Author: Mattoni Group

Just one day after the Blue Lagoon office district announced a $10 million makeover, a new apartment building in the area is ready for tenants.

Soleste Blue Lagoon, an eight-story, 330-unit multifamily project at 5375 NW Seventh St. in Miami, has received its certificate of occupancy. The luxury building, which broke ground in 2017, offers studios at $1,500 per month, two-bedrooms for $2,100 and three-bedrooms for $2,600.

“We are proud to deliver this transformative development to the Blue Lagoon area,” said Robert Suris, managing principal of The Estate Companies, the developer of the project. “Our firm is committed to developing beautiful and highly amenitized communities at a competitive price point. This winning combination makes Soleste Blue Lagoon an attractive and dynamic option for high-quality, professional tenants.”

The Blue Lagoon district sits on the northern edge of Flagami, which remains one of the most affordable residential neighborhoods in Miami-Dade.

But the concentration of more than 100 international companies that maintain offices in the Blue Lagoon district, which sits directly south of Miami International Airport, has led to a demand for Class-A rentail apartments.

The new building features amenities such as a lakeside pool with spa, sundeck and private cabanas, an aerial yoga studio and a rooftop garden with life-size chess pieces.

Based in Miami, The Estate Companies has developed luxury rental and condo properties across Florida, including projects in Naples, and Bonita Springs, as well as local projects such as the and South Florida, including The Eden House on Miami Beach and the Soleste Twenty2 in West Miami.

The first apartment occupants were welcomed to the Altís Grand Central in August 2019. The mixed-use development, with original walls dating from 1891, specified PENETRON ADMIX to ensure a waterproof – and durable – below-grade structure.

The Altman Companies, a national rental apartment developer, and Mattoni Group, a Florida real estate investment firm, have completed the first apartments of the Altís Grand Central, a pedestrian-friendly residential development in the center of Tampa’s Riverfront district. Nestled along the Hillsborough River, the Riverfront neighborhood encompasses the University of Tampa campus, the Tampa General Hospital, a popular neighborhood of sophisticated dining and entertainment, and the bike-friendly Riverwalk shopping district.

“As part of the Riverfront district’s walkable environment, the Altis Grand Central complex offers shopping and dining alternatives on the ground floor,” adds Christopher Chen, Director of The Penetron Group. “In addition, the development is right across the street from the popular Oxford Exchange, with a restaurant, bookstore, coffeehouse and gift shop. And just up the street is the University of Tampa campus. It’s a very vibrant neighborhood.”

Rental Apartments in a Vibrant Community

The eight-story residential complex of Altis Grand Central offers 314 rental units, available as studio, 1, 2 or 3-bedroom apartments with floor plans ranging from 625-1,380 square feet (60-125 m2). The ground floor houses food and specialty shops, with the Commerce Club, a shared-work environment, and more office space above. Amenities include a Starbucks lounge and Internet Café, conference room and business center, bike garage, fitness spa, media screening room, spa with sauna and steam room, dog park, gaming room, bowling lounge, and rooftop pool and lounge.

“Apartment residents enjoy panoramic views of downtown Tampa and Tampa Bay from the upper floors and the rooftop sky lounge and pool,” adds Christopher Chen. “There’s even a charging station for electric vehicles.”

Located adjacent to the Hillsborough River that runs through the center of downtown Tampa, the Altís Grand Central development was faced with the challenges typical for a construction site on the Florida coast: high groundwater and the threat of chloride penetration into the foundation from seawater. Titan Concrete, the ready-mix supplier for the project, worked with the local Penetron specialist for an effective concrete mix to counter the environmental obstacles. PENETRON ADMIX, a crystalline admixture added to the concrete mix during batching, was specified for the numerous elevator pits.

Making Concrete Less Permeable

PENETRON ADMIX reacts in a catalytic reaction with moisture in fresh concrete to generate a non-soluble crystalline formation throughout the pores and capillary tracts normally found in concrete. This formation permanently self-heals and seals microcracks, pores and capillaries against the penetration of water, substantially reducing the permeability of usually porous concrete. As an integral waterproofing solution, PENETRON ADMIX provides low permeability, low shrinkage and self-healing properties, a highly effective combination for concrete structures in the high groundwater environments encountered in Florida.

