July 20, 2022
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 Multifamily Real Estate News Roundup Q2 2022
Florida’s multifamily real estate updates in Q2 2022 include:
Jupiter apartment complex sells for $127M
Northland sells Jupiter Isle apartments to S2 Capital for $127M, with significant renovations planned. Read More
Joint Venture Formed to Build 5,000 Apartments, 1.5M Square Feet in Florida
Meyers Group and Accesso have formed a joint venture to build 5,000 apartments across 1.5 million square feet, making up ten projects in Florida. Read More
Stiles Unveils Luxury Mid-Rise Multifamily Apartments in Plantation
“Having delivered one of our first luxury multifamily projects in Plantation more than a decade ago, we remain highly invested in the city of Plantation and are thrilled to have the opportunity to bring the next generation of amenity-rich, luxury living options to the area with The Ellsworth,” said Jeff McDonough, Stiles Residential Group President. Read More
Miami Condo Building Sells For Over $1M Per Unit
The 15 unit waterfront condo is centrally located in North Bay Village. Read More
Redfin Report Shows That Miami and Tampa Are Where Most Want to Live
The reported net inflow in April and May make them prime destinations. The report detailed that inApril and May about one-third of those surveyed were looking to change metro areas with most looking to Miami and Tampa. Read More
Availability Sparse in Miami Apartment Market
It has never been more difficult for residents to find a vacant apartment in Miami-Dade. Marcus & Millichap ranks it second in the country, with new residents there likely to rent, most often in luxury properties. Read More
Tampa Bay Area’s Tallest Multifamily Tops Off
The 36-story, mixed-use project in St. Petersburg, FL will include 357 units, a 172-key hotel and 6,800 square feet of ground-floor retail space. Read More
Florida Multifamily Real Estate News Roundup Q1 2022
Florida’s multifamily real estate updates in Q1 2022 include: major multifamily asset and acquisitions, new development projects.
Miami Beach Condo Receives $500M Bid for Acquisition
Related Group and 13th Floor jointly offered half a billion dollars to buy out a Miami Beach condo property. Read More
Asia Capital Sells Four Multifamily Assets
Private real estate equity and debt firm, Asia Capital Real Estate sold four multifamily communities in Georgia, Florida, and North Carolina. Read More
Development Begins Work on Hollywood Apts with $43M Loan
The 18-story Nine Hollywood is under construction at 1809 Jackson St. Read More
The Multifamily Firm Brokers Apt Building Sale in St Petersburg
The Multifamily Firm announced the sale of 730 Downtown Flats, a unique 9-unit, 1918 construction apartment building in Downtown St Petersburg, Florida. Read More
Three CRE Vets Start New Multifamily Investment Firm
A new, multifamily-focused real estate investment firm was founded and already made an acquisition. The firm plans to buy up somewhere in the range of $200M of apartments this year in the D.C. region and Florida. Read More
Leste Real Estate US Inks $500M in Multifamily Asset Deals
Leste, a real estate investment company completed a massive round of multifamily property acquisitions in the Sunbelt region amounting to half a billion dollars of transactions. Read More
Walton Street Capital Inks Deal for Tampa Apartments for $100M
Walton Street Capital expanded its presence in Tampa Bay with the acquisition of a 226-unit multifamily property. According to Yardi Matrix data: AG Spanos Cos. offloaded the asset for $100 million. Read More
Florida Multifamily Real Estate News Roundup Q1 – Q4 2021
Florida’s multifamily real estate updates in 2021 include: new apartment complex developments, major multifamily property deals, Florida CRE news highlights, and more.
GlobeSt Asks “How Long Will the Florida Multifamily Market Stay This Hot?”
GlobeSt covers the latest hot streak of multifamily real estate in Florida with the exponential growth in rental rates and price per unit on sales. They answer the question, “is this a bubble and if so, when is it going to pop?” Read More
South Florida Real Estate’s Biggest Stories from TheRealDeal
TheRealDeal.com put together a list of the top South Florida real estate highlights from 2021. Read More
Miami-Area Luxury Multifamily Property Sells for $255M
JSB Capital Group purchased a luxury multifamily real estate asset in Miami for $255 million. The 631-unit property, The Landmark South, was built in two phases from 2017 to 2021. Read More
German Conglomerate Splashes $227M for Ft Lauderdale Apartment Complex
Union Investments, a German conglomerate, purchased Flagler Village in Fort Lauderdale for $227 million. It was their first multifamily play in the United States. Read More
Inland Private Capital Corp Exchanges 1031 Portfolio for $206M
Inland Private Capital Corp closed the buying round of its FL / NY Multifamily Portfolio DST, which is made of 3 apartment communities with nearly 800 total units. Read More
Florida Commercial Real Estate News Roundup 2021
MMG Equity Partners, a retail real estate company based in Miami, released its quarterly Florida commercial real estate news roundup for 2021.
LaVida Apartment Complex in Miami Sold for $98M
Ascend Blue Lagoon LLC, a JV between Boca Raton-based Ascend Properties and Miami-based Pinnacle sold the 272 apartments in Miami in Q3 2021. Read More
Morgan Properties Acquired Village Place Apartments in West Palm Beach
Three apartment complexes on the same street in West Palm Beach were acquired for $132.5M total. Read More
Developer Lissette Calderon’s $100M Apartment Project in Miami Set to Make History
Lissette Calderon, one of Miami’s only female developers, is developing a new $100M multifamily real estate project in Miami. Read More
Ram Realty Advisors Sold Curv, An Apartment Complex with a Whole Food Market Attached in Ft Lauderdale for $150M
The mixed-use: multifamily and retail real estate project in Ft Lauderdale is comprised of 243 apartments and a 49,000-square-foot Whole Foods Market. Read More
Multifamily Markets with Top Rent Growths Published
The Business Journals found that among the Top 50 MSAs, rents grew more than 10% between Q1 2020 and Q3 2021. Read More
$81M Mixed-Income Housing Project Begins in West Palm Beach
Ft Lauderdale-based Affiliated Development, announced in September 2021 that it started developing an $81M mixed-income workforce housing project called The Grand. Read More
Cortland Pays $504K / Unit in Florida’s Largest Multifamily Property Transaction of 2021
A multifamily property in Boca Raton traded for $230M in August 2021, making it the largest multifamily property deal in FL for 2021. Read More
Is Tampa the New Austin, TX? Major Projects from Bill Gates and Jeff Vinik Are a Solid Indication
Tampa is set to boom thanks to major development projects beginning in the area. One project by Bill Gates and Jeff Vinik alone is in the billions, $3.5B. Read More
DASMEN Residential Buys FL Multifamily Portfolio for $101M
The 5 apartment communities in Orlando and Tampa total over 1,000 units. Read More
GlobeSt’s Miami CRE Section
GlobeSt’s Miami commercial real estate news published on a daily / weekly basis. Read More
Florida Multifamily Real Estate News Highlights 2020
The Q2 2020 commercial real estate updates include: the latest public transportation project in Miami, vacancy 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
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
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
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 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
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