Author: Mattoni Group

Construction starts on new Tampa apartments with rooftop bay views

TAMPA — The Altman Companies began construction this week on Altis Grand Central, 314 studio and one, two-and three- bedroom apartments near the University of Tampa.

Amenities will include a dog park with doggie spa, “chic bowling lounge” and rooftop pool and lounge with views of Tampa Bay. The eight-story towers at 548 W. Grand Central Avenue will rise across the street from the popular Oxford Exchange, home to a restaurant, bookstore, coffeehouse and gift shop.

Boca Raton-based Altman, which has eight other apartment communities in Florida including in Lutz and Wesley Chapel, is partnering on Altis Grand Central with Mattoni Group, a Miami investment real estate firm.

http://www.tbo.com/news/business/realestate/construction-starts-on-new-tampa-apartments-with-rooftop-bay-views/2344187

Mattoni Group closes on commercial units at 1010 Brickell

By Katherine Kallergis | November 07, 2017 03:00PM

Key International and 13th Floor sold two units for $10.5M

The developers of 1010 Brickell just sold two commercial units to Mattoni Group for $10.5 million, property records show.

Mattoni put the units under contract about three years ago, president Ricardo Caporal said. They total 11,283 square feet with an additional 1,976 square feet of outdoor space. Mattoni secured leases with the Halal Guys of New York City, an undisclosed national tenant and an undisclosed local restaurant, Caporal said. A 3,346-square-foot space is still available for lease.

Asking rents for the four units averaged about $100 per square foot, triple net. Comras Company’s Michael Comras, Jonathan Carter and Spencer Young represented Mattoni in the leases.

“Our plan is to create a triple-net credit tenant environment and hold it for a very long time,” Caporal said. Retail and restaurant rents in the Design District and on Lincoln Road are much higher, he added.

“We still think there’s a lot of rent growth in the area,” Caporal said.

Key International and 13th Floor Investments delivered the 50-story, 389-unit condo tower in August at 99 percent sold. They also recently paid off the $75.7 million construction loan, according to a spokesperson.

http://bit.ly/2him1gh

Commercial space at new 1010 Brickell condo sells for $10.5M

Mattoni Group acquired the ground floor commercial space at the new 1010 Brickell condo in Miami.

The 11,252 square feet of commercial space was sold by 1010 Brickell Holdings, a joint venture between developers Key International and 13th Floor Investments, to 1010 Matto Commercial, an affiliate of Mattoni Group, led by Ricardo Caporal. The price equated to $933 per square foot.

The 50-story tower was recently completed at Brickell Avenue and Southwest 10th Street. Its 389 condos have mostly sold out. It’s near a Metro Mover station, an elevated system that circulates people throughout downtown.

Retail tenants have yet to be announced.

According to the third-quarter report from Colliers International South Florida, the asking rate for retail space in the Brickell submarket was $61.23 per square foot, although the vacancy rate was fairly high at 21.1 percent due to a lot of recently completed projects.

 

Urban Land Institute Invites Ricardo Caporal to serve on Advisory Council

The Urban Land Institute, a nonprofit research and education organization whose members provide leadership on the responsible use of land worldwide, has recently invited Ricardo Caporal to serve on its advisory council in Southeast Florida.

Their mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. ULI Southeast Florida/Caribbean carries forth that mission by serving the Southeast Florida’s and Caribbean’s public and private sectors with pragmatic land use expertise and education.

The Institute now has members in 95 countries worldwide, representing the entire spectrum of land use and real estate development disciplines working in private enterprise and public service. As the preeminent, multidisciplinary real estate forum, ULI facilitates an open exchange of ideas, information, and experience among local, national and international industry leaders and policy makers dedicated to creating better places. Members say ULI provides information they can trust and is a place where leaders come to grow professionally and personally through sharing, mentoring and problem solving. With pride, ULI members commit to the best in land use policy and practice.

Our members represent a spectrum of land use and development disciplines, including developers, builders, investors, designers, public officials, planners, real estate brokers, attorneys, engineers, lenders, academics, and students.

 

For more info, check out http://seflorida.uli.org/

West Miami apartment complex sells for $59M before leasing to tenants

The new Soleste West Gables II apartment complex was sold for $59 million, with the deal closing so soon after its completion that it hadn’t even started leasing.

The co-developers Estate Investments Group (EIG), Fortune Capital Partners and Mattoni Group sold the 221-unit complex at 2001 Ludlam Road in West Miami to Chicago-based Waterfont. It will be renamed District West Gables II.

The price equated to $266,968 per unit. The building includes a pool, a lounge, a movie theater, a fitness club, a business center with a conference room, and a playground.

In 2016, the same trio of developers sold the new Soleste West Gables to Waterton for $57.4 million, or $278,000 per unit