Lennar Acquires 209 Home Lots In Delray Beach's Avalon Trails Community From 13th Floor Homes

Lennar Corp. (NYSE: LEN) has acquired 209 home lots from an entity tied to 13th Floor Homes in the Avalon's Trails community in Delray Beach for $27.64 million. The price pans out to roughly $132,000 per lot and the seller may be eligible to participate in the success of the project where homes are priced from the mid-$300,000’s.

Avalon Trails broke ground in 2019 and is located on a 110 acre former golf course at 7472 N. Oriole Blvd. which 13th Floor Homes acquired for $5.4 million in 2018. The total site is approved for 521 homes for the senior 55+ community and 13th Floor Homes still owns a site approved for a 200 unit multifamily development which is yet to break ground.

Amenities at Avalon Trails include a clubhouse, multiple pools, fitness center, business center, billiards room, tennis courts, pickle ball, bocce ball and card rooms. The project will also feature 2.4-miles of trails for walking, running and biking.

Fortune International Group Acquires Development Site On Pompano Beach Waterfront For $27.5 Million

Fortune International Group, led by Edgardo Defortuna, has acquired 4.61 acres of waterfront land in Pompano Beach, Fla., with plans to construct a pair of high-end condominiums on the site. The property is a combination of two adjacent parcels at 1380 South Ocean Blvd., a rarity for the area featuring 500 total feet of waterfrontage and coveted direct access to the beach as well as Biscayne Bay via the Intracoastal Waterway. Fortune International Group purchased the site from Lionheart Capital for $27.5 million. 

“The sheer fact that there are so few waterfront sites of this magnitude available anywhere along the South Florida coastline -- from South Beach to Palm Beach -- makes this an extremely appealing opportunity for homebuyers,” continued Defortuna.  “Furthermore, residents are going to have the best of both worlds: the ability to put their boat in the water, or enjoy a day on the beach.”

Plans for the project are expected to be unveiled in the first half of 2021.  A 30-story tower is approved for the site on the ocean and a 12-story building on the Intracoastal. The complex will be comprised of 239 residences and the property will feature a private marina and shared beachfront amenities.   

“On the heels of our success at Auberge, which is located just a few minutes south of this site, we plan on bringing a world-class project to Pompano Beach -- one that will offer a very unique lifestyle for the benefit of local residents as well as those who are relocating to South Florida, such as Northeast and Canadian buyers,” said Edgardo Defortuna, President and CEO of Fortune International Group. 

Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Retail Building In Miami Shores

Miami-based real estate investment firm Tricera Capital, led by Scott Sherman and Ben Mandell, and Alex Karakhanian’s LNDMRK Development have teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property for $4 million on Sept. 30.

The venture obtained a $2.5 million loan from First National Bank of South Miami for the acquisition.

The acquisition is a desirable long-term investment with Walgreens is signed to a long-term single-tenant lease for the 14,850-square-foot building. Tricera and LNDMRK purchased the property at an attractive land basis, offering significant upside through future redevelopment or re-leasing the existing building. The property is adjacent to a Publix supermarket on a stretch of Biscayne Boulevard that generates substantial traffic.

“We are thrilled to partner with Alex and LNDMRK once again on this new investment,” said Tricera Co-Founders and Managing Principals Scott Sherman and Ben Mandell. “This acquisition underscores our firm’s unique ability to identify and execute on off-market opportunities in urban core neighborhoods.”

“It is exciting to expand on our successful partnership with Tricera,” Karakhanian said. “This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio.”

Miguel Pinto and Jamie Maniscalco of APEX Capital Realty represented both the buyer and seller in the off-market transaction.

In addition to the 9020 Biscayne acquisition, Tricera and LNDMRK are collaborating on several investments and developments including partnering with Related Group to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space in Wynwood. The joint venture acquired the project site, a former Coca Cola plant, in September 2019. Tricera and LNDMRK are also jointly developing a luxury retail project in Miami’s Design District.

Seven Valleys Acquires Wynwood Development Site From RedSky And JZ Capital For $26.06 Million

An entity affiliated with the New York-based RedSky Capital and London-based JZ Capital Partners has sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million. The buyer was the New York-based real estate investment and development firm Seven Valleys. The trade equates to $479 per square foot dirt value and there is currently a 2,576 square foot structure on the property. The joint venture initially acquired the property in 2016 from Goldman Properties for $30.75 million and had proposed the Forum, a 144,781 square foot mixed-use development with office and retail space designed by Enrique Norten of Ten Arquitectos.

Gatsby Enterprises Acquires DiVosta Towers Office Complex In Palm Beach Gardens For $80 Million

A joint venture led by the New York-based real estate investment firm Gatsby Enterprises has acquired the DiVosta Towers office complex in Palm Beach Gardens for $80 million. Gatsby Enterprises is led by Nadar Shalom and the complex was acquired in partnership with Master Mind LLC, led by Babak Ebrahimzadeh. DiVosta Towers was reportedly 70% leased at the time of sale with tenants including JP Morgan and the law lawfirm Comiter, Singer, Baseman & Braun LLP. The seller was represented by Tony Hollis of Hollis Realty Group. Jon Blunk of Tower Commercial Real Estate will oversee leasing of DiVosta Towers.

