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Florida Commercial Real Estate Quarterly News Roundup

Florida Commercial Real Estate Quarterly News Roundup

July 8, 2020


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The Multifamily Firm pulls together the top CRE news stories from around The Sunshine State every quarter, with a focus on the multifamily sector.

Florida Commercial Real Estate News Roundup Q2 2020

The Q2 2020 commercial real estate updates include: the latest public transportation project in Miamivacancy rates and rent collection during the pandemic, and several new multifamily property projects around the state.

Sunny Isles Beach Will Be Home to $97M+ Multifamily Project

The apartment developer for the Sunny Isles Beach obtained a $97 million loan for a 256-unit apartment complex. The project is projected to take two years to complete. Read More

Monorail Is the Latest Proposal to Connect Miami Beach and Downtown Miami

Officials in Miami have spent years considering different projects for connecting Miami Beach to Downtown Miami via public transit. After several possible solutions, the latest proposal includes a monorail to connect the two prominent areas of the city. Read More

Fort Lauderdale is the New Home of the Largest Co-Living Project in the United States

Society Las Olas, a 34-story development with nearly 640 units, started having tenants move in this past month. The CRE project is considered to be the largest co-living space in the nation. The project not only has living spaces, but also is mixed-use with retail spaces and co-living amenities. Read More

‘I Don’t See Rental Rates Dropping’, Says Workforce Housing Executive

According to workforce housing developers in Miami, there is doubt regarding rental rates dropping due to the pandemic, as their development costs are still high, and demand from tenants is still strong in the area. Read More 

South Florida Apartment Owners Expected a Rough May for Vacancy Rates and Rent Collected

The rise in unemployment due to the pandemic has affected various sectors across the country and the world. As professionals feel the financial pinch, apartment owners are expecting troubling numbers from their properties’ rent collection and vacancies. Read More 

Multifamily Developer Looking for ‘Density Boost’ in Palm Beach Apartment Complex Project

The potential multifamily project, Pine Bay Apartments, will be in West Palm Beach. In order to finalize the deal for construction, the county will require some of the apartments to be workforce housing. Read More

Rieber Developments Breaks Ground on $100M Miami-Area Project

The Aventura Health District is getting more vibrant with the addition of a mixed-use property that will be developed across from the Aventura Hospital. The project will feature offices, condos, and retail spaces. Read More

JV Created for Numerous Multifamily Projects Across the United States

Mill Creek and QuadReal join forces to create $421 million multifamily joint venture. The JV will invest these dollars in developing and operating multifamily communities around the country. Read More

Berkadia Seals $97M Loan for the Construction of Sunny Isles Multifamily Project

Berkadia sealed the $97 million loan for the construction of Las Marinas Apartments in Sunny Isles Beach. The MF project will feature two 17-story towers with 256 total units. Read More

Tampa Multifamily Real Estate News Multifamily Firm

Florida Commercial Real Estate News Roundup Q1 2020

The Q1 2020 commercial real estate updates include: multifamily executives executing on low mortgage rates during the pandemic, several multifamily property sales in the region, and much more.

Multifamily Real Estate Executives, Take Advantage of Low Mortgage Rates

BisNow gets the inside scoop on how multifamily real estate executives are capitalizing on the downturn in the market. In the words of one exec, “I refinanced my own mortgage. For a multifamily project to get fixed-rate debt for an apartment or hotel, 10-year fixed money, this is a really good time. If you can lock in a rate right now, you’re pretty psyched.” Read More

How Architecture Can Help Curb the Next Possible Pandemic

Real estate professionals focusing on architecture discuss how exactly crowds and ventilation are taken into consideration during the design process to mitigate the spread of potential outbreaks. Read More

Multifamily Property Breaks Ground in Palm Beach County with $34M loan

AHS Development Group starts construction on the Banyan Ridge apartments at the SW corner of Belvedere Road and Cleary Road in Palm Beach County. Read More

Fort Lauderdale Rejects Affordable Multifamily Property Project, A Lawsuit Begins

The developer planning to build a 500-micro-unit property in Fort Lauderdale is now suing the city for its rejected proposal. Read More 

AOF Pacific Buys Apartment Complex in Palm Beach County for $15M

The affordable multifamily housing property sold for an equivalent price of $204,000 per unit in Palm Beach County. Read More

Florida-Based Grocer, Publix, Issues Assistance for Tenants During Pandemic

Publix, which owns over 200 of shopping centers where they are anchored around the country waives rent for tenants to assist with financial issues caused by the pandemic. Read More

MMG Equity Partners Sells Florida Retail Property for $22.7M

MMG Equity Partners, based in Miami, sold one of its commercial retail properties in Homestead, Florida for $22.7 million. The shopping center is anchored by 24-Hour Fitness, Presidente Supermarket, and Goodwill. Read More

Multifamily Complex in South Florida Sold for $100M

CityPlace Doral Flats in Doral sold for $100 million to Virginia-based Harbor Group. The 303-unit property asset was 95% leased at the time of the sale. Read More

NKF Brokers $58 Million for Sale of Fort Lauderdale Multifamily Property

A 302-unit asset in Fort Lauderdale, Serramar Apartments, sold for $58 million. The apartment complex has 23, two-story buildings, and was 95% occupied at the time of the sale. Read More

Major Food Distributor Relocates Operations in South Florida

American Fine Foods relocated to Doral, Florida. The food distribution company will now occupy more than 147K square feet at a 300-acre, Class A industrial commercial real estate park. Read More

Aztec Group Seals $18M Loan to Refi Mixed-Use Multifamily Community Property

Aztec Group inks an $18 million loan for the refinancing of 39 acres within its 200-acre-mixed-use project. Read More

Berkadia Released the 2020 forecast for the South Florida Multifamily Market

Berkadia released its annual report for So Florida’s multifamily property market, and sees rents rising due to a rise in deliveries. Read More

Miami’s Condo Market is Cooling Leading Developers to Move North on New Multifamily / Apartment Projects

BisNow covers the ongoing trend of apartment property developers moving to construct new projects in areas of Florida outside of Miami. Read More

Florida Commercial Real Estate Market Remained Strong in 2019, Will It Last?

Coming into 2020, Florida’s CRE market was firing on all cylinders, but will the downturn of the pandemic cause major ripples? Read More from Tampa Bay Times / Read More from Miami Herald

 

Florida Commercial Real Estate News 2019

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