The success of transit-oriented development projects such as Bethesda Row in Maryland and of redevelopment of former railway corridors such as the High Line in Manhattan has led to a new type of project: trail-oriented development. The Ludlam Trail, a former unused railway corridor in Florida’s Miami-Dade County, is being converted by the county into a six-mile-long, 100-foot-wide linear park, running and cycling trail that extends from Miami International Airport to Dadeland Mall.

A currently unnamed mixed-use development is underway through a joint venture by ZOM Living, Scout Capital Partners and Mattoni Group on an 11.3-acre site where the Ludlam Trail intersects with Bird Road. The development will integrate the Ludlam Trail into its design and provide residents of the planned 950 apartments with direct connections to the recreational elements of the trail and to transit options. The trail connects to five schools, four parks, three waterways and two transit stations.

Construction is anticipated to begin during the fourth quarter of this year and will include the apartments and 35,000 square feet of retail space.

The apartment buildings will range from six to eight stories, each with its own swimming pool and sun deck, amenities and parking garage. The development will include a brewery/restaurant and some one-level retail buildings along the trail. For future updates, visit zomliving.com.

The private equity firm scooped up the 280-unit asset for its new value-added multifamily fund. Providence Management Co. sold the property located in the Carrollwood neighborhood.

Taurus Investment Holdings has chalked up the first investment for its value-added fund by acquiring Lofton Place, a 280-unit community in Tampa, Fla., for $49.9 million. The seller is Providence Management Co., which picked up the asset in 2013 for $26 million, according to Yardi Matrix data.

Through the deal, Taurus expands its multifamily portfolio to more than $500 million, totaling approximately 2,800 units. The private equity real estate firm acquired Lofton Place through its newly formed Multifamily Property Fund I LP.

The community is located at 5412 Deerbrook Creek Circle in the Carrollwood neighborhood of Tampa. Built in 1988, the 12-building property features one-, two- and three-bedroom units and is currently 95 percent leased. The asset, sited about 5 miles north of Tampa International Airport, changed hands twice before Providence Management acquired it from Evergreen Residential.

SERIES OF TAMPA TRADES

The Tampa Bay Area has seen a slew of multifamily transactions over the past month, as population and job growth bolsters apartment demand in the subtropical boomtown. Last month, TLR Group bought up a 110-unit communityat 7011 San Ramon Place from Axonic Properties for $13.1 million.

Also in May, an affiliate of Nuveen Real Estate acquired a 366-unit luxury garden-style community in Riverview from a joint venture of ZOM Living with affiliates of The Mattoni Group and Clarion Partners for $77.5 million; and Balfour Beatty Communities and ApexOne Investment Partners teamed up to buy a 278-unit community in Largo, near St. Petersburg, for $32.3 million.

In another sign of investor enthusiasm for the multifamily market, a venture between Index Investment Group and local developer Richard Coley broke ground in May on a more than $100 million, 444-unit luxury apartment community overlooking Tampa Bay in the southwestern corner of the city.

An affiliate of Nuveen Real Estate has acquired the 366-unit multifamily property located in Hillsborough County. Newmark Knight Frank represented the seller in the disposition.

ZOM Living, in a joint venture with affiliates of The Mattoni Group and Clarion Partners, has sold Azola Apartments, a 366-unit luxury garden-style community located in Riverview, Fla., to an affiliate of Nuveen Real Estate. Newmark Knight Frank represented the seller in the disposition.

Located at 9303 Cobalt Drive in Hillsborough County, the community is adjacent to Interstate 75 and close to the Selmon Expressway. Downtown Tampa is less than 11 miles northwest of the property and Westshore Business District is within a 20-minute drive. Beaches, shopping venues and major employment centers are also easily accessible.

