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Royal Oak Launches Phase 2 Home Sales in Groveland

21 Apr 2015, 3:59 pm

By Balazs Szekely, Associate Editor

The second phase of homes Eagle Point, a luxury community planned in Groveland, has recently started selling.

Located just off Silver Eagle Road and C.R. 565A in Groveland, the first phase of Eagle Point includes 127 home sites, 34 of them located on the waterfront. Royal Oak Homes plans to construct a total of 310 homes with prices ranging from $170,000 to upwards of $270,000, said Matt Orosz, the firm’s co-president, in a statement.

The homes will feature three to six bedrooms and two to four baths. Eight one- and two-story floor plans will be available, ranging in size from approximately 1,695 square feet to 3,237 square feet. Two decorated model homes are open for viewing.

Royal Oak Homes is a family-owned firm and the successor of Cambridge Homes, which has built more than 14,000 homes in Central Florida over the past 30 years. Founded in 2011, Royal Oak ranks among the Orlando area’s most active home builders and is currently working in 17 communities.

Photo credits: Royal Oak Homes


Carter-Haston Takes Port Orange M-F Asset

11 Apr 2015, 3:57 am

By Balazs Szekely, Associate Editor

In a $40.3 million deal, Carter-Haston Holdings of Nashville has acquired a 306-unit Class A community in Port Orange.

Whitepalm Apartment Homes, a Class A  community located at 5400 S. Williamson Boulevard, about 45 minutes outside of Orlando. The seller, Birmingham, Ala.-based LIV Development, was represented by CBRE Capital Markets’ Shelton D. Granade, executive vice president; Luke S. Wickham, senior vice president; and Justin Basquill, sales assistant.

Whitepalm is located near two of the area’s largest employers, Florida Hospital Memorial Medical Center and Halifax Medical Center. Completed in 2014, the gated rental community offers amenities like a resort-style pool with cabanas, a clubhouse and a modern fitness center. Units feature stainless steel appliances, nine-foot ceilings, oversized balconies, stylish cabinetry, and designer countertops. Residents can choose from floor plans ranging from 681 to 1,331 square feet. Ten different floor plans are available with up to three bedrooms and two baths.

Photo credits: Carter-Haston

Brian Kelley: Investcorp’s Acquisition Strategy

29 Mar 2015, 1:42 am

By Adrian Maties, Associate Editor

Investcorp, a Bahrain-listed alternative investment fund, recently expanded its U.S. residential portfolio with the acquisition of four properties in the metropolitan areas of Washington, D.C., Orlando, San Diego and Baltimore. The purchase price was  approximately $300 million.

The four assets are:

  • The Arcadian, a garden-style townhome property in Silver Spring, Md.;
  • The Orion on Orpington, a 624-bed student housing property in Orlando;
  • The Waterleaf Apartment Complex, a 456-unit multifamily apartment complex in a northern suburb of San Diego;
  • The Fairways at Towson, an 828-unit apartment community in the Baltimore metro area.

Together, the four properties total more than 2.1 million square feet of space, with approximately 1,900 multifamily and student housing units. According to Investcorp, they have an average occupancy of 96 percent.

Investcorp’s real estate group has been very active in the U.S. in the past 12 months, purchasing properties collectively valued at more than $850 million.

Brian Kelley, principal of Investcorp’s real estate investment group, spoke with us about his company’s future plans for the U.S. and the four newly acquired properties.

Q: Investcorp has spent nearly $1 billion in the past 12 months to purchase properties in the U.S. What’s your feeling about the current state of the U.S. real estate market?

A: We still see many opportunities in the U.S. real estate market, with improving fundamentals as well as creative and flexible capital available for financing. The market currently offers attractive yield potential relative to other investment classes.

Q: What drove your company to acquire residential properties in Washington, D.C., Orlando, San Diego and Baltimore?

A: These properties are consistent with Investcorp’s longstanding strategy of targeting properties in the top 30 to 40 markets in the U.S., with stable cash flows as well as some upside potential. Investcorp underwrites from the bottom up, which is to say we start with interesting property-level dynamics before going on to assess larger market features. That said, we consistently look for deals in 30 or so of the largest metro areas, including the four represented in this portfolio. These particular markets have such features as good schools; relatively high costs of area housing; income, job and population growth; and a diversity of employment drivers.

