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The Park View Hotel Rebrands as Magnuson Grand Conference Hotel

14 Nov 2014, 8:54 pm

By Balazs Szekely, Associate Editor

Magnuson Hotels recently announced the complete rebranding of The Park View Hotel in Winter Haven, Florida. The 174-room property will continue operations as Magnuson Grand Conference Hotel.  By joining the Magnuson Hotels portfolio, the hotel will upgrade its local, regional, and national market to attract more guests.

One of the top ten hotel chains worldwide, Magnuson Hotels was founded in 2003 and has since built a global portfolio of nearly 2,000 hotels with assets in excess of $6.0 billion, thus earning the title of the fastest growing hotel chain to date. Magnuson Hotels has been designated the No. 1 Hotel Company of Inc. Magazine’s 5,000 fastest growing private U.S. companies.

Directly adjacent to Legoland, the pet-friendly hotel is located at 5651 Cypress Gardens Boulevard Winter Haven – less than an hour from Disneyworld, Universal Studios, and SeaWorld. The main target groups of Magnuson Grand Conference Hotel are corporate, educational, government, and leisure travelers. Guest rooms include a selection of one king, two queen or two double beds with a number of rooms overlooking the on-site pool. Select suites also feature sofa beds, Jacuzzi tubs and views of Legoland.

“We are proud to welcome KJ Singh Shergill and his entire staff, and are fully committed to increasing their visibility and reservations,” stated Thomas Magnuson, CEO of Magnuson Worldwide.

The facility will receive complete global brand representation and expand its consumer awareness through Magnuson Hotels’ reservation network that includes 650,000 GDS travel agents, over 2,000 internet booking channels such as Google, Facebook, Expedia, Hotels.com, Priceline and all major airlines websites.

Photo credits: Magnuson Hotels

Venue Apartment Community Acquired by Joint Venture

7 Nov 2014, 5:58 pm

By Balazs Szekely, Associate Editor

ARIUM Grande Lakes

Carroll Organization has recently entered a joint venture with Bluerock Real Estate LLC to acquire Venue, a 306-unit Orlando multifamily property located on Central Florida Parkway, adjacent to John Young Parkway and State Road 528.

Founded in 2004 and based in Atlanta, Carroll is a leading privately-held real estate company focused on multifamily investment, management, and development. One of the most active buyers in the country, it operates regional offices in Houston, Orlando, and Miami. Today, the company manages approximately 16,500 multifamily units in six states.  So far in 2014, the company has purchased ten multifamily properties valued at over $463 million. Venue is the 17th major residential asset in their Florida portfolio.

Carroll Organization plans to rebrand the property as ARIUM Grande Lakes. Built in 2005, the community is widely known for its rich amenity package prominent in its submarket. It includes a resort style pool with large sundeck, indoor basketball court, fitness center, business center, dog park, media room, playground, controlled access, BBQ grilling areas, volleyball courts and a putting green. The apartments range from 788 to 1551 square feet and 10 floor plans are available with up to three bedrooms. The location of the property provides easy access to the tourist attractions Orlando houses, including Walt Disney World, Sea World and Universal Studios.

Photo credits: Panther Properties Management

Insula Companies Grabs Two C-Fla Communities

3 Nov 2014, 4:07 pm

By Balazs Szekely, Associate Editor

The Belleza apartments in Kissimmee

Sarasota-based Insula Companies has recently announced two multifamily acquisitions. One of the properties is located in the Orlando Metropolitan Area in Kissimmee and the other in Lakeland, around halfway between Orlando and Tampa.

Established in 2009, Insula Companies is a group of privately held companies involved in the acquisition, improvement, and management of Florida and Georgia apartment communities. With properties in Orlando as well as Tampa, Jacksonville, Lakeland and throughout Southwest Florida, the partnership has provided investors with a portfolio of more than 3,300 units and $200 million in assets in Florida-based complexes. Its acquisition strategy targets 15 to 40 years old class B or C properties with at least 150 units and value-add potential.

The Lakeland property, Woodlake Gardens is located at 1475 Woodlake Drive. It was built on 12 acres of waterfront land in 1975 and features 188 units with more than 215,000 rental square feet. The transaction was worth $10.3 million and the new owner plans to invest another $1 million in renovations, which includes the addition of a new community clubhouse.

