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.
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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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.
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 HERERead More >>
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.comRead More >>
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 HERERead More >>