course is dropping a 90,000-square-foot adult congregate living facility from development plans. Visions Golf Managing Partner Steve Mercer said Visions Golf will instead build up to 60 multifamily homes on the 10.4 acres where the adult congregate living facility would have been built. Read more.

3/28 Federal Capital Partners Acquires Tampa Apartment Community

Federal Capital Partners (FCP) has acquired the 324-unit Belara Lakes Apartments in Tampa in a $22.4 million transaction. The acquisition marks FCP‘s second investment in Florida during the last three months.Read more here, here, and here.

3/23 Former warehouse redeveloped as Seminole Heights apartment building

Developer Wesley Burdette and Tampa Mayor Bob Buckhorn cut the ribbon on the Warehouse Lofts, a former industrial site at 4513 N. Florida Ave. that is now home to 54 apartments. Read more.

TRI-CITY AREA

4/12 Gates of Bradenton apartments sell for $20.5 million

A Virginia real estate investment company has added a 256-unit apartment complex in Bradenton to its growing Florida apartment portfolio by more than doubling the previous owner’s initial investment.  Read more.

4/5 Centre Court Apartment Homes in Manatee sells for $12.25 million

T. Mannausa & Co., under its company Centre Court on 53rd Ltd., sold Centre Court Apartment Homes at 4255 52nd Place W. to Centre Court Harmony Housing LLC, a subsidiary of New York-based Greystone & Co. Read more.

3/30 Bradenton’s Palms at Cortez apartments sell for $6.3 million

An aging apartment complex near the DeSoto Square mall has, like many other multifamily properties of late, sold for a premium as rental vacancies sit near an all-time low. The Palms at Cortez, a six-building, two-story apartment community at 3810 5th St. E., sold for $6.3 million on March 22. Read more.

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