Syncopated Real Estate offers an integrated approach to property acquisition and asset disposition. As a South Florida brokerage we facilitate the buying, selling, and leasing of real estate in both residential and commercial markets. A strategic coordination with real estate professionals and funding services allows for innovative solutions. The boutique brokerage approach caters to the individual goals of buyers and sellers. This is accomplished through listening to market rhythms and having the dedication to discover value. The ability to connect with resources such as family offices, legal services, accounting professionals, and private funding groups, generates informed transactions. This method to the real estate business achieves success while developing long term relationships.
Los Angeles-based investment firm TruAmerica Multifamily paid $47.7 million for an apartment complex in Orlando, the firm’s fifth Florida property acquisition this year.
“Orlando exhibits strong multifamily fundamentals and we see this positive momentum continuing over the foreseeable future,” Matt Ferrari, TruAmerica’s head of East Coast acquisitions, said in a prepared statement.
TruAmerica bought a 300-unit apartment complex called Arium Falcon Pines in east Orlando in a joint venture with an unidentified institutional partner. The sale price for the apartment complex at 10200 Falcon Pine Drive equals $159,000 per unit.
Built in 2006, the 21-acre property in Orlando consists of 13 two-story and three-story concrete block buildings with one-, two- and three-bedroom apartments. Their average size is 1,026 square feet.
Common-area amenities include a clubhouse, lagoon-style swimming pool, gym, business center, game room and lounge area, plus a walking trail, playground, dog park and car-care center.
TruAmerica renamed the property Canterbury Cove and soon will start a multi-million-dollar renovation of unit interiors. The upgrades will include stone counter tops, new cabinet faces, tile back-splash installations, and improved plumbing and lighting fixtures.
A developer proposed building 33 townhouses with prices starting under $700,000 on a waterfront site in Jupiter. The town’s planning and zoning commission approved the proposed townhouse development Oct. 10. The town council is expected to make a final decision on the project, called Inlet Waters, on Dec. 19.
Developer Larry Wright plans to build the 2,000-square-foot townhouses into seven two-story buildings. The proposed development also would include a private marina with five docks along the Jupiter River. The four-acre Jupiter development site is on the west side of State Road A1A in a commercial area called Inlet Village, where the property mix includes restaurants and offices. [Palm Beach Post] — Mike Seemuth
Minto Communities and Margaritaville Holdings are developing a new deep water marina and adjacent homes on a 220-acre private island on Anna Maria Sound in Bradenton called Harbour Isle.
Minto and Margaritaville Holdings are developing 132 homes next to the marina with prices starting in the upper $400,000s.
The homes will range in size from 1,483 square feet to 1,650 square feet. Each will have two or three bedrooms, two or three bathrooms, a screened lanai, and views of Anna Maria Sound or the Harbour Isle lagoon.
Residents will have access to such amenities as a 4,200-square-foot gym, a bar with a billiards area, and a swimming pool, plus private cabanas and a launch facility for owners of kayaks and paddleboards.
The residential development, called One Particular Harbour Margaritaville, will be the third at Harbour Isle. The first two, called Mangrove Walk and Edgewater Walk, sold out soon after they opened.
Construction of the marina at One Particular Harbour Margaritaville is scheduled for completion next spring. The marina will have 55 wet slips, 128 dry slips and as much as 30,000 square feet of commercial spaces for a restaurant, entertainment and retail stores.
The marina will be equipped with floating docks and an enclosed vessel storage facility for boats as long as 42 feet.
Hurricane Irma had weakened to a tropical storm by the night of Sept. 10 as the eye of the storm passed 70 miles west of Jacksonville. But by noon the next day, the Atlantic Ocean was at high tide, the height of the St. Johns River had risen to a record level, and downtown Jacksonville was under six feet of water. Flooding persisted for days in some of the city’s neighborhoods.
An investigation by the Tampa Bay Times shows that Irma’s impact confirmed what city officials have long known: Jacksonville has a severe lack of drainage and is so vulnerable to flooding that even a hurricane less powerful than Irma could have catastrophic consequences. The Times cited a 2014 study showing that 90 percent of hurricane-related fatalities in the last 50 years were due to drowning.
The Times investigation also found that, despite the storm-related risk, Jacksonville leaders have allowed projects to reduce flooding to stall. As of 2015, more than half of active projects to make the city less prone to floods had insufficient funding.
Most Jacksonville flood-control projects completed in the last five years have been small-scale projects. Only a few had estimated costs over $750,000. Former Jacksonville officials say hundreds of millions of dollars are needed to fix the city’s drainage problems.
The Times also reported that the city’s vulnerability to floods is worst in poor, mostly black neighborhoods close to waterways that sprout from the St. Johns River.
The wide and shallow St. Johns River collects water across one-sixth of the state and dumps it into the Atlantic Ocean. But the ocean’s tide is stronger than the river’s current, so every high tide, ocean water pushes into the mouth of the river and miles upstream, where it remains trapped in the river until low tide.
Rain from a hurricane can raise the height of the river by several feet, because during high tide, the trapped water can’t flow into the ocean, according to Don Resio, director of the Taylor Engineering Research Institute at the University of North Florida in Jacksonville.
