At Mattoni Group and its respective subsidiaries and affiliates (“Mattoni”), we are committed to maintaining the confidentiality of your personal and financial information. The purpose of this Privacy Policy is to explain the types of Personally Identifiable Information or Non-Personally Identifiable Information Mattoni collects, how the information is obtained, how it is used, and the choices you have regarding our use of, and your ability to review and correct, the information. This Privacy Policy applies for all business activities of Mattoni, including users accessing our Web sites (“Sites”) or parties engaging in communications or transactions with Mattoni.
WHAT INFORMATION WE COLLECT The information we collect in our business and on our Sites generally falls into the following two categories: Personally Identifiable Information and Non-Personally Identifiable Information. Personally Identifiable Information: This refers to information that lets us know the specifics of who you are. The Personally Identifiable Information we collect in our business or when you use our Sites may include: your name, mailing address, phone number, email address, employer, job title, date of birth, social security number, financial information such as your income, accreditation status and net worth, and information about your transactions with us such as investment amount, contributions and/or distributions. Non-Personally Identifiable Information: This refers to information that does not by itself identify a specific individual. The non-personally identifiable data we collect in our business may include aggregated statistical data or data not attributable to a specific person or entity. Non-personally Identifiable Information we collect when you visit our Sites may include the Uniform Resource Locator (“URL”) of the Web site that you came from before visiting our Sites, which pages you visit on our Sites, which URL you go to next, which browser you used to come to our Sites, your Internet Protocol (“IP”) address, and any search terms entered on our Sites. This Privacy Policy also contains more information about how we use cookies and other technology to collect this data. We do not connect the Personally Identifiable Information and Non-Personally Identifiable Information we collect in our business or on our Sites.
WHY WE COLLECT INFORMATION ABOUT YOU Our primary goals in collecting information are to provide clients with superior service and to provide all individuals a smooth, efficient, and personalized experience.
HOW WE COLLECT INFORMATION We may request Personally Identifiable Information when you request information or correspond with us. When you contact our Investor Services department for assistance, or invest in a new program with us, we may ask for Personally Identifiable Information to fulfill your requested service and to contact you in the future. Our Web servers may automatically recognize a visitor’s domain name (such as .com, .edu, etc.), the Web page from which a visitor enters our site, which pages a visitor visits on our site, and on some sites, how much time a visitor spends on each page. This information does not reveal a visitor’s identity. We aggregate this information and use it to evaluate and improve our Sites. Whether you choose to provide specific information requested by the Mattoni is completely your own choice. But if you choose not to provide the information we request, you may be unable to receive or access certain services, offers, and information.
USING INFORMATION ABOUT YOU Mattoni does not sell or share customer information to marketers outside of our companies, without your consent. We may share your Personally Identifiable Information with others only in certain limited situations: (i) within our corporate group or among our affiliated entities, all of which follow this Privacy Policy or equivalent privacy policies; (ii) with our service providers or other parties who agree to keep the information confidential and use it only on behalf of the Mattoni; (iii) if your investment is transferred to another custodian, we provide your general information, tax identification number and other transfer documents to the custodian taking over the investment on your behalf; and (iv) as otherwise agreed by you. In some cases, we may be required to disclose certain information to comply with the law, an investigation or a legal process, such as a court order or subpoena. We may disclose information when we believe that such a release is reasonably necessary to enforce or protect our rights.
YOUR CHOICES If you change your mind about receiving marketing communications from Mattoni and wish not to receive further marketing communications from Mattoni, let us know by submitting your “opt-out” choice at info@mattonigroup.com. You can opt out at any time. All email communications from us, such as newsletters, tell you how to stop receiving them. Please follow these instructions if you no longer wish to receive the email messages. If you would like to update or correct your email address, street address or other personal information with us please contact us at info@mattonigroup.com. Please remember, if you opt to delete certain information you may not be able to continue to access other portions of our Sites without entering additional information.
COOKIES AND OTHER TECHNOLOGY ON OUR SITES Our Sites use “cookies” and other technology to enhance your online experience and to learn about how you use the Sites for purposes of improving the quality of services.
PROTECTING YOUR INFORMATION Our policy is to restrict access to your Personally Identifiable Information to only those employees, service providers, and other third parties who need to know that information to provide products or services to you. We maintain commercially reasonable physical, electronic and procedural safeguards and other applicable standards as required by law, and we require service providers and third parties to do the same.