Completed in 2018, Azola Apartments encompasses 13 three-story buildings spread across 25 acres. The unit mix features one-, two-, and three-bedroom apartments with floorplans ranging from 704 to 1,471 square feet. On-site amenities include a clubhouse with cyber-café, game room with virtual sports simulator, dog park and dog spa and a fitness center with cardio and cycling studios. The clubhouse is near a resort-style pool with beach entry, private cabanas and a grilling station.

As of March, the property was 92.6 percent occupied, Yardi Matrix data shows. According to ZOM Living, the community had an absorption rate of 30 apartments per month, achieving top tier rental rates for the Riverview/Valrico submarket. ZOM Living is also part of a joint venture developing a luxury 43-story communityin the heart of downtown Miami.

Nuveen Purchases ZOM’S Azola Apartments a 366-Unit Multifamily Apartment Community

TAMPA, Fla., May 13, 2019 /PRNewswire-PRWeb/ — ZOM Living, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, recently sold AZOLA Apartments, a 366-unit multifamily apartment community located within the Brandon area of Hillsborough Countyto an affiliate of institutional investor Nuveen Real Estate.

Azola at Magnolia Park was completed in Fall 2018. With convenient access to downtown Tampa, the beaches, shopping, and major employment centers, Azola Apartments are spread across 25 acres and feature well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 704 to 1,457 square feet, with private yards and hard surface flooring in select units. A large resident community center and on-site amenities include a club room with cyber café, game room with virtual sports simulator, dog park and dog spa, state-of-the-art fitness center complete with cardio and cycling studio, as well as a boxing ring. The clubhouse is adjacent to an oak hammock and lushly landscaped grounds, which feature a resort-style pool with beach entry, private cabanas and grilling station.

“Azola’s community orientation and design aesthetics contributed to strong absorption of 30 apartments per month and we achieved top tier rental rates for the submarket,” said Kyle Clayton, Senior Vice President, ZOM Living. “This was our first venture with ZOM, and to combine with Clarion Partners made for a terrific ownership team,'” added Ricardo Caporal, Founder and President of Mattoni Group. “We are very pleased with the result, and also adding this fine project to the Brandon/Riverview community.”

“Sole at Brandon, as now rebranded, offers luxury interiors and resort amenities at mid-level rents in one of the fastest growing submarkets in Tampa. The property is immediately adjacent to I-75 and the Selmon Expressway, providing connectivity to Downtown, Westshore Business District and other major employment entertainment centers within minutes. We are looking forward to continue expanding our housing platform in the main Florida MSAs as part of our investment strategy,” said Carlos A. Burneo, Senior Director at Nuveen Real Estate and lead for Housing in Florida

Newmark Knight Frank (NKF) exclusively represented the seller in the disposition. “ZOM’s ability to deliver best-in-class product in one of Tampa’s fastest growing submarkets allowed for a very successful lease-up,” said Patrick Dufour, NKF Vice-Chairman.

About ZOM Living

ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 21,000 apartment units nationwide, with an aggregate value of over $4 Billion. Throughout its 40-year history, ZOM has garnered more than 170 industry awards for project design and development expertise, including the prestigious National Multifamily Development Firm of the Year award. Most recently, ZOM Living was ranked in the top 10 of national Multifamily Development Firms for 2018 by Multi- Housing News.

ZOM has 6,000 units currently under construction or in design/predevelopment throughout the U.S., with a total capitalization of $1.9 Billion. For more information on ZOM’s multifamily portfolio, visit http://www.zomliving.com.

About Nuveen Real Estate

Nuveen Real Estate is one of the largest investment managers in the world with $128 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 80 years of real estate investing experience and more than 500 employees located across over 20 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.

About Mattoni Group

Founded in 2009, Mattoni Group is a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working on transformative projects. The firm has built a national reputation for transparency, reliability, flexibility, and velocity in acquiring and financing real assets. Mattoni Group exists to be the bridge between best in class managers/operators and investor capital. Mattoni’s current portfolio and realized investments consist of a diversified mix of real estate assets including multi-family, office, retail, industrial, and specialty product types.

