Federal Capital Partners has made headlines with its acquisition of the District West Gables in West Miami for $111 million.
This transaction highlights a significant shift in real estate values, as the company purchased the 427-unit apartment complex for less than the $116 million that the previous owner, Waterton Residential, invested in the property over the years 2016 and 2017.
Located at 2001 and 2101 SW 67th Ave., the District West Gables features two seven-story buildings constructed in 2015 and 2016.
The apartment units come in various sizes, including studio, one-, two-, and three-bedroom units, ranging from 550 to 1,250 square feet.
In line with its investment strategy, FCP has appointed Greystar to manage the property and to implement a value enhancement program aimed at upgrading the common areas, amenities, and unit interiors.
In another notable transaction, Redfearn Capital and TPG Angelo Gordon & Co. have completed the $24 million purchase of an industrial site in Miramar.
The site, which spans nearly 8 acres and consists of three buildings totaling 98,000 square feet, was sold by an entity connected to Chilean developer Megacenter Miramar LLC, headed by Jose Mendoza.
The industrial warehouses, built between 1997 and 2022, are located at 7377, 7401, and 7429 Riviera Blvd.
Tenants of the site include several recognized brands such as Vet Brands International and Community Craft Spirits & Wine, among others.
Financing activities have also been busy, with PPG Development, Ark Ventures, and EquiShares securing a substantial $235 million financing package for a 728-unit multifamily project in North Miami Beach.
This financing consists of a $205 million construction loan from BDT & MSD Partners, along with $30 million in preferred equity from Skylight Real Estate Partners and Meadow Partners.
Rosewood Realty Group facilitated this deal, representing both the borrowers and lenders.
The new project, named Palm Aire, is being developed on the former Nova Southeastern University dental school campus.
Designed by Kobi Karp, the ambitious 8-acre project, located at 1750 and 1775 NE 167th St., will be conducted in phases, allowing for leasing of completed market-rate apartments before additional units are introduced.
In refinancing news, MetLife Investment Management and MDM Group successfully secured a $79 million loan from Madison Newbond for the JW Marriott Marquis Miami.
This three-year, floating-rate loan will refinance the 41-story hotel located at 255 Biscayne Blvd. Way, which has been a prominent fixture since its completion in 2010.
The hotel features 357 rooms, along with substantial meeting and event space, restaurants, and a variety of amenities, including a spa and pool.
This refinancing follows a $16 million renovation project that wrapped up in 2023, which saw upgrades to both the guest rooms and common areas.
Woodglen Investments has also secured financing, with a $23 million construction loan from Catal Capital for a self-storage facility in West Palm Beach.
The planned Kirksey Commons will offer 93,000 square feet of space at 1501 N. Dixie Highway and will include 748 self-storage units, commercial flex space, and parking.
A team from Colliers Capital Markets played a crucial role in facilitating this financing.
Additionally, The Astor Cos. announced that they have resumed vertical construction on the Havana Enclave, located at 315 NW 27th Ave.
After obtaining a $36 million construction loan from Ocean Bank, the company aims to complete the 179-unit apartment building in Little Havana by early 2027.
The development will feature various amenities including a pool, gym, business center, and children’s play areas.
In Homestead, Grand Peaks Properties and Artemis Real Estate Partners have refinanced The Olivia apartments, securing a $58.3 million loan through Berkadia.
Berkadia, representing the Freddie Mac-backed loan, arranged the deal amidst ongoing property upgrades carried out since their acquisition in 2021.
The 288-unit apartment complex, built in 2018, features a range of apartment sizes and pricing to fit different budgets.
In leasing news, Stearns Weaver Miller Weissler has renewed its lease for 96,000 square feet at the Museum Tower in Downtown Miami.
The property owner, Moishe Mana’s Mana Properties, has undertaken recent renovations to enhance the building’s appeal, including updates to the lobby and amenities.
Plans are also underway for a new restaurant and coworking space tailored for legal professionals in the area.
In personnel changes within the real estate sector, Native Realty has added two new brokers, Jeff Dysart and Connor Gordon, to its team.
Dysart will focus on multifamily projects across South Florida, leveraging his extensive 12 years of experience.
Gordon, a recent graduate, will be engaged in industrial leasing and investment sales.
Finally, Avison Young has appointed Nikki Traff as a principal in its Fort Lauderdale office, where she will work on expanding retail services.
Traff joins the firm with 20 years of experience and a strong background in representing retail landlords.
As the South Florida real estate market continues to evolve, these transactions and changes reflect a vibrant and dynamic landscape for developers, investors, and brokers in the region.
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