LINKS TO THIRD PARTY SITES Our Sites may contain links to Web sites operated and maintained by third parties, over which we have no control. Privacy policies on such linked sites may be different from our Privacy Policy. You access such linked sites at your own risk. You should always read the Privacy Policy of a linked site before disclosing any personal information on such site.
POLICY CHANGES To improve the services we can offer you, Mattoni may opt to expand our capabilities for obtaining information about users in the future. Mattoni will update this privacy statement continually to ensure that you are aware of developments in this area. We will post those changes on our site and update the Privacy Policy so that you will always know what information we collect online, how we use it, and what choices you have. Please be sure to check this page before proceeding to use our Sites. Regardless of any changes we make to our Privacy Policy, we will always use your Personally Identifiable Information in accordance with the version of the Privacy Policy in place at the time you provided your information, unless you give your express consent for us to do otherwise.
ADDITIONAL PRIVACY TERMS In conducting business with Mattoni or using the Sites, you may be required to agree to additional written or electronic agreements, including additional privacy terms and conditions (“Additional Privacy Terms”), as a condition of visiting the Sites, or receiving products, services, and other information. In the event of any conflict between the Additional Privacy Terms and this Privacy Policy, the Additional Privacy Terms shall prevail.
BUSINESS TRANSFERS As Mattoni continues to develop the business, we may sell or buy entities, subsidiaries, or business units. In such transactions, customer information generally is one of the transferred business assets. Such information remains subject to any pre-existing Privacy Policy (unless, of course, the customer consents otherwise). In the event that Mattoni is acquired in whole or in part, Personally Identifiable Information may be one of the transferred assets.
YOUR FEEDBACK To help us improve our Privacy Policy and practice, please give us your feedback. You may email us at info@mattonigroup.com.
BETHESDA, Md., —Walker & Dunlop, Inc. announced that its investment sales group, Walker & Dunlop Investment Sales, assisted in the capitalization for the construction of Mosby University City, a 309-unit, Class A apartment development in Charlotte, North Carolina.
The Walker & Dunlop team was led by Managing Directors Telly Fathaly and Elliot Howell, who advised the property developer, Middleburg. The team structured a $9,290,370 joint venture investment from The Mattoni Group, marking the first joint venture between the two firms. Middleburg’s business plan includes a long-term hold strategy once the development is complete, a goal that Fathaly and Howell effectively accommodated throughout the process, structuring an agreement which facilitated the partners’ mutual business objectives.
Mr. Fathaly stated, “Middleburg’s track record of success and the strength of the Charlottemarket – including the successful rollout of the Lynx Blue Line, which has a stop across the street from the property – allowed us to present them with several capitalization options for this project. We are confident that the strong alignment between Middleburg and Mattoni will result in a best-in-class partnership.”
“We are thrilled to be entering the Charlotte market with what we are confident is the best site in the University City submarket. 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,” stated Kory Geans of Middleburg.
Walker & Dunlop is a leader in the commercial real estate finance space and has grown the geographic footprint of its investment sales team, adding offices in California, Texas, and Massachusetts over the past year. Having closed approximately $6.1 billion in sales within the last 24 months, the company’s investment sales team is active in representing and advising clients throughout the country.
A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired an 11.3-acre site along the new Ludlam Trail in Miami-Dade County, where they have proposed a mixed-use project.
The Ludlam Trail is a former railway corridor that Miami-Dade County is converting into a linear park. It runs about 5.6 miles from Northwest Seventh Street to Southwest 80th Street.
While the county purchased most of the trail from Florida East Coast Industries (FEC) for $23.26 million in January, some of the trail remains in private hands. The county also boosted density along the Ludlam Trail to encourage development along it.
Vincent M. Signorello, founder of Scout and formerly president of FECI, said his joint venture with ZOM andMattoni recently acquired the 11.3-acre site for just over $36 million through multiple deals. The deal included 6900 and 6950 Bird Road, 7040 and 7050 S.W. 44th Street, and 7004 S.W. 45th Street. The sellers were FECI subsidiary LR 13-18 LLC and the Manuel J. Menendez Revocable Trust.
The deal includes property that will be part of the Ludlam Trail. Signorello said the developers will be responsible for building the park space along the trail from Bird Road (Southwest 40th Street) to Southwest 48th Street, and the public will be granted access to that trail.
