Atlantic region | apartmentcareers

Newmark Knight Frank Multifamily closes sale and financing of The Palms at 2800

Newmark Knight Frank Multifamily announces the $16,200,000 sale and financing of The Palms at 2800 (fka Peppertree Lane Apartments), a 168-unit community located in Jacksonville, FL. Director John Rutherford represented the seller Carter Multifamily in the sale to Quad Property Group.

Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard provided the financing of a $11,198,000 Fannie Mae loan for Quad Property Group. Schlitt said “We were pleased to work with Quad Property Group to secure the financing for The Palms at 2800. The interest only component allows the borrower to invest additional capital into property and implement their value-add strategy.”

According to Rutherford, “The Palms at 2800 is a premier investment property in the Arlington/Southside submarket of Jacksonville, FL. With well-thought-out capital expenditure already deployed into the property, there is a clear and proven demand for an upscale rental in the given submarket. With direct access to Downtown and brand-new retail construction underway within two blocks, The Palms at 2800 should continue to prove out the submarket demand for continued value-add investment.”

Constructed in 1971, the community features spacious 1 and 2-bedroom townhome units. Amenities include two large pools, a beautiful clubhouse, fitness center and more.

Marcus & Millichap arranges the sale of a 28-unit apartment building in Sarasota, Florida

Marcus & Millichap announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Florida

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,465,000.

Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Jason Hague and Ned Roberts, CCIM.

“Phillippi Shores offered a very strong takeover yield for a stabilized asset located an area that has been in very high demand,” said Podbelski. “This allowed us to create substantial interest and ultimately close on an all-cash basis within 23 calendar days of the effective date,” added Podbelski.

Phillippi Shores Village is located at 1872 Phillippi Shores Drive in Sarasota, Fla. All units at Phillippi Shores Village feature high-end condo-grade finishes that include new granite countertops with undermount sinks, new cabinetry, new stainless-steel appliances, new wood-look vinyl-plank flooring and new fixtures.

“We sold this asset to the current seller in 2018 after negotiating an assignment of contract from another prospective buyer,” said Roberts. “We are very pleased they were able to exceed our projection of added value achievable through a full-scale renovation of the asset,” he added.”

Phillippi Shores Village is located five minutes to Siesta Key Beach and the Westfield Siesta Key Mall. The property is also 10 minutes to Downtown Sarasota.

Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments — Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.