High Ridge Landing is on High Ridge Road at Miner Road, and has 184 apartments in nine buildings. One-bedroom apartments start at $1,300, two-bedrooms start at $1,560 and three-bedrooms start at $1,719. About 55 percent of the property is already leased and residents started to move into the complex in October.
One of the busiest multifamily developers in Kissimmee’s LOOP/Tupperware submarket has sold an active-adult apartment complex to a national real estate investment firm for $29.5 million.
Palm Beach Gardens-based Eastwind Development and co-developer Index Investment Group built the four-story, class A Monterey Pointe community in 2016 just off John Young Parkway, south of Hunter’s Creek. Eastwind Vice President Ron Roan told GrowthSpotter the age-restricted community was 98 percent occupied at time of sale.
“There was an extremely strong response in the market for this property,” Roan said. “It was very sought-after, both for groups that specialize in senior housing and other apartment investors.”
Two Kissimmee apartment complexes sell for combined $90M
Eastwind built the 150-unit complex shortly after completing Sonoma Pointe, also located in the LOOP submarket. It sold Sonoma Pointe last summer for $40 million.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill brokered the Monterey Pointe sale and represented both seller and buyer.
Washington D.C.-based The Carlyle Group ,which also has multifamily investments in Orlando’s Ravaudage community, purchased the asset through one of its real estate funds.
The Carlyle Group is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 multi-manager investment funds. That includes six funds focused on U.S.-based real estate assets like this.
UPDATED: Eastwind closes on Phase 1 apts site near Tupperware SunRail, plans new unit type
Eastwind breaks ground this month on Phase 1 of San Mateo Crossing, its first Transit-Oriented Development complex across from the Tupperware SunRail station. All three of the development sites were purchased from Tupperware subsidiary Deerfield Land Corp.
“We feel like it’s a very desirable location in the Orlando market,” Roan said. “We’ve been fortunate to forge a good relationship with Tupperware, the seller on all three of the properties.”
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The company arranged the financing for the development of San Mateo Crossing on behalf of a private, Miami-based family office, which will serve as co-general partner in the project.
Aztec Group Inc. Director Sean Harrington, Managing Director Jason Shapiro and Managing Director Peter Mekras—who only joined the company late last year—have secured $8.9 million in joint venture equity for the development of San Mateo Crossing, a two-phase, market-rate rental community in Orlando, Fla., on behalf of a private, Miami-based family office, which will serve as co-general partner in the project.According to Aztec Group Inc., the first phase of development will comprise more than 200 units and will spread across a 14-acre site. Eastwind Development LLC will be developing San Mateo Crossing.
The property will be located near the SunRail Tupperware commuter train station at 3205 Orange Ave. Best Food Market, Axiom Bank, Christ Dominion Church, Western Union, Frontline Outreach Center, Mount Sinai Junior Academy and Walmart Neighborhood Market are all located nearby.
“Orlando’s multifamily real estate market is booming right now as exceptional job and population growth are making it one of the fastest growing cities in the country,” said Harrington in prepared remarks. “We will only continue to see more private investors and developers expand into this market with new multi-family product that meets the community’s housing needs.”
Image courtesy of Aztec Group Inc.
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 >>
Cushman & Wakefield has arranged the sale of Riverwalk Pointe at Mangrove Bay, a 55+ community in Jupiter, Fla. Pleasant Valley Market Place LLC acquired the property for $26.8 million.
Mangrove Bay Housing LLC, a joint venture of Eastwind Development and Index Apartments LLC, sold the residential asset in a 1031 exchange deal. Vice Chairman Robert Given, Executive Vice President Calum Weaver, Executive Managing Director Zachary Sackley and Senior Managing Director Troy Ballard led C&W’s South Florida institutional multifamily team that negotiated the transaction.
NEWLY BUILT UNITS
Located at 1026 S. U.S. Highway 1, Riverwalk Pointe at Mangrove Bay consists of 104 units within two buildings, with one-, two- and three-bedroom units averaging 1,123 square feet. Amenities include a 3,500-square-foot clubhouse between the buildings with a swimming pool and fitness center. The units feature high-end finishes, stainless steel kitchen appliances, washer/dryers, granite countertops and vinyl plank flooring. Completed in 2014, the community is currently stabilized with 95 percent occupancy and an average rent of $1.76 per square foot.
“The property received a significant amount of investor interest from a broad cross-section of potential buyers due to its location, vintage and size,” said Weaver, in prepared remarks. “We ultimately went with an out-of-state buyer who was able to move quickly due to 1031 exchange requirements,” he added.
Image courtesy of Cushman & Wakefield
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Eastwind Development is putting its 48-unit Little Torch Cottages rental community on the market next week, Cushman & Wakefield said.
The complex, which opened in 2014, sits on the eponymous Lower Keys island of Little Torch Key at 28501 Channel View Drive. Its 3.7 acres include 400 feet of shoreline along the Big Pine Channel, which separates the eastern edge of Little Torch from the western edge of the much larger Big Pine Key, near mile marker 28.5 of the Overseas Highway.
Listing broker Calum Weaver, a Cushman & Wakefield senior vice president, told The Real Deal that the Little Torch Cottages listing would be published without an asking price. But he estimated that the complex would sell for about $20 million.
“It’s the newest rental building on the market in the Keys, simple as that,” Weaver said. “Waterfront. Has a marina. It’s in excellent condition.”