In fact, the site plan shows the Ludlam Trail would run through the apartment and retail project.
“We are never interested in building housing like all the other housing around it,” ZOM President Greg West said. “We prefer situations where we can do something unique and take full advantage of place making as a value creator for the real estate we will own and value creator for the people who will live there.”
A comprehensive plan amendment for the land was already approved by the County Commission. Now the developers need to secure the okay for their site plan.
On Jan. 28, the developers filed a pre-application with county officials for their site plan with 965 apartments and 28,000 square feet of retail in three phases. The apartment buildings would range from six to eight stories, and there would be some one-story retail buildings along the Ludlam Trail. Each of the three apartment buildings would have its own pool decks, amenities and parking garage.
The first phase would have 339 apartments, a 3,000-square-foot brewery/restaurant and 568 parking spaces. There second phase would have 310 apartments and 10,000 square feet of retail, and the third phase would have 316 apartments and 15,000 square feet of retail.
“We worked to figure out a way to fully immerse our residents and the associated lifestyle retail into the trail,” Signorello said.
Some of the retail will sit along Bird Road, while other retailers and restaurants will be exclusively accessed along the Ludlam Trail, Signorello said. He believes the trail will become a destination that draws many people.
West said that the Katy Trail Ice House, which sits along a linear park in Dallas, is among the busiest bars in the United States.
The developers expect to break ground on the first phase by the end of 2019, West said.
MSA Architects and Lake Flato are designing the project. The developers are working with Miami attorney Tracy Slavens.
Right next to this project along the Ludlam Trail, Altman Cos. and BBX Capital Corp. have a pending site plan for Altis Ludlam at Bird Road and Southwest 70th Court. It would have 312 apartments and 7,886 square feet of retail.
Zom Living, Scout Capital and Mattoni plan retail and multifamily on 13-acre site
Rendering of Bird Road project
Zom Living, Scout Capital and Mattoni Group paid $36 million for a portion of the Ludlam Trail in Miami, where they plan to build a mixed-use project.
Florida East Coast Industries sold roughly 13 acres of land to the joint venture, which includes 6 miles of unused rail tracks and a 100-foot right of way where the tracks previously were, according to a release.
Zom and its partners plan to build 950 apartments and up to 35,000 square feet of retail space, with construction starting in the fourth quarter of this year. The project would be built in three phases, starting with more than 300 apartments and about one third of the retail space, Vince Signorello of Scout Capital said. Signorello left FECI, where he was CEO, about two years to start Scout Capital.
In January, the Miami-Dade County Commission approved zoning for commercial and residential developments at major intersections along the trail, the Miami Herald reported. FECI said at the time that it planned to launch a Bird Road complex first, where the county is also planning to begin building its own public park. The county had secured about 30 percent of the $100 million in funding it needs for the park, according to the Herald.
The property stretches from 48th Avenue to Bird Road (40th Street), and will connect to the public park. The joint venture will maintain the park area on its land and it will also be open to the public, Signorello said.
The Ludlam Trail runs from Miami International Airport south to Dadeland Station.
Zom, Scout Capital and Mattoni’s project will be completed within five years of groundbreaking, Signorello said. The retail “will skew towards food and beverage and those types of uses” but could also include home furnishings or design-type tenants, he said.
First came the Underline: Construction on the first piece of the planned 10-mile-long linear park below the elevated Metrorail tracks began in October. Now it’s the Ludlam Trail’s turn.
Work is set to start later this year on the initial segment of the Ludlam Trail, a long-awaited park and running and cycling trail that will run along an abandoned railway corridor in west Miami-Dade and link up with the Underline at Dadeland.
That first piece of the Ludlam Trail will be built as part of a new retail and residential project on the south side of Bird Road that’s scheduled to break ground at the end of this year, a team of developers announced Thursday.
The developers said they closed Wednesday on the purchase of a $36 million, 13-acre land assemblage from Florida East Coast Industries, owner of the old railway corridor, which extends in a straight shot about six miles from Dadeland to near Miami International Airport.
The purchase includes a half-mile-long segment of the railway right-of-way as well as several commercial and industrial properties along it. As part of a complex zoning plan previously approved by Miami-Dade County, the developers plan to build about 950 apartments and 35,000 square feet of retail straddling the trail in three phases.
