Eastwind Development LLC and Index Investment Group sold the 216-unit Sonoma Pointe apartments at 130 Santa Rosa Dr. in Kissimmee, FL for $40 million, or approximately $185,000 per unit, to Bluerock Real Estate LLC.
The 214,260-square-foot multifamily community consists of one-, two- and three-bedroom units in nine buildings. It was constructed in 2015 in the Osceola County submarket and was 94 percent occupied at time of sale.
Marc deBaptiste, Richard Donnellan, Kevin Judd, Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the sellers. The buyer handled the sale in-house.
Please see CoStar COMPS #3976067 for more details on this transaction.Read More >>
American Landmark just acquired the 184-unit High Ridge Landing apartments in Boynton Beach for $41.9 million.
The seller is High Ridge Housing LLC, a subsidiary of Eastwind Development, which purchased the land to build the complex for $2.5 million in 2014. It built the complex at 3609 High Ridge Way in 2017.
American Landmark paid $227,727 per unit. It will spend $500,000 on upgrades, including improvements to the clubhouse, the pool area and upgrades to the fitness center and landscaping, according to a release.
High Ridge Landing’s apartments range from one to three bedrooms. Amenities include a yoga and spin studio, pool, auto charging stations, fitness center and business center.
The deal marks the third acquisition of the year for American Landmark. In South Florida, it also owns and operates Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.
American Landmark and Electra America, its debt and equity partner, plan to close $1.5 billion in multifamily deals in 2018 throughout the Southeast, according to the release.
Electra America is the American subsidiary of Israel’s Electra Real Estate, which is publicly traded on the Tel Aviv stock market. In late 2016, the company merged with Robbins Property to form Robbins Electra. The firm specializes in value-add and distressed properties, and has bought and sold more than 100,000 apartments since 1996.Read More >>