Eastwind to build new Pembroke apartments after closing $6M land deal

News / 04.19.20160 comments

Broward-Aerial

Eastwind Development is moving forward with its plan to build a new Pembroke Pines apartment community after closing a $6.3 million deal for the land it needs.

The deal includes about 9.77 acres of land east of North University Drive and south of Sheridan Street, according to an announcement about the sale from Eastwind’s brokerage ARA Newmark.

Eastwind now plans to build a Class A apartment community on the site called Ventura Pointe. Plans call for 206 apartments spread over four mid-rise buildings, with amenities including a two-story clubhouse, fitness center, business center, pool and spa area.

The multifamily builder expects to break ground in the third quarter of this year, with a completion date slated for summer 2017. Eastwind financed its purchase with a loan from Florida Community Bank, though the monetary amount was not disclosed. The deal has not yet cleared public records.

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Rendering of the apartment project

ARA Newmark’s Troy Ballard and Avery Klann brokered the deal on behalf of Eastwind.

“This is a great opportunity to develop a new, high end community in a very dynamic market within Broward County” Ron Roan, vice president of development and acquisitions for Eastwind, said in the announcement. “One of the factors that we found very attractive about this site is the scarcity of undeveloped land in the area, which will limit future competition.”

Eastwind has been an active part of South Florida’s multifamily boom of recent years: the company sold two apartment communities earlier this year for a combined $66 million, and celebrated the grand opening of its newest complex in Jupiter in February.

Article Originally Written by: Sean Stewart-Muniz HERE

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Five-story apartment complex to rise on newly acquired Broward site

News / 04.19.20160 comments

An affiliate of Eastwind Development paid $6.3 million for a site in Pembroke Pines, where it plans to build an apartment community.

ARA executives Troy Ballard and Avery Klann represented buyer Ventura Pointe Housing, an affiliate of Palm Beach Gardens-based Eastwide Development, in the deal. The seller was Chieftain Pembroke, managed by Dev Motwani and Thomas Sherman, and represented by CBRE’s Robert Given.

The 9.8-acre site, on the east side of University Drive on the south side of where Pasadena Boulevard ends, last traded for $2.4 million in 2012. It’s between Memorial Hospital Pembroke and the Walnut Creek neighborhood.

Eastwind plans to build 206 apartments on the site, which already had its plans approved by the city. The buildings will be four and five stories tall. The project will include a clubhouse, fitness center, pool and spa. The developer plans to break ground in the third quarter and finish construction in the summer of 2017.

Florida Community Bank provided the financing, ARA said.

“This is a great opportunity to develop a new high-end community in a very dynamic market within Broward County,” said Ron Roan, VP of development and acquisitions for Eastwind Development. “One of the factors that we found very attractive about this site is the scarcity of undeveloped land in the area, which will limit future competition.”

Original article can be found on BizJournals.com

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Developers sell two-year-old apartment complex for $24M

News / 04.15.20160 comments

The two-year-old Bridgewater at Lake Osborne apartment complex near Lantana sold for $24 million, according to a statement from the sellers.

Bridgewater Lake Osborne LLC, a partnership between Jupiter-based Index Investment Group and Palm Beach Gardens-based Eastwind Development, sold the 108-unit complex for BLO Investors, managed by Jared Brunnabend in Miami. It’s located at 2282 Lantana Road and has plenty of lake frontage.

The price equates to $222,222 per unit. The deal was financed for $17.5 million by the Atlanta office of the PrivateBank.

The 193,812 square feet of garden-style apartments and townhouses with garages were built on the 9.6-acre site in 2014. The community includes a pool, a boat ramp, and a playground. Rent starts at $1,579.

Article Written by: Brian Bandell  HERE

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Real Estate Notebook: Gale Residences about 60 percent sold

News / 04.14.20160 comments

The developer of Gale Residences Fort Lauderdale Beach says more than 60 percent of the 129 condominiums are under contract.

Newgard Development Group is building the 12-story project at 2900 Riomar St., next to the former Escape hotel. The Gale has one-, two- and three-bedroom units from 800 to 2,100 square feet. Prices range from the $400,000s to $1.4 million.