The developers — a partnership of former FECI CEO Vincent Signorello’s Scout Capital Partners, Orlando-based ZOM Living and Miami investment firm Mattoni Group — will also design and build a half-mile-long segment of the trail and maintain it at no cost to taxpayers. Bird Road is roughly the proposed trail’s midpoint.
“The kickoff of the overall Ludlam Trail starts with us,” Signorello said in an interview.
The announcement is the culmination of years of sometimes fractious negotiations among the county, the city of Miami, FECI, trail backers and neighboring residents.
In 2014, FECI withdrew an initial plan that called for development along much of the proposed trail in the face of public opposition. The company subsequently agreed instead to a county plan that restricts development to three dense “nodes” at major roads, including Bird.
Last year, the Miami-Dade Commission approved the $25 million purchase of 80 percent of the rail corridor, which is 100 feet wide for most of its length, for conversion into the trail. The corridor runs between Southwest 70th and 69th avenues.
The county has secured about $27 million of the $94 million price tag for construction of its lion’s share of the Ludlam plan. Trail segments at each of the four development nodes, representing 20 percent of the rail corridor’s length, would be installed by private builders using parameters set by county planners, though each node would have its own look.
At Bird Road, Signorello said, the public trail will be “seamlessly connected” into a new mixed-use development. “Lifestyle” retail, likely mostly food and beverage, will be oriented to the trail. So will three planned rental apartment buildings.
“As a resident, you’re walking out your front door and you’re on the trail,” he said.
The look and feel of the project will echo the industrial district that runs along the west side of the trail at that point, using raw concrete, steel and exposed wood, said Signorello and ZOM CEO Greg West. Some of the retail could be housed in shipping containers. The trail itself would take on an urban feel through the as-yet-unnamed project, though other segments are expected to have a park-like ambience.
A conceptual rendering shows a park-like section of the planned Ludlam Trail.
To design the project, the developers turned to Lake/Flato, a San Antonio, Texas, architectural firm with experience in reworking industrial districts. The developers say they also have studied other noted urban rail-to-trail conversions, such as the Katy Trail in Dallas and the Atlanta Beltline, for cues.
County planners and backers of the trail project, including Friends of the Ludlam Trail, have pitched the linear park not just as a recreational facility for runners, walkers and cyclists, but also as a protected bike-commuting corridor. The trail would connect five schools, including South Miami High; four parks; three waterways; and two Metrorail stations at Dadeland North and South with the planned link to the Underline. The Underline would then connect to Brickell and the Miami River. Eventually, backers hope, the north end of the Ludlam Trail could link up with a Miami River Greenway that’s gradually being installed as new development occurs, creating what they’ve dubbed the “Miami Loop.”
The developers said they hope to attract renters eager to embrace an urban lifestyle with the lure of the trail and the chance to commute to work or school, or to run short errands by bike — though each building will have a garage. Rents will be “more affordable” than rents in nearby Coral Gables or in downtown Miami, West said.
The Bird Road piece should become a destination and gathering place for trail users, residents of neighboring communities and residents of their project, Signorello and West said.
“That’s what will breathe life into the trail project and the development project,” Signorello said.
The first phase will rise on vacant land just off Bird Road, the developers say. The Bird Road frontage is now mostly occupied by the U.S. Post Office’s Ludlam Branch, which has several years remaining on a lease and will stay in place, they said.
At the south end, the developers’ trail piece would connect to a long county-owned segment. At the north end, where it meets the edge of busy six-lane Bird Road, the county is studying construction of a bridge for cyclists and pedestrians. The development team also owns a small piece of the rail corridor on the other side of Bird where the bridge would touch down. The group doesn’t yet have a plan for that piece, a spokesman said.
Visitors walk along the course of the planned Ludlam Trail during a Festival of Lights in 2015.
Because the project is “fully capitalized” and the Miami-Dade commission approved the zoning plan for the trail earlier this year, all the developers need to proceed are building permits, they said. Construction drawings are now being done by their architects. The developers expect construction on the first phase to be completed about 16 months after groundbreaking.
To deal with soil contamination from years of herbicide application by FECI to keep the rails clear of plant growth, the ground will be capped with clean fill in a process prescribed by county environmental regulators, the developers say. Discovery of the contamination led the county to order the rail corridor fenced off, putting a stop to a program of activities coordinated by FECI and the Friends group to publicize and activate the trail site.