DiVosta Towers was the first new office complex to be delivered in Palm Beach in over a decade. Located at 3825-3835 PGA Boulevard., the project was developed by Otto DiVosta and was completed in 2019. The 6.6-acre complex features two 11-story towers topped with iconic white steel pyramid statue structures overlooking The Gardens Mall. DiVosta Towers offers 220,000 square feet of luxury Class A office space and 889 covered parking spaces with a full-time concierge, secure elevator access, 10’ ceilings, floor-to-ceiling impact glass windows, a ground-floor patio with public art and car charging stations. The South Tower features suites ranging from 2,500 - 10,000 square feet while the North Tower offers 10,000 square foot floor-plates for custom tenant build-outs.

Otto DiVosta was the founder of DiVosta Building Corp., which sold in 1998 to Pulte Homes for $155 million. DiVosta acquired the site in 2015 for $8.5 million. Gatsby Enterprises entered the South Florida market in 2019 when they acquired 800 Brickell for $125 million and is currently redeveloping the tower into a modern office building.

Miami-based Private Equity Group Galium Capital Enters The Houston Multifamily Market With The Acquisition of The Fairmont on San Felipe

Galium Capital, a Miami-based real estate investment group, has announced the acquisition of The Fairmont on San Felipe in Houston, TX. The Fairmont on San Felipe is a 361-unit institutional-grade multifamily apartment building located within the business and Galleria shopping district of Uptown in Houston. The transaction closed on September 21, 2020.

“We have had our eye on the Texas markets for some time, and we are happy to enter Houston by acquiring one of the most iconic multifamily properties in its submarket. The Fairmont on San Felipe is an institutional-grade legacy asset located in one of the most desirable areas in Houston. It is a stabilized asset with significant value add potential, and we look forward to continuing enhancing the building’s long-term performance with Greystar as our partner on the management side.” said Jacques Bessoudo, Managing Partner of Galium Capital.

The Fairmont on San Felipe was developed in 2009 and is located at 6363 San Felipe St. The property features 361 units with 41,383 SF of retail on 6.10 acres of land. The Fairmont on San Felipe was 94% occupied at acquisition with an average rent of $1.61 PSF. Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

Units at The Fairmont on San Felipe range from one to two-bedroom floor plans and 609 to 1,403 square feet. The Fairmont on San Felipe also offers residents some of the best amenities in the area including a two-story state-of-the-art fitness center with complimentary workout classes, a resident’s library with work stations, a resident’s lounge, a rooftop garden, courtyard and an outdoor living room overlooking a resort-style swimming pool as well as a second swimming pool on-site. Tenants in the retail properties provide further convenience for residents and include St. Luke’s Hospital, Cafe Adel, University Oaks and La Argentina Gelato & Coffee, amongst others.

“We are excited about our first acquisition in Houston and happy to be entering the market with such a premier asset that is stabilized while having strong upside opportunities. We see tremendous potential for growth in the Houston market as well as in this this asset, and look forward to maximizing performance for our investors during our ownership,” said Jonathan Slomianski, Acquisitions at Galium Capital.  

Jordon Emmott from National Apartment Advisors represented the seller. Matthew Wallach from Walker & Dunlop arranged the financing.

Galium Capital owns and manages a portfolio in excess of $350 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. The Fairmont on San Felipe is Galium Capital’s second acquisition of 2020 after the group closed on the 1333 Main St. office assemblage in the Downtown CBD of Columbia, SC. in March 2020.

Cardone Capital Acquires Port Royale Apartments In Fort Lauderdale Via Crowdfunding Campaign

Cardone Capital, led by the “10X Rule” author and founder of the 10X Movement Grant Cardone, has acquired the Port Royale Apartments in Fort Lauderdale in one of the largest crowdfunding real estate deals to ever close in South Florida. Port Royale Apartments features 533 units located on the Intracoastal Waterway at 3101 Port Royale Blvd. and 3201-3300 Port Royale Drive in Fort Lauderdale. The property spans over 36 acres with a private marina. The property also has development rights to build an additional 292 units.

The deal closed for roughly $130 million, although the closing price has not yet been made public. The acquisition was financed with a $79.24 million, 10-year interest only loan at 2.3% from CBRE Multifamily Capital. The transaction was completed by the transfer of the Delaware-registered Port Royale Propco LLC. from Waterton Residential LLC to Cardone Capital, avoiding the need to pay documentary stamp taxes. Cardone Capital led a successful crowdfunding campaign for the equity piece, reportedly raising a $50 million. The Chicago-based Waterton Residential was the seller who was represented by Robert Given of Cushman & Wakefield. Waterton Residential initially acquired the apartment complex for $94 million in 2015.