Owners can live in the units full time or put them in a rental program provided by Gale.

One Sotheby’s International Realty is handling sales, which launched last spring. Groundbreaking is scheduled within the next 60 days, and the project is expected to open in winter 2017.

Brokers form new office-leasing firm

Three real estate brokers in South Florida have formed a new firm, Tower Commercial Real Estate.

Jon Blunk, Laurel Oswald and Cristina Glaria, all formerly of Cushman & Wakefield, say Tower Commercial will focus on leasing the most prestigious downtown office buildings in the tri-county region.

Last year, Blunk, Oswald and Glaria teamed to complete 71 transactions worth more than $230 million, earning them NAIOP South Florida’s 2015 Office Brokerage Team of the Year award.

Tower Commercial is based in Miami but also has offices in West Palm Beach and Fort Lauderdale.

Stiles properties win TOBY awards

Stiles Property Management said two of its properties won awards at the regional TOBY competition in Miami.

Plaza at Las Olas in downtown Fort Lauderdale won in the under-100,000-square-feet category. The building, at 301 E. Las Olas Blvd., is the corporate headquarters for the Stiles real estate firm.

Stiles’ Legacy Place in Palm Beach Gardens, at 11290 Legacy Ave., was honored among retail properties.

The Building Owners and Managers Association sponsors the TOBY (The Outstanding Building of the Year) awards to recognize the top commercial real estate properties.

Boca apartments get $50M construction loan

Ocean Bank said it has completed a $50 million construction loan that will finance 282 apartments at the Park at Broken Sound in Boca Raton.

The still-unnamed project is on 14 acres at the southeast corner of Congress Avenue and Clint Moore Road. The borrowers are Miami developers Sergio Rok and James D. Tate.

The apartment complex is expected to open in summer 2017. Rents have not been announced. The Park at Broken Sound was formerly known as the Arvida Park of Commerce.

Rental community sells for $24 million

The Bridgewater at Lake Osborne apartment complex near Lantana has sold for $24 million.

BLO Investors LLC bought the 108-unit property west of Interstate 95 along Lantana Road from an entity tied to Index Investment Group and Eastwind Development.

Index and Eastwind built the development overlooking Lake Osborne in 2012. Rents for the two- and three-bedroom units start at $1,579 a month.

Homebuying seminar planned

Lennar Homes will host a seminar for first-time buyers on April 23 in West Palm Beach.

Industry professionals will address the state of the housing market and offer tips on qualifying for a mortgage.

The event is from 10:30 a.m. to noon at Lennar’s Charleston Commons, 4335 Haverhill Road. Call 866-861-9713 for more information.

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Priderock closes on new Jupiter apartments: $42M

News / 03.01.20160 comments

Priderock Capital Partners just picked up a recently built apartment complex in Jupiter for $42 million. The deal includes Dakota at Abacoa, an apartment community with 190 units that were built in 2014. It sits on just over six acres of land at 3334 Bismark Lane in a residential section of western Jupiter.

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Evernia Place Caters to Seniors in West Palm Beach

News / 12.15.2015

Aging baby boomers and other low-income seniors have a new place to call home in a prime location in downtown West Palm Beach, Fla.

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Seniors Housing Rises in Undeveloped Area of West Palm Beach

News / 10.29.2015

AFFORDABLE HOUSING FINANCE

Evernia Place provides services, amenities to help residents remain active.

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PNC Bank lends $20M to build Boynton Beach apartments

News / 10.21.2015

The developer of the High Ridge Landing apartment project in Boynton Beach obtained a $20.36 million loan from PNC Bank.

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Monterey Pointe will be a luxury development in Kissimmee for people over 50

News / 10.12.2015

A South Florida developer has turned its focus to Orlando, building two projects in succession and now looking for more land to further its presence here.

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South Florida developer plants stake in Orlando with 2 luxury complexes

News / 09.28.2015

A South Florida developer has turned its focus to Orlando, building two projects in succession and now looking for more land to further its presence here.

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