Q: What are your plans for the four residential properties?

A: With each of these properties, we are implementing light value-add and upgrade programs: interior renovations, common-area amenity upgrades, etc. We also plan to address some deferred maintenance issues. Consistent with our strategy, each of the properties is highly occupied, with stable cash flows.

Q: Investcorp purchased the four properties in joint ventures with different partners. Is this part of your expansion strategy?

A: We generally choose to co-invest with local operating partners who can provide local area expertise and hands-on day-to-day oversight of the properties. That said, we are fully staffed with asset management professionals who have the experience and resources to manage properties on a direct basis, as necessary, or in close cooperation with our operating partners. All four of these transactions include operating partners who have co-invested in the deals and thus share an alignment of interest with Investcorp and its investors.

Q: Do you plan to acquire any other properties in the near future?

A: We are active in most major (top 30-40) U.S. metro areas and are actively seeking new opportunities. A consistent theme in most of our real estate investments is strong levels of current yield.

Photo credit: Investcorp

Waterton Associates Picks up Baldwin Park-Area Community

28 Mar 2015, 4:42 pm

By Balazs Szekely, Associate Editor

Waterton Associates L.L.C. is the new owner of Promenade Crossing, a 212-unit garden-style apartment community in the Baldwin Park area. The acquisition is the second in Florida this year and sixth overall for the Chicago-based real estate investor and operator.

Situated on Maguire Boulevard about three miles northeast of downtown Orlando, Promenade Crossing is a mix of one-, two- and three-bedroom apartments. Seven floor plans ranging from 695 to 1,326 square feet are available, and each of the two- and three-bedroom units includes two bathrooms. All units are equipped with washers and dryers, ceiling fans, walk-in closets and private balconies. Select apartments also feature solariums and French doors.Common amenities include a resort-style pool with a sun deck, a 24-hour gym, a clubhouse, dog park, car wash and picnic areas.

According to a statement, Waterton is reviewing renovation plans for individual residences, common areas and amenity spaces. The neighborhood is close to highly rated schools like Audubon Park Elementary School, Glenridge Middle School and Winter Park High School, which the Washington Post has named one of the nation’s “Most Challenging High Schools” for eight consecutive years.

Founded in 1995, Waterton manages $3.8 billion in assets on behalf of institutional investors, family offices and financial institutions. The company’s portfolio comprises 12 hotels and 18,000 multifamily units, more than 2,500 of them in Florida.

Photo credits: Promenade Crossing

Cardinal Point Buys Orlando Asset

24 Mar 2015, 4:42 pm

By Balazs Szekely, Associate Editor

Cardinal Point Management L.L.C. recently acquired a 42,277-square-foot Class A office property located at 7208 W. Sand Lake Road in Orlando. Ronald Rogg and Edward Wooten of CBRE Group Inc. arranged the sale of the three-story building and represented the seller, a Highwoods Properties Inc. affiliate. Terms were not disclosed.

Located along Restaurant Row in the Dr. Phillips area, the building is minutes from the Orange County Convention Center, Mall at Millenia, Universal Orlando Resort and the Orlando International Airport. Its location also offers access to Interstate 4, the Florida Turnpike and the Beachline Expressway. Built in 1986, the property recently underwent capital improvements that included a lobby renovation. The deal also included a 155-space parking lot on the property. Sand Lake Southwest is leased to a diversified tenant roster that includes BB&T, Booking.com, Lamar Outdoor Advertising and Fidelity National Financial.

Based in St. Petersburg, Cardinal Point pursues a strategy of seeking enhanced risk-adjusted returns by identifying dislocations in the capital markets and opportunistic investments in both commercial and residential real estate in Florida, According to its website, Cardinal Point’s portfolio includes 10 office and retail assets, all but two of them in the Tampa Bay area. Sand Lake Southwest is Cardinal Point’s second investment in Central Florida; the company recently picked up Cardinal Point at Lake Ellenor, a 132,991 square-foot office building located at 5900 Lake Ellenor Drive.

Photo credit: Cardinal Point Management


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