From left: Panelist Frank Guerra, Moderator Peggy Fucci, Panelists Ricardo Caporal, and Brian Koles (Credit: iStock)
In a Coral Gables office building owned by Altis Cardinal, anchor tenant American Airlines recently slashed its space by nearly half without shedding any employees, according to the real estate development firm’s founder Frank Guerra.
“American went from 27,000 square feet to 15,000 square feet with the exact same headcount,” Guerra told attendees at a Crew-Miami luncheon on Wednesday. “There’s a lot more telecommuting taking place.”
The drastic reduction was a result of creating flexible working conditions for millennial employees, Guerra explained. The office and apartment building developer joined Mattoni Group founder and President Ricardo Caporal and Property Markets Group brand and experience director Brian Koles for a panel discussion on how millennials are influencing changes in how commercial spaces are designed, residential projects are marketed and amenity packages are configured in South Florida. OneWorld Properties broker Peggy Fucci moderated the discussion.
Instead of a single cubicle for an employee that comes in five days a week, corporate tenants now want work stations that can be shared by two or more staffers who come into the office on alternating schedules, Guerra said. On the multifamily side of real estate, millennials want more business amenities than leisure ones, he added.
“We are seeing more office services on the ground floor where it may have been a racquetball court in the past,” Guerra said. “They even want conference rooms because they want to hold meetings where they live.”
Koles touted the emergence of co-living as another millennial-driven real estate trend that PMG believes will produce profitable results. Earlier this year, PMG announced it was launching X Social Communities, a division that matches roommates in fully furnished apartments in buildings owned by PMG. Over the summer, the company opened X Miami at 230 Northeast 4th Street in downtown Miami.
“Co-living with roommates is not something we invented or is a new trend,” Koles said. “I feel very comfortable telling our investors, ‘it’s a good bet.’”
Millennials also want functionality when it comes to equipping buildings with smart technology, Koles said. For instance, he said, X Miami and other PMG properties have package lockers where deliveries can be dropped off. A resident will get an alert in real time that the package has arrived, along with a code to open the locker. “We only use technology to enable convenience,” he said. “It’s not about making something flash.”
Caporal said Mattoni Group now builds more bike stations, places food warmers in communal areas for UberEats deliveries and provides pet amenities. “It needs to be convenient and practical,” Caporal said. “Five years ago, we didn’t have these things.”
Developers are also more in tune with what tenants are posting on social media websites to hold property managers accountable for problems, Guerra said. “Part of any marketing engagement we do requires monitoring social media and reporting any issues,” he said. “If someone complains, we take note and hold our people accountable.”
The goal, Guerra said, is to minimize any potential damage from online complaints. “It’s an effective way to address concerns,” he said. “One posting and the whole world knows.”
The Mattoni Group and Bear Capital are pleased to announce the launch of Fund III for our Non Performing Loans and REO platform, “Secured Debt Investments” (“SDI”).
Secured Debt Opportunity Fund III (“SDI”) targets an initial raise of 100M by end of Q1 2019.
Funds I & II have grossed approximately 34% IRR in the last five years. As a result of this gain, Fund III is being launched to continue our previous success.
“We have a refined and tested proprietary process for acquiring, managing and repositioning distressed loans and REO assets, so we are excited to launch Fund III, making it our most anticipated fund to date.” Orlando Garcia, managing partner.
Ricardo Caporal, founder of Mattoni Group, and Orlando Garcia, founder of Bear Capital , have over 30 years combined experience investing in commercial real estate, which has produced an enviable risk-adjusted investment track record over the last few years. Over the last three years, the NPL & REO sectors have seen a significant decline in the number of investment managers in this space which bodes well for Fund III continuing the success of the previous funds.