Nuveen Real Estate has acquired Florida-based Azola Apartments, a multifamily apartment community. The sellers were ZOM Living, The Mattoni Group and Clarion Partners. No financial terms were disclosed.

TAMPA, FLA. (PRWEB) MAY 13, 2019

ZOM Living, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, recently sold AZOLA Apartments, a 366-unit multifamily apartment community located within the Brandon area of Hillsborough County to an affiliate of institutional investor Nuveen Real Estate.

Azola at Magnolia Park was completed in Fall 2018. With convenient access to downtown Tampa, the beaches, shopping, and major employment centers, Azola Apartments are spread across 25 acres and feature well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 704 to 1,457 square feet, with private yards and hard surface flooring in select units. A large resident community center and on-site amenities include a club room with cyber café, game room with virtual sports simulator, dog park and dog spa, state-of-the-art fitness center complete with cardio and cycling studio, as well as a boxing ring. The clubhouse is adjacent to an oak hammock and lushly landscaped grounds, which feature a resort-style pool with beach entry, private cabanas and grilling station.

“Azola’s community orientation and design aesthetics contributed to strong absorption of 30 apartments per month and we achieved top tier rental rates for the submarket,“ said Kyle Clayton, Senior Vice President, ZOM Living. “This was our first venture with ZOM, and to combine with Clarion Partners made for a terrific ownership team,’” added Ricardo Caporal, Founder and President of Mattoni Group. “We are very pleased with the result, and also adding this fine project to the Brandon/Riverview community.”

“Sole at Brandon, as now rebranded, offers luxury interiors and resort amenities at mid-level rents in one of the fastest growing submarkets in Tampa. The property is immediately adjacent to I-75 and the Selmon Expressway, providing connectivity to Downtown, Westshore Business District and other major employment entertainment centers within minutes. We are looking forward to continue expanding our housing platform in the main Florida MSAs as part of our investment strategy,” said Carlos A. Burneo, Senior Director at Nuveen Real Estate and lead for Housing in Florida

Newmark Knight Frank (NKF) exclusively represented the seller in the disposition.

“ZOM’s ability to deliver best-in-class product in one of Tampa’s fastest growing submarkets allowed for a very successful lease-up,” said Patrick Dufour, NKF Vice-Chairman.

About ZOM Living

ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 21,000 apartment units nationwide, with an aggregate value of over $4 Billion. Throughout its 40-year history, ZOM has garnered more than 170 industry awards for project design and development expertise, including the prestigious National Multifamily Development Firm of the Year award. Most recently, ZOM Living was ranked in the top 10 of national Multifamily Development Firms for 2018 by Multi- Housing News.

ZOM has 6,000 units currently under construction or in design/predevelopment throughout the U.S., with a total capitalization of $1.9 Billion. For more information on ZOM’s multifamily portfolio, visit http://www.zomliving.com.

About Nuveen Real Estate

Nuveen Real Estate is one of the largest investment managers in the world with $128 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 80 years of real estate investing experience and more than 500 employees located across over 20 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.

About Mattoni Group

Founded in 2009, Mattoni Group is a private equity real estate investment firm that specializes in placing equity and debt with experienced operating and development partners working on transformative projects. The firm has built a national reputation for transparency, reliability, flexibility, and velocity in acquiring and financing real assets. Mattoni Group exists to be the bridge between best in class managers/operators and investor capital. Mattoni’s current portfolio and realized investments consist of a diversified mix of real estate assets including multi-family, office, retail, industrial, and specialty product types.

About Clarion Partners

Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 36 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With approximately $50 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 350+ domestic and international institutional investors. More information about the firm is available at http://www.clarionpartners.com

In Miami, TOD stands for trail-oriented development, as a newly designated linear urban park is spurring building along its path.  Ludlam Park, a corridor that had been intended for railway operations but went unused, was designated public space last year. Developers are now jumping ahead with projects — but meeting some resistance along the way.

