120-Unit Jasmine Homes Apartments in Lakeland, FL Sold for $7.4 Million in Deal Brokered by Marcus & Millichap

Jasmine Homes, 3215 Baird Avenue, Lakeland, FL

LAKELAND, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Jasmine Homes, a 120-unit apartment property located in Lakeland, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,400,000.

Nicholas Meoli and Michael Donaldson, both vice president investments 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 secured and represented by Meoli and Donaldson.

Nicholas Meoli

Jasmine Homes is 120-unit, garden-style community located at 3215 Baird Avenue in Lakeland, Florida. Situated on an approximately 7.10 acre site, Jasmin Homes is comprised of 20 two-story residential buildings and one, two-story building, which serves as a clubhouse and leasing office.

The unit mix offers two spacious, open floorplans consisting of 28 one-bedroom/one-bathroom units with 725 rentable square feet and 92 two-bedroom/one-bathroom units with 864 rentable square feet. 

Amenities at Jasmine Homes include a sparkling swimming pool with a spacious sundeck and complimentary Wi-Fi, dog park, new playground, racquetball court, on-site laundry facilities, state-of-the-art fitness center, business center and media room.

“Located in a sought after area in Lakeland, Jasmine Homes is surrounded by new developments and easy access to Interstate 4, which allows for a quick commute to several destinations between the two major area metros, Tampa and Orlando,” says Meoli.

“Population growth and organic rental growth continues to climb within the Interstate 4 corridor making Jasmine Homes a well-positioned property for a long term investment,” add Donaldson.

For a complete copy of the company’s news release, please contact:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers $3.6 Million Sale of Downtown Lot in St. Petersburg, FL

 

Paul Bouldin

ST. PETERSBURG, FL -– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 105,154-square feet of land located in downtown St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,600,000.

Paul Bouldin, senior associate, Michael P. Regan and Francesco P. Carriera, both first vice president investments, all 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 developer, was secured and represented by Bouldin. 

Located on 6th Avenue South in downtown St. Petersburg, this mixed-use development site is specially designated as an Activity Center within the Future Land Use designation of Planned Redevelopment-Mixed-Use and carries the Corridor Commercial Traditional-1 zoning designation.

The property is located one block south of Interstate 175 with immediate access to the on and off ramps. It is within walking distance of Campbell Park, Bayfront Medical Center, All Children’s Hospital and Tropicana Field.

For a complete copy of the company’s news release, please contact:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $1.12 Million Sale of 27-Unit Howard Landing Apartments in Winter Haven, FL

Howard Landing Apartments, 2007 and 2101 Avenue G Northwest, Winter Haven, FL

 

Ned Roberts

WINTER HAVEN, FL, August 24, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Howard Landing, a 27-unit apartment community located in Winter Haven, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,125,000.

Ned Roberts, associate, Michael Donaldson, vice president investment, and Nicholas Meoli, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. 

The buyer, a private investor, was secured and represented by Roberts, Donaldson and Meoli.

The asset sold within 3.5 percent of the list price with a 7.34 percent capitalization rate. It closed in 64 days with the first contracted buyer, whom the Meoli-Donaldson Partners sourced through their exclusive proprietary database of active multifamily investors.

“The buyer typically focuses on core Tampa Bay submarkets,” says Roberts. “This transaction is evidence of the growing appeal of tertiary markets for investors seeking greater yield compared to more traditional core markets.”

Michael Donaldson

Howard Landing is a 27-unit, multifamily community located steps from the shores of Lake Howard at 2007 and 2101 Avenue G Northwest in Winter Haven, Florida.

The property is comprised of 11 buildings situated on two parcels totaling approximately 2.27 acres. Built of concrete block construction between 1977 and 1980, all of the units feature two-bedroom/one-bathroom floor plans of approximately 800 rentable square feet.

All of the units include washer/dryer connections and approximately 80 percent of the units have been upgraded with tile flooring and new appliances, cabinetry and countertops.

“Polk County was particularly attractive to the buyer with year-over-year employment gains and future job growth expectations there exceeding state averages,” concludes Roberts.