Built in 1975 and thoroughly renovated in 2008, Belleza is located at 1365 W. Donegan Avenue in Kissimmee, Florida, directly adjacent to another Insula property, The Valencian. 176 one, two, and three bedroom units are included in the community that changed hands for $13.25 million

The two properties mark the firm’s 14th and 15th acquisitions since entering the local Florida market in 2009.

Photo credits: Belleza via Facebook

Atlas Residential Picks Up Two Orlando Communities for $150M

24 Oct 2014, 6:00 pm

By Balazs Szekely, Associate Editor

Alexandria Parc Vue and Crowntree Lakes, two apartment communities in Orlando, Florida recently changed hands. Atlas Residential acquired the portfolio.

CBRE Capital Markets represented the seller, a large national owner-operator.  Shelton Granade, Robert Given, Luke Wickham and Justin Basquill spoke for the company in the $150 million sale of the 1,024 units. This transaction represents Orlando’s largest apartment complex sale in 2014 and he team has closed more than $1.4 billion in apartment sales in Central Florida since last year.

Granade considers this transaction a testament to the desirability and the viability of the local multifamily market.

“Rent growth is continuing to beat the expectations of property owners and managers,” he says. “Rents in Orlando are forecasted to increase 3.5 percent to 4 percent each year for the next five years, and average occupancy should hold very strong in the 94 percent to 95 percent range.”

Located at 10649 Bastille Lane, the 672-unit Alexandria Parc Vue complex is less than one mile away from Florida’s largest single-site employer, Walt Disney World. Its apartments offer walk-in closets, washer/dryers, 9-foot to 10-foot ceilings and breakfast bars. The property also includes common space amenities such as four resort-style pools and sundecks, a state of the art business center with wireless internet connection, two 24-hour fitness centers, a spacious Wi-Fi clubhouse, outdoor grill, a car care center, children’s playground, game room with flat-screen televisions and two tennis courts.

Crowntree Lakes is located at 5759 Crowntree Lane and it is conveniently situated between Medical City at Lake Nona and the University of Central Florida, the two largest employment centers in East Orlando. The 352-units offer interior amenities like granite countertops, GE appliances, walk-in closets, washer/dryers, 9-foot to 10-foot ceilings and garden soaking tubs. The property also features a resort-style pool and sundeck, Wi-Fi access in resident common areas, a 24-hour fitness center, stadium-seating theatre room, billiards room, summer kitchen with grills, lakeside walking trail, car care center,  children’s playground, dog park and gated entrance.

Photo credits: Atlas Residential

Waste Pro Signs Lease to Expand Lakewood Headquarters

20 Oct 2014, 3:04 pm

By Balazs Szekely, Associate Editor

The Springs

Waste Pro USA Inc. has recently signed a lease agreement for close to 15,000 square feet of Class A office space at The Springs office building, where the company has resided in the past fifteen years.

The tenant is a privately owned corporation offering solid waste collection, recycling, processing, and disposal services in more than 75 operating locations in Alabama, Florida, Georgia, South and North Carolina, Louisiana, Mississippi, and Tennessee. The company holds around 180 exclusive municipal contracts and franchises and provides services to more than 2 million residential and over 40,000 commercial customers.

Atlanta based Taylor & Mathis’ Orlando office closed the transaction with Principal Damien Madsen representing Waste Pro. The deal includes nearly the entire 2nd and 3rd floors of the building with the firm renewing its lease for the building’s third floor and expanding to take nearly the entire second floor as well, so the new space nearly doubles the size of Waste Pro’s headquarter offices.

The Springs is a 40,000 square-foot, 3-story Class A office building with large windows and a spacious parking area. It is located at the intersection of State Road 434 and Markham Woods Road in Longwood, just West of Interstate 4.

“There’s some legacy value there because they could have moved to Texas, which the owner was contemplating. But they decided to stay here in Longwood,” Madsen says.

Waste Pro has also recently completed a $579 million recapitalization. The new credit facility is all debt, which included an asset base loan revolving line of credit led by Wells Fargo Capital Finance. It also completes and fulfills the terms of Waste Pro’s five-year $100 million investment by Roark Capital Partners.

Photo credits: Taylor & Mathis Florida

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