About Mattoni Group:
Founded in 2009, Mattoni Group is a private equity real estate investment and management firm headquartered in Miami, FL. With a growing portfolio of residential and commercial properties across the region. Mattoni Group has more than two decades of combined experience in the real estate industry – including property acquisition, construction, management and financial analysis. For more information please visit www.MattoniGroup.com
About Bear Capital:
Founded in 2013 by Orlando Garcia, Bear Capital is a private equity firm focused on commercial real estate debt and under-performing commercial real estate. Bear Capital’s funds implement a value add and opportunistic strategy, concentrating on distressed and underperforming commercial real estate assets and commercial real estate debt. With over 25 years of experience, Bear Capital offers vast knowledge across an array of disciplines including management, finance, capital markets, acquisitions, legal creditor rights, development, sales and leasing. For more information please visit www.secureddebtinvestments.com
Ribbon Cutting Ceremony for Azola Apartments – 366 units on a 25-acre site in the heart of the expanding Brandon/Riverview submarket of Tampa
Azola brings a new level of quality to this growing suburban community and we are proud to be part of it.
ZOM Living, in partnership with affiliates of Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, celebrates the grand opening of AZOLA, a 366-unit multifamily garden apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road. This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, such as Progressive Insurance, Spectrum, and USAA, which is bringing over 1200 new jobs to the area. An array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall, and has attracted new merchants such as Bass Pro Shop and Top Golf.
“We are excited to celebrate the grand opening of Azola with Clarion Partners and Mattoni Group” said Kyle Clayton, ZOM Florida’s Senior Vice President. “Azola brings a new level of quality to this growing suburban community and we are proud to be part of it.”
Mattoni Group’s President Ricardo Caporal, added, “We couldn’t be happier with the first-class project ZOM delivered. Both ZOM and Clarion partners share the same commitment to enhancing communities as Mattoni Group and we are proud of the work we’ve done in Riverview.”
Azola broke ground Q4 2016, started pre-leasing in late summer 2017, and is comprised of spacious and well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 665 to 1,545 square feet, spread across 25 acres. A large community center contains a leasing office and on-site amenities include a club room, cyber café, and fitness center. Construction financing was provided by the Synovus Bank and Hancock Bank.
About ZOM:
ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 20,000 apartment units nationwide, with an aggregate value of over $4 Billion. Throughout its 40-year history, ZOM has garnered more than 160 industry awards for project design and development expertise, including the prestigious National Multifamily Development Firm of the Year award and garnering two national Pillar Awards from the (NAHB) National Association of Home Builders, for Best Low-Rise Project (Baldwin Harbor/Orlando) and Best High-Rise (Monarc at Met3/Miami).
ZOM is headquartered in Orlando and has regional development offices in South Florida, Dallas, Washington D.C., Chicago and Raleigh. ZOM has 5,000 units currently under construction or in design/predevelopment throughout the U.S., with a total capitalization of $1.6 Billion. For more information on ZOM’s multifamily portfolio, visit http://www.zomliving.com.
About Mattoni Group
Founded in 2009, Mattoni Group is a private equity real estate investment and management firm headquartered in Miami. With a growing portfolio of residential and commercial properties across the region, Mattoni Group has more than two decades of combined experience in the real estate industry – including property acquisition, construction, management and financial analysis. For more info please visit http://dev5.conwayandpartners.com/mattoni
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 has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $45.6 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 300 domestic and international institutional investors. More information about the firm is available at http://www.clarionpartners.com.
TAMPA, FL – ZOM Living, in partnership with affiliates of Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, celebrates the grand opening of AZOLA, a 366-unit multifamily garden apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road.
This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, such as Progressive Insurance, Spectrum, and USAA, which is bringing over 1200 new jobs to the area. An array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall, and has attracted new merchants such as Bass Pro Shop and Top Golf.
“We are excited to celebrate the grand opening of Azola with Clarion Partners and Mattoni Group” said Kyle Clayton, ZOM Florida’s Senior Vice President. “Azola brings a new level of quality to this growing suburban community and we are proud to be part of it.”
Mattoni Group’s President Ricardo Caporal, added, “We couldn’t be happier with the first-class project ZOM delivered. Both ZOM and Clarion partners share the same commitment to enhancing communities as Mattoni Group and we are proud of the work we’ve done in Riverview.”
Azola broke ground Q4 2016, started pre-leasing in late summer 2017, and is comprised of spacious and well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 665 to 1,545 square feet, spread across 25 acres. A large community center contains a leasing office and on-site amenities include a clubroom, cyber café, and fitness center.
Construction financing was provided by Synovus Bank and Hancock Bank.
ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 20,000 apartment units nationwide, with an aggregate value of over $4 Billion.