Hurricane Dora hit Jacksonville in 1964 and brought six inches of rain during high tide, causing flooding that reached the old record of four feet. Since then, real estate development has paved over much of Jacksonville, making the city more vulnerable to the record flooding that Hurricane Irma produced. [Tampa Bay Times] – Mike Seemuth
A developer got $59 million for selling its third new apartment building in West Miami since the summer of 2016.
Miami-based Estate Investment Group (EIG), led by founder and principal Robert Suris, sold the 221-unit Soleste West Gables II for about $267,000 per unit. The sellers included EIG partners Fortune Capital Partners and Mattoni Group.
The buyer, Chicago-based investment firm Waterton, also acquired Soleste West Gables I from EIG, Fortune Capital Partners and Mattoni Group last year for $57.4 million.
Waterton acquired Soleste West Gables II at 2001 Ludlam Road after EIG obtained a certificate of occupancy for the property Friday but before renting any of the 221 apartments.
Suris told the Miami Herald that selling an unoccupied, newly built apartment property is “very unusual,” but after buying the first phase of the Soleste West Gables development, Waterton was anxious to acquire the second phase and “came in early to lock up the sale.”
EIG, Fortune Capital Partners and Mattoni Group sold 196-unit Soleste Club Prado in West Miami for $61 million in June. The eight-story apartment building at 950 Red Road was 95 percent occupied when Denver-based Grand Peaks bought it.
West Miami, Miami-Dade County’s the smallest municipality, has a central location that appeals to renters, Suris told the Herald. West Miami is bordered on its north side by Southwest 8 Street, on its south side by Coral Way, and on its east and west sides by Southwest 57 Avenue and Southwest 67 Avenue. [Miami Herald] — Mike Seemuth
The Lakeland City Commission approved a deal to sell land in the city’s downtown district for the development of 306 apartments and townhouses.
Tampa-based Framework Group is buying the land for the downtown development from the city for $3.7 million.
The commissioners also agreed to spend as much as $1.8 million on other incentives for Framework, which include waiving inspection fees and putting a screen on an electric substation near the development site.
Also in connection with the project, Lakeland Electric will put electric power lines underground at an estimated cost of $600,000.
The Tampa developer’s designs for the residential development remain undisclosed but ultimately will require the city commission’s approval.
A used-car ”vending machine” is under construction in Orlando along Interstate 4. The four-year-old company behind the project is Phoenix-based Carvana, an auto dealership group that encourages customers to take delivery of cars or fetch them at a multi-level “vending” buildings, like the one it’s building at 3511 Rio Vista Avenue in Orlando. Carvana has similar “vending machines” in other cities including Atlanta, Houston, Jacksonville and Raleigh.
Carvana paid $1.6 million for 2.84 acres next to I-4, where city documents indicate the company is building an eight-story vehicle storage and display structure. Carvana customers who purchase a vehicle enter similar glassy buildings around the country where the vehicle is “vended” through a coin-insertion mechanism. [Orlando Sentinel] — Mike Seemuth
From TRD New York: Amid a deluge of sexual assault and rape allegations, disgraced film producer Harvey Weinstein has — at least for now — decided against selling his Hamptons mansion.
Weinstein and his estranged wife, Georgina Chapman, most recently listed their 9,000-square-foot mansion in Amagansett for $12.4 million, but Sotheby’s International Realty broker Frank Newbold says the property is off the market, Town & Country reported.
The de-listing comes on the heels of Chapman announcing that she was leaving Weinstein earlier this month. She announced their separation after an explosive New York Times story exposed decades of alleged abuse, followed by dozens of women coming forward with similar allegations.
The couple purchased the seven-bedroom home in 2014 for $11.65 million, according to the New York Post. They initially listed the mansion in 2016 for $13.5 million before slashing the price by nearly $2 million in July 2017. [Town & Country] [NYP] — Kathryn Brenzel
Atlanta-based RADCO Companies got a $31.7 million loan to acquire a 336-unit apartment property in Casselberry in Central Florida.
The loan-to-value ratio was 70 percent, indicating that RADCO paid $45.3 million for Reflections Apartments, or about $135,000 per unit.
RADCO plans to spend almost $5 million on improvements to the property, which has been renamed Radius Winter Park.
Built in 1984, the Casselberry apartment property has amenities including a clubhouse, swimming pool, barbecue area, business center, playground and gym.
In the sale of the apartment property, Jay Ballard and Ken Delvillar of Brokerage firm Cushman & Wakefield represented the seller, GoldOller Real Estate Investments.
Cushman & Wakefield’s equity, debt and structured finance unit secured the acquisition financing on behalf of RADCO.
Driftwood Acquisitions & Development broke ground for construction of a Canopy by Hilton hotel in downtown West Palm Beach.
Coral Gables-based Driftwood expects to open the 150-room hotel in early 2019. It will be the first South Florida hotel to operate under the Canopy by Hilton brand.
Driftwood’s management arm in North Palm Beach, Driftwood Hospitality Management, will operate the hotel.
The 14-story Canopy by Hilton will feature a rooftop pool and bar, a lobby-level café and 5,000 square feet of event space. Complimentary guest services will include mobile check-in technology, Wi-Fi, breakfast, and evening tastings of locally made beer, wine and spirits.
Canopy is a neighborhood-based Hilton brand, and “with numerous culinary, nightlife and art offerings … the downtown [West Palm Beach] neighborhood is the perfect setting for Canopy,” Gary Steffen, global head of Canopy by Hilton, said in a prepared statement.