Native Realty Closes Sale of Future Multifamily Development Site in Three Weeks

  

 Sara Dorfman

 FORT LAUDERDALE, FL,  June 26, 2024 – Native Realty, the pioneering Fort Lauderdale-based real estate firm led by Jaime Sturgis, completed another creative transaction in the city’s Flagler Village neighborhood. Sturgis and Native Associate Sara Dorfman closed the property sale on behalf of the seller after just 21 days on the market.

 

At $754 per building square foot and $126 per land square foot, the sale was a tremendous outcome for Native’s client. The total sale price for the 500 NE First Ave. property was $800,000.

 

One of Fort Lauderdale’s original homes, built in 1935, is currently located on the property. The buyers plan to develop a boutique apartment building on a portion of the site.

 

Dorsky Yue International Architecture, the architect of the planned 500 Art Lofts development in downtown Fort Lauderdale, has been engaged to design the project.

Bryan Perez 

“Closing a deal like this in just three weeks requires extraordinary local market knowledge and relationships,” Sturgis said. “The price per square foot is about as high as you will see in Flagler Village.

 

"We successfully communicated the unique appeal, character and development potential of the property to achieve this pricing.”

 

Bryan Perez of Weichert Realtors represented the buyers in the transaction.

 

 

CONTACT

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

Web | Facebook | Instagram | LinkedIn

 

 

 

Excelsa Properties acquires multifamily community in Dallas, TX; will invest $4 million on upgrades

  

David Fletcher

 DALLAS, TX, June 26, 2024 -- Excelsa Properties announced today that it has acquired Pear Ridge, a 168-unit multifamily property located at 4753 Old Bent Tree Lane, Dallas, Texas. The price was not disclosed.

 

The acquisition represents the fifth multifamily property acquisition of Excelsa US Real Estate II, LP and the 18th multifamily acquisition across its portfolios. The value-add property, Pear Ridge, was jointly acquired by Excelsa US Real Estate II, LP and an Excelsa co-investment vehicle.  

 

Pear Ridge, a 168-unit multifamily property
located at 4753 Old Bent Tree Lane, Dallas, TX

Built in 1986, Excelsa Properties will invest $4.3 million to comprehensively upgrade Pear Ridge. Improvements include the installation of new countertops, stainless steel appliances, tile backsplash, vinyl flooring, lighting and plumbing fixtures, and ceiling fans.

 

 Exterior renovations include roof repairs, boiler repairs, painting refresh, concrete repairs, stair system, HVAC repairs, landscaping, pool fixtures, and clubhouse rehab.

 

“Pear Ridge is ideally located in the Dallas-Fort Worth (DFW) metropolitan area.'' said David Fletcher, managing director at Excelsa Properties. “The area enjoys very high job growth and solid employment which support occupancy, rent growth and asset valuations.  Pear Ridge will benefit as the Dallas economy grows.”

 

Pear Ridge is situated in the highly attractive, 3rd largest county in the region, Collin County, with a population of more than 1.2 million residents and 782,000 employees.  The 12-building gated community features a swimming pool, clubhouse, business center, 24-hour fitness center, laundry facilities, storage spaces, transportation services, and lounges.

Jonathan Woods

With this acquisition, Excelsa Properties has acquired nearly $610 million in U.S. multifamily properties since 2009.

 

Jonathan Woods, COO of Excelsa Properties, added “Excelsa continues to seek to acquire multifamily properties offering potential for risk adjusted returns in line with the targets of Excelsa US Real Estate II, LP."

 

 

CONTACT

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association

 of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  

I do what I love and love what I do.”

 

www.excelsaholding.com.

 

 

Blackton Inc. in Holly Hill to Provide Flooring for New DR Horton Community Ormond Station in Ormond Beach, FL

 

Michael Blackton

 HOLLY HILL, FL and ORMOND BEACH, FL --- Blackton, Inc., one of the oldest and largest statewide suppliers of wholesale materials to the homebuilding industry, will supply flooring for homes at Ormond Station,  DR Horton’s newest East Volusia County community.

Located just north of Daytona Beach, on Honeybell Way off SR 40, 

Ormond Station offers one and two-story floor plans with from three to five bedrooms, up to three bathrooms and two-car garages priced from the mid-$300,000s. 

Michael Blackton, chief executive officer, said his firm’s Holly Hill location that opened two years ago has been providing prompt service to homebuilders’ communities along Florida’s east coast from Jacksonville through the Daytona Beach area.  

“We are excited to continue statewide expansion along with DR Horton by servicing Ormond Station in Ormond Beach,”  he said.  “Our highly developed expertise and stylish selection of materials complements DR Horton’s attention to interior detail and stunning finishes,” he added.

Blackton, Inc., a family-owned business headquartered on Alden Road north of downtown Orlando with branch locations in Holly Hill, Leesburg and South Orlando, has been supplying the home building industry from Jacksonville to Tampa for 70 years. 

 

CONTACTS

 

Michael “Micky” Blackton,

CEO, Blackton, Inc.

407-898-2661 

Micky@Blacktoninc.com

 

Beth Payan, Larry Vershel Communications Inc.

 407-461-3781 

Beth@LarryVershel.com