For a complete copy of the company’s news release, please contact:

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

SunCap Property Group Begins Work on Gilbert Spectrum Building 7 in Gilbert, AZ

Gilbert Spectrum Business Park, Gilbert, AZ

 

Mike Orr

PHOENIX, AZ ­­­­– SunCap Property Group has begun construction of a 60,000-square-foot office building in the Gilbert Spectrum Business Park in Gilbert, Arizona.

This is the first of several planned buildings that SunCap is offering in the 63-acre park, located at the southwest corner of Elliot and McQueen roads. A total of 800,000 square feet of state-of-the-art office, flex-industrial and technology-related space is planned in eight to 10 buildings. Buildings range in size from 60,000 square feet to 200,000 square feet.

SunCap’s design-build team on this project includes Graycor Construction Company as the general contractor and Balmer Architectural Group as the architect of record. Site work is currently underway with vertical development scheduled to begin in mid-September. The building will be delivered in early 2017.

"Graycor has been a strong partner for us across the country on other build-to-suit projects," said Mike Orr, Senior Vice President for SunCap Property Group. "We are pleased to further our relationship with Graycor while delivering the Phoenix region and Town of Gilbert a project we can all be proud of."

Construction will be coordinated out of Graycor's Southwest regional office and will feature concrete tilt panels and decorative stone veneer feature walls. Designed for today’s modern organization, the single-story building delivers oversized windows providing ample natural light paired with the energy efficiency of low-e glass panels.  

 Mark Krison and Luke Krison with CBRE are listing brokers for the project. For more information or to explore future leasing opportunities, please visit

 For a complete copy of the company’s news release, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.gryacor.com.

www.suncappg.com

http://www.gilbertspectrum.com/index.html.

Capital Square 1031 Surpasses $500 Million in Assets Under Management

Louis Rogers

SAN ANTONIO, TX -- Capital Square 1031, LLC, a leading sponsor of replacement property for Section 1031 exchanges, announced the firm has surpassed $500 million in assets under management with the acquisition of The Canopy, a 220-unit multi-family community located in at 950 Bitters Road East in the north central submarket of San Antonio.

“Capital Square 1031 couldn’t be more pleased to reach this milestone for our firm,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

 “Since inception, Capital Square has sponsored 31 DST programs, primarily for Section 1031 tax-deferred exchange investors, and grown our portfolio of assets under management to include more than 50 properties.

“We look forward to continuing this growth by adding high quality properties, like The Canopy, to our portfolio.”

The Canopy was approximately 97 percent leased at the time of acquisition. The property includes 13 two- and three-story residential buildings, as well as a clubhouse, located on 8.6 acres of land.

 Situated a quarter-mile from U.S. Highway 281, the community is accessible via Interstates 410, 35 and 10, as well as Texas State Highway Loop 1604. The Canopy is equipped with 272 parking spaces.

For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

www.CapitalSquare1031.com.

WNC Closes $102 Million Institutional LIHTC Fund Offering 17 affordable housing properties for seniors and families in 12 states

  

Christine Cormier

 IRVINE, CA  – WNC, a national investor in real estate and community development initiatives, announced it has closed WNC Institutional Tax Credit Fund 42, L.P. (WNC Corp. 42), a $102 million institutional low-income housing tax credit (LIHTC) fund.

WNC Corp. 42 is estimated to include 1,504 affordable housing units in total, and is comprised of 17 family and senior housing communities scheduled for new construction and rehabilitation.

The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin.

“Approximately 28 percent of the projects in WNC Corp. 42 are new construction and will help to expand the nation’s limited stock of affordable housing,” said WNC Senior Vice President of Investor Relations Christine Cormier.

“The remaining 72 percent of the fund’s projects include traditional and historical renovation, preserving the desperately needed affordable housing supply currently available to seniors and families in eight states.

“WNC is proud to continue existing investment partnerships and expand our investor base with this fund, which consists of two economic investors and four CRA (Community Reinvestment Act) investors.”

This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million year-to-date.

For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

www.wncinc.com.