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.
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.
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 >>
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
Riverwalk Pointe at Mangrove Bay, a Jupiter apartment development, celebrated its grand opening recently. Developers Index Living and Palm Beach-based Eastwind Development built the 55-and-up community, at 1044 South US Highway 1, according to a press release.Read More >>