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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

Embraer Breaks Ground on 236,000-Sq.-Ft. Aircraft Assembly Complex

13 Oct 2014, 3:20 pm

By Balazs Szekely, Associate Editor

The Embraer Legacy 500

Melbourne, Fla. will soon welcome a new industrial complex. Aviation firm Embraer has broken ground on an assembly facility for its Legacy 500 and Legacy 450 models. The addition more than doubles the company’s presence in the Melbourne International Airport area, where Embraer already operates a 212,000 square-foot campus.

Headquartered in Sao Jose dos Campos near Sao Paulo, Brazil, Embraer S.A. (Empresa Brasileira de Aeronáutica) is one of the leading exporters of the country and the largest manufacturer of commercial jets of up to 130 seats worldwide. It has produced more than 5,000 aircrafts that operate in 80 countries on five continents. The company was founded in 1969 and since then it has expanded with offices, industrial operations and customer service facilities in Brazil, China, France, Portugal, Singapore, and the U.S., where it develops, manufactures and sells aircrafts and systems for the commercial aviation, executive aviation, and the defense and security segments. It also provides after sales support and services to customers worldwide.

The new 236,000 sq.-ft. facility will feature four new buildings: an assembly hangar, a paint facility, a completion center and flight preparation facility, and a new dedicated delivery center. The company will add 600 new hires to its almost 400 employees in the area over a period of four years after completion of the development.

The Legacy 500/450 assembly complex is expected to be operational by 2016.

Photo credits: Embraer

Balfour Beatty Communities Picks Up Carmendy Square Townhomes

6 Oct 2014, 5:46 am

By Balazs Szekely, Associate Editor

The company acquired the 152-unit boutique multifamily property in joint venture with the ApexOne Growth & Income Fund I of Houston-based real estate investment firm ApexOne Investment Partners.

Balfour Beatty Communities LLC is a subsidiary of Balfour Beatty Investments, Inc. With more than 1,200 employees, it provides development, design, financing, construction, renovation, property and facilities management and related real estate services for the multifamily, military, and student housing markets. The Philadelphia, PA based firm’s residential portfolio includes a total of over 43,000 units and $5.7 billion in real estate assets under management. It has developed or renovated more than 29,000 units with a total value of close to $4 billion.

Located in Lady Lake, Florida, the site is approximately 25 miles south of Ocala and 50 miles northwest of Orlando, off US Highway 441 and within close proximity of The Villages, a master-planned retirement community with a population of more than 107,000 residents. Due to the proximity to The Villages, Carmendy Square Townhomes’ residents have access to a selection of retailers, shops, restaurants, health care facilities and entertainment venues, including almost 40 golf courses.

The neighborhood offers two- and three-bedroom townhomes with an average unit size of 1200 square feet. Units have private entries and backyards, while the interiors feature oak cabinetry, ceramic tile and large closets. Residents also have access to common space amenities such as a resort-style pool, 24-hour fitness center, internet café, business center, clubhouse, dog park, playground and picnic areas.

Balfour Beatty Communities will self-perform all property management services through its Multifamily Division.

Photo credits: Carmendy Square Townhomes

UCF – Valencia College Partnership Plans Shared Campus Downtown

26 Sep 2014, 8:31 pm

By Balazs Szekely, Associate Editor

Visual rendering of the neighboring
Creative Village development

The University of Central Florida has recently announced that it is planning to create a new campus in downtown Orlando. UCF will share space with Valencia College in the new facility.

The proposed downtown campus has a capacity of 10,000 students from the two schools, according to a publication by the University of Central Florida. Valencia officials are assisting UCF throughout the planning which is currently in its early stages. The partnership would invoke state funds for the expansion. Plans are also contingent upon receiving approvals from the university’s Board of Trustees and the Florida Board of Governors that oversees the state’s 12 public universities. UCF received a state appropriation of $2 million for the feasibility study of the project. The two partners are considering the surroundings of Creative Village, a 68-acre mixed-use, transit oriented, urban infill neighborhood; also working closely with the Parramore community and the new K-8 school that is yet to be built in the area.

Valencia will most likely move its culinary and hospitality programs from the West Campus on Kirkman Road to the new downtown campus, along with its core general education classes for students pursuing Associate of Arts degrees, the college informs. UCF President Dr. John C. Hitt said the university is currently weighing up which of its academic programs would benefit the most from a move to the downtown location. As UCF’s Florida Interactive Entertainment Academy and Center for Emerging Media are already downtown, Hitt believes the digital and visual arts segment is a possible candidate. On the same train of thought, he said UCF’s students in public service disciplines would also benefit by the proximity of city, county, state, and federal government offices.

“WUCF TV, with its strong community emphasis as the home of PBS in Central Florida, would thrive with a downtown location,” he says.

Image source: creativevillageorlando.com

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