NorthEnd Equities and Motti Schapira have acquired a 14-property multifamily portfolio totaling 2,384 units across Florida from Amzak Capital Management for $240 million.
The sale marks the highest dollar volume transaction in Central, Southwest and North Florida’s history, according to CBRE, which arranged the transaction.
Michael Regan and Frank Carriera of CBRE represented both the seller and the buyers in the deal.
Regan, an executive vice president with CBRE in Tampa, Fla., said in a prepared statement the off-market transaction highlights the continued demand for low basis value-add multifamily properties throughout Florida. He said capital is continuing to flow into Central and North Florida from out-of-state buyers looking to scale in one of the country’s fastest growing states.
The properties were built between the 1970s and 1990s. The portfolio has approximately 2 million square feet with an average unit size of 833 square feet.
The properties in the portfolio are located in eight Florida markets including Tampa, Jacksonville and Orlando. Here are the portfolio details:
- Lakeland Manor, 929 North Gilmore Ave., Lakeland, 376 units;
- Kings Trail, 3770 Toledo Road, Jacksonville, 320 units;
- Bella Mar, 12406 North 15th St., Tampa, 264 units;
- Rolling Hills, 5402 Pine Chase Drive, Orlando, 240 units;
- Timber Falls, 2600 Pine Chase Drive, Tampa, 184 units;
- Jacksonville Heights, 8050 103rd St., Jacksonville, 173 units;
- Del Rio, 5013 East Sligh Ave., Tampa, 160 units;
- Tanglewood, 2811 Ruleme St., Eustis, 138 units;
- Mount Dora, 3001 Northland Road, Mount Dora, 132 units;
- Lago Bello, 13533 Gragston Circle, Tampa, 120 units;
- North Washington, 1877 19th St., Sarasota, 119 units;
- Brandywyne, 418 SE 19th St., Winter Haven, 81 units;
- The Landings, 102 Landings Way, Winter Haven, 60 units;
- Country Place, 3950 Country Place, Winter Haven, 18 units.
Earlier Florida Deals
A commercial real estate investment firm that owns and operates multifamily, office and industrial properties, NorthEnd Equities has been active in Florida in recent years. In April, the firm sold The Reserve at Brandon, a 982-unit community in Brandon, Fla., to ZMR Capital for $123 million, according to Yardi Matrix data.
In April 2021, NorthEnd Equities sold Hanley Place Apartments, a 400-unit property in Tampa, to ZMR Capital for $65 million in a deal arranged again by CBRE’s Regan and Carriera. The property had last changed hands in April 2018, when NorthEnd Equities purchased it from Axonic Properties for $42.2 million, according to Yardi Matrix data.