Little Torch Cottages is composed of 24 three-story duplexes, each built in the wooden Bahamian conch style that is common in Key West. The buildings are elevated above a carport and contain two levels of living space. Each unit has two bedrooms and two-and-a-half baths with 1,081 square feet on average, Cushman & Wakefield said.
All units have impact glass designed to handle winds of up to 180 mph, as well as at least one porch.
Amenities at Little Torch Cottages include the 14-slip marina, two pools, a fitness center and a 3,500-square-foot clubhouse. The average rent is $2,688 per month and all but two of the units are currently occupied with 12-month leases, according to Cushman & Wakefield.
Eastwind Development purchased the site in Dec. 2012 for $3.25 million, Monroe County records show. The Monroe County Property Appraiser’s Office assessed the property at $10.4 million in 2016.
Within the Keys, Palm Beach Gardens-based Eastwind is also the developer of the 106-unit Tarpon Harbour community in Marathon.
Founded in 2007, Eastwind has also built or is working on market-rate rental projects in Pembroke Pines, Lantana, Jupiter, Orlando and Boynton Beach, according to the company’s website.
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Click the image below to read the full article from Modern Home Builder Magazine Spring 2017.Read More >>
BOYNTON BEACH – Boynton Beach’s newest apartment complex had a grand opening Wednesday.
“We’ve hit a sweet spot,” Melissa Johnson, regional property manager, said about the price points.
The City Commission approved the project in November 2014, despite residents from the nearby Cedar Ridge community opposing the plan. The residents said there was already a traffic problem on High Ridge Road, and that more vehicles will just further the situation.
But the apartment community has made efforts to achieve goals the city is in line with such as having electric vehicle chargers, offering compact car parking and encouraging more scooters.
Also, the community is unique in offering a Key West-style look, said Stephanie Miller, a representative of High Ridge. The buildings have Bahama shutters and are painted in light blues, greens and yellows.
“It’s appealing to Floridians who want to live in Key West but the job’s here,” said Miller.
— ALEXANDRA SELTZER
You can read the original article here: Palm Beach Post
An affiliate of Eastwind Development has broken ground on the 206-unit Ventura Pointe apartment complex in Pembroke Pines.
Florida Community Bank increased the construction loan to Ventura Pointe Housing, an affiliate of Palm Beach Gardens-based Eastwind Development, by $26.1 million to total $29.5 million. It had used the original $3.4 million mortgage to acquire the 9.8-acre site for $6.3 million in April.
The property is on the east side of University Drive on the south side of where Pasadena Boulevard ends. It’s between Memorial Hospital Pembroke and the Walnut Creek neighborhood.
Kaufman Lynn Construction filed notice with the county that it recently started building Ventura Pointe. The developer’s website said the project would cost $41.6 million.
Ventura Pointe will have two four-story buildings, two five-story buildings, five detached garage buildings, a 5,800-square-foot clubhouse and a pool.
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The managing member of Palm Beach Gardens-based multifamily builderEastwind Development LLC already has two projects just a few miles away from the Osceola Parkway SunRail Station near the headquarters of Tupperware Brands Corp. (NYSE: TUP).
And now, the firm is investing another $85 million into two more projects just steps from the new commuter rail platform at the new mixed-use, transit-oriented development(TOD) being prepared by Tupperware’s related Deerfield Land Corp.
Earlier this week, Orlando Business Journal learned Deerfield Land had lined up several interested developers for projects to be part of that complex, including market-rate apartments and an active-adult community on the border of Orange and Osceola counties.
And Weir confirmed that Eastwind Development is under contract to buy both sites, one in Orange County and the other in Osceola, with plans to possibly break ground later this year.
“There’s proximity to Disney, access to roadways like [State Road] 417 and John Young Parkway, The Loop is a strong retail area and now there’s SunRail,” Weir told OBJ. “There’s a lot going on.”
Here are details on the two projects:
SunRail Osceola TOD: Eastwind Development is planning a two-phase, market-rate, 350-unit apartment complex across the street from the SunRail stop on the Osceola County side. The complex, estimated at about $52 million-$53 million, will feature six four-story mid-rises with elevators and detached garages, as well as a separate clubhouse. Interior amenities will include stainless steel appliances, upgraded light fixtures, nine-foot ceilings and a mix of wood-plank, tile and carpeted floors. The first phase will include 238 units.
SunRail Senior: The developer wants to build a $32 million, 200-unit, age-restricted apartment community on the north side of the county line. Though it’s still early in the planning stages, it may include a large clubhouse, community room, concierge services, bike storage and repair, a pet salon, fitness center and separate yoga room, as well as a dining area with a warming kitchen. Amenities would include a pool and deck area along with a courtyard with a Zen garden, fountains, benches, pergola and putting green.
Eastwind Development began work last year on the $20 million, 150-unit Monterey Point luxury living community for those age 55 and older. The complex on Greenwald Way North, near the north side of Osceola Parkway and east of John Young Parkway, is expected to open in September and there’s already interest in a third of the units, Weir told OBJ.
Monterey Point is near Eastwind’s other project in the area, the 216-unit Sonoma Point apartment complex, which leased up in just 10 months.
“I think the market area is fairly strong,” Weir told OBJ. “It has good demographics, good projected growth and the potential of this corridor is underdeveloped. I like the demographics and all the economic development happening further south in Kissimmee.”
Read more about what’s happening with Tupperware’s project and SunRail, and come back to OrlandoBusinessJournal.com for more.
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