Top 10 Florida Multifamily Completions in 2018
- Feb 04, 2019
Developers were busy across Florida in 2018, adding nearly 33,000 units to inventory across the state, 1,300 more than delivered in 2017, according to Yardi Matrix. The Miami metro area saw the highest number of deliveries, with 48 communities containing 13,281 apartments coming online over the past year. Other major metros saw major deliveries through the year, only Jacksonville delivered more units in 2018 than in the year prior, with a roughly 55 percent increase in completions. In 2019, roughly 15,600 units are expected to deliver across the state.
The following list includes 2018’s largest completions across all multifamily markets in Florida, based on data from Yardi Matrix. The largest completion in each major Floridian market—Miami, Jacksonville, Orlando and Tampa—is expanded upon below.
Orlando—Integra 360 Apartment Homes
The Orlando metro’s largest completion of 2018, the 360-unit Integra 360 Apartment Homes, welcomed its first residents in August. A joint venture between Integra Land Co., CrossHarbor Capital Partners and Panther Properties kicked off development in mid-2016, financing the project with a $34 million construction loan from Bank OZK. Located at 1700 Integra Land Way in the suburb of Winter Springs, the community’s 10 two- to four-story buildings are situated 18 miles northeast of central Orlando. The asset’s one-, two- and three-bedroom apartments have floorplans from 638 to 1,303 square feet. Amenities include a saltwater swimming pool, business center, fitness center, gaming room and dog park.
The 394-unit Novel Riverwalk, positioned along the banks of the Hillsborough River in downtown Tampa, opened its doors at the end of December. Crescent Communities broke ground on the project in early 2017, financing the development with a four-year, $51.2 million construction loan funded by JPMorgan Chase. The property’s three five-story buildings, located at 109 W. Fortune St., are home to studio, one-, two- and three-bedroom units containing between 528 and 1,515 square feet. Community amenities include two saltwater swimming pools, a two-story 24-hour fitness center, valet garbage collection, a rooftop lounge and covered parking. The asset also offers direct access to the Tampa Riverwalk, a 2.6-mile pedestrian trail.
Jacksonville—Palm Bay Club
Among Jacksonville’s multifamily deliveries in 2018, the 416-unit Palm Bay Club in Jacksonville was the metro’s largest. Located at 13050 Gran Bay Parkway, the community’s 12 two- and three-story buildings are positioned along Interstate 95, roughly 20 miles southeast of the city center. The owner, Fort Family Investments, began work on the project in October 2016, and the property opened at the start of 2018. The asset is encumbered by a $64 million construction loan held by LoanCore Capital. The development contains one-, two- and three-bedroom units, with floorplans between 705 and 1,574 square feet. On-site amenities include two swimming pools, a fitness center, a clubhouse and a tennis court.
Melo Development’s 710-unit Square Station, located at 1424 N.E. Miami Place in downtown Miami, was the largest completed multifamily project in Florida in 2018. The project broke ground in late 2016, with Branch Banking and Trust Co. providing $103.1 million in construction financing. That loan was refinanced in December with a $142 million Freddie Mac loan. The community’s two 34-story towers opened in June 2018, containing 96 affordable units and 15,000 square feet of street-level retail. The property’s units—a mix of one-, two- and three-bedroom apartments—range between 855 and 1,500 square feet. Amenities include a covered parking garage, a rooftop swimming pool, a fitness center and a community room. The building is situated next to the city’s Metromover system, providing direct access to the city center.
Images courtesy of Yardi Matrix