A company controlled by Miami investor Ricardo Caporal paid $5 million for a development site near Miami’s Westchester neighborhood, property records show.
AmeriLumber Hardware & Building Material Inc. sold the 1.37-acre property on Bird Road and Southwest 70th Court to Altis Ludlam Miami LLC.
The lot is just north of a development site owned by a self-storage company and west of the proposed Ludlam Trail, a 6.2-mile trail intended for cyclists and pedestrians that has yet to be built.
Caporal, founder and president of the Mattoni Group, declined to comment about his plans for the site.
In November, Mattoni paid $10.5 million for commercial units at 1010 Brickell Avenue. The Brickell-based private equity group also invested in a handful of apartment projects in West Miami that were geared toward young professionals and working families.
The two lawyers closed on the $59 million transaction even before any of the units were rented.
Miami attorneys advised on the sale of a newly built apartment building on behalf of a developer who has targeted the tiny community of West Miami for multifamily construction.
“Typically you wouldn’t see a sale occur prior to the stabilization of the project,” said Alvarez Arrieta & Diaz-Silveira associate Gregory Hernandez, one of the attorneys who worked on the deal.
Buyers prefer a low-vacancy building with a defined cash flow, noted partner Alejandro Arrieta, who also worked on the transaction.
In this case, however, the buyer was comfortable with the investment because of the robust multifamily market in the immediate area and because the buyer and seller worked together in the past, Arrieta said.
Arrieta and Hernandez represented Gables Gate Tower II LLC, which is affiliated with The Estate Cos.’ real estate investment and development arm Estate Investment Group.
Estate Investment Group, along with partners Mattoni Group and Fortune Capital Partners, sold the 221-unit apartment building at 2001 Ludlam Rd. for $59 million to Chicago-based real estate investment and property management company Waterton. The transaction breaks down to $266,968 per unit.
The deal for the property east of the Palmetto Expressway between Southwest Eighth Street and Coral Way closed Oct. 20.
This sale marks the third West Miami apartment building developed by Estate Investment Group that’s been sold — with Arrieta and Hernandez representing the seller in all of the transactions.
In August 2016, the nearby 206-unit apartment building at 2101 Ludlam Rd. was sold for $57.4 million also to Waterton. That transaction broke down to $278,597 per unit.
The buildings are across Southwest 21st Street from each other. Now, both are called District West Gables.
And in June, the 196-unit Soleste Club Prado at 950 Red Rd. was sold for $61 million to Denver-based Grand Peaks, records show. That transaction was worth $311,224 per unit.
These Estate Investment Group projects and others in the pipeline are transforming the multifamily market in the small city targeted by the developer.
West Miami had 7,459 residents in 2016 in three-quarters of a square mile south of Miami International Airport and west of Coral Gables, according to the U.S. census data. But the opportunities for development were big.
When Estate Investment Group tapped into West Miami, the city had the demand for new housing but lacked the product, said Robert Suris, founder and principal of The Estate Cos.
“Those are the types of opportunities that we really look for — to be the first company in a new area that has a built-up demand for people who want to be there and they don’t have the product available,” he said.
The location also attracted Suris, he said. Its boundaries are Red and Ludlam roads and from Southwest Eighth Street south to roughly Coral Way, although part of the southern boundary ends before Coral Way.
“We are literally in the middle of the county,” Suris said. “We are close to everything.”
He noted the western part of the county is home to several employment centers, including Miami International Airport, Miami Children’s Hospital and Florida International University.
The renter of “our product in West Miami is looking for convenience because they are closer to their jobs,” Suris said.
Estate Investment Group has two other West Miami apartment buildings, Soleste Alameda and Soleste Twenty2, in the pipeline.
In the latest transaction, Arrieta and Hernandez negotiated a unique option to close the deal before leasing and before the developer obtained a final certificate of occupancy, the attorneys said.
“That is unique from what you would typically see,” Arrieta said.
A certificate of occupancy is the last official step before people can move in.
Nevertheless, Estate Investment Group obtained the certificate before closing, Arrieta and Hernandez said.
“The deal included some contingencies in the event that final certificate of occupancy had not been obtained prior to closing, but our client is a very experienced developer and contractor and was able to really exceed expectations and obtain final certificate of occupancy by closing,” Arrieta said.
Construction finished in September, Suris said. The grand opening was Oct. 11, little more than a week before the sale.