Port Royale Apartments was originally developed in 1991 and renovated in 2016. Units range from one-bedroom, one-bathroom 540 SF units asking $1,400 per month up to two-bedroom, two-bathroom 1,000 SF units asking $2,247. Units include wood plank-style floors, full equipped kitchens, ceramic tile flooring in kitchens and baths, Juliette balconies, in-unit washer/dryers and walk-in closets. Amenities include a car wash area, residents lounge, outdoor barbecue and dining area, gated entrance, storage units and walking paths.

Cardone Capital now has 8,275 residential units and 26 properties in its portfolio. The Aventura-based real estate investment firm as raised over $440 million through crowdfunding to-date. Cardone Capital plans to be aggressive in multifamily acquisitions over the next several months, expecting to close on another $350 million in transactions.

Bar Invest Group Acquires Visions at Willow Pond Multifamily Community In West Palm Beach For $56.23 Million

The Miami-based private equity group Bar Invest Group, led by Jacques and Herve Barbera, have acquired the Visions at Willow Pond apartment community in West Palm Beach for $56.23 million. Visions at Willow Pond, which is located at 4860 Sandstone Lane, was built in 1987 and was fully renovated in 2013. The 300 unit community spans 14.3 acres and 347,790 square feet of total development, breaking down the acquisition cost to roughly $187,433 per unit. The acquisition was financed with a $36 million loan provided by BankUnited NA.

Visions at Willow Pond features a fitness center, tenant lounge, tennis courts and a community swimming pool. The property was reportedly 95% occupied at the time of acquisition and traded at a 4.8% cap rate. The seller was the New York City-based Axonic Capital who was represented by Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of ARA Newmark.

Over the past year Bar Invest Group has become a major player in the South Florida multifamily sector having also acquired the 405 unit Sunny Lake apartment community in Fort Lauderdale. Since the formation of Bar Invest Group USA in 2001, the firm has partnered with Constructa Group for the development and delivery of Mary Brickell Village in addition to having developed or acquired over 1,500 apartments homes and 600,000 square feet of retail with a total investment in excess of $400 million.

The Estate Companies Secures $36M Construction Loan For Luxury Rentals in Miami's Health District

The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, has secured a $36 million construction loan from Bank OZK for Soleste Spring Gardens, an eight-story Class A, 240-unit luxury rental community at 1033 Spring Garden Rd. within the Miami’s historically designated Spring Garden district and Health District. The closing took place September 9th. 

Soleste Spring Gardens will offer studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens will be a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with spacious sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations. 

“Soleste Spring Gardens represents a major investment in the historic Spring Gardens District, an area we have been extremely bullish on for quite some time,” stated Jeffrey Ardizon, principal, The Estate Companies. “We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan. The entire team worked tirelessly to get this project financed in record time.” 

Ardizon added, “The Miami Health District is home to the nation’s premier medical and research programs and a growing hub for the biotech industry. We look forward to delivering a Class A community to this quaint yet burgeoning area.” 

Soleste Spring Gardens offers a bevy of conveniences for working professionals who will value its central location and access to public transportation. The site is just two blocks from the Culmer Metrorail Station, which provides a six-minute ride to the Brightline rail stop, and abuts on one of Miami’s main arteries, the Dolphin Expressway. Soleste Spring Gardens is also less than three miles from Brickell and the Downtown Miami office market, which represents the largest office market in South Florida, and is in close proximity to Downtown Miami’s Arts & Entertainment District, Midtown Miami, the Miami Design District and Wynwood.

Miami’s Health District is the second-largest medical district in the U.S. after Houston with approximately 30,000 employees and home to world-famous Jackson Memorial Hospital and the University of Miami Hospital. 

The Estate Companies is also developing Miami’s second large-scale opportunity zone development, Soleste Grand Central in Downtown Miami, and recently acquired of a five-acre site occupied by a former Ramada Hotel in Hialeah with plans for redevelopment. In addition to Soleste Spring Gardens, the firm plans to break ground on two new projects this year in Dania Beach and North Miami Beach. 

Aimco Acquires Hamilton On The Bay Multifamily In Edgewater For $89.6 Million

The 275 unit bayfront multifamily rental tower Hamilton on the Bay in Miami’s Edgewater neighborhood has sold for $89,600,000, which breaks down to roughly $330,000 per unit. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the seller, Properties of Hamilton, Inc. in the transaction. The property was originally developed by Ted Arison, founder of Carnival Cruise line, in 1984.

Apartment Investment and Management Company (Aimco | NYSE: AIV), is a publicly traded real estate investment trust (REIT) who owns over 120+ apartment communities comprising 32,000+ apartment units in major markets across the United States. Aimco also owns Atlanta, New York, San Francisco, Boston, Chicago, Denver, Washington DC, Los Angeles, Philadelphia, Seattle and San Diego. In Miami Aimco also owns Flamingo in South Beach, Bay Parc Apartments in Edgewater and Yacht Club in Brickell.