The 6.2-mile linear park will run between Dadeland Mall and Miami International Airport, near 69th Avenue. Henry Flagler’s Florida East Coast Railway had initially staked out the property decades ago. But as it went unused, a coalition called Friends of Ludlam Trail, largely made up of bike and pedestrian advocates, lobbied the county for years to buy the land for public use. Following dozens of studies, the county finally made the purchase last December, for $24.6M, using grants from the Florida Department of Transportation and road impact fees. An estimated $94M is needed to do some environmental cleanup and maintenance along the trail before it can open officially.  In January, commissioners approved zoning changes that would allow mid-rises where major roads cross the linear park. For $36M, ZOM Living, Scout Capital Partners and Mattoni Group acquired several trail-adjacent parcels from Florida East Coast Industries, which owned the rail line. Their joint venture will build approximately 950 apartments and 35K SF of retail, including a brewery, in six- to eight-story buildings where the trail meets Bird Road.  Nearby, Altman Cos. and BBX Capital Corp. have proposed Altis Ludlam, with 312 apartments and 8K SF of retail. “The Ludlam Trail will impact Miami in the same manner that the Atlanta BeltLine has transformed Midtown Atlanta and the Katy Trail has influenced Dallas,” Scout Capital Partners founder Vincent Signorello said in a statement.  But some owners of single-family homes complained about the increased density. Miami Mayor Francis Suarez told the Miami Herald they resisted developing the park into anything more than a grassy trail. In March, Anthony Garcia, co-founder of the Friends of Ludlam Trail, wrote in an op-ed that building should not be allowed until a master plan is created.

“At every point during the negotiation process for this project, Friends of Ludlam Trail has been assured that there will be time to develop and vet a design for the corridor, in much the same way we do for other public spaces, yet that is not happening,” he wrote. “Developers are ramming through their buildings, and the trail, without a strategy for how their small stretch of trail will connect to the larger vision, and without any coordination with the community.” The Ludlam Trail connects five schools, four parks, three waterways and two transit stations. Miami-Dade County has plans to eventually create a 225-mile trail network called the Miami Loop, which, in addition to Ludlam, would connect the Miami River Greenway (along both sides of the 5.5-mile Miami River), Perimeter Trail (envisioned to go around Miami International Airport) and the Underline, an under-construction linear park that will run under 10 miles of of the elevated Metrorail train line.

Read more at: https://www.bisnow.com/south-florida/news/construction-development/ludlam-trail-developments-98633?utm_source=CopyShare&utm_medium=Browser

A Walker & Dunlop team arranged the financing for Mosby University City, a 309-unit community developed by Middleburg and The Mattoni Group.

Developer Middleburg has received $9.3 million in construction financing to build Mosby University City, a 309-unit apartment community in Charlotte, N.C., in a joint venture investment with The Mattoni Group.

A Walker & Dunlop team of managing directors Telly Fathaly and Elliot Howell advised Middleburg in finding an equity partner.

In-unit features will include 9-foot ceilings, stainless steel appliances, solid wood cabinets, granite countertops, tile backsplashes, Nest thermostats and Bluetooth keyless entry.

Community amenities at the property will include a clubhouse and amenity space, café, fitness center with yoga studio, fire pit and outdoor kitchen, saltwater swimming pool, dog park and pet spa, package locker systems, parking garages and electric car charging station.

“We are thrilled to be entering the Charlotte market with what we are confident is the best site in the University City submarket,” said Kory Geans of Middleburg, in prepared remarks. “We are looking forward to bringing a truly differentiated product to the submarket and benefitting from the expanding jobs and amenity base, as well as the proximity to The University of North Carolina at Charlotte, one of the fastest growing research institutions in the country.”

The Charlotte multifamily market has seen sustained demand due to a growth in population and jobs, according to a Yardi Matrix report. Earlier this week, Wood Partners officially opened a 261-unit luxury multifamily community in the Optimist Park neighborhood of Charlotte.

Image courtesy of Walker & Dunlop

https://www.multihousingnews.com/post/jv-secures-construction-loan-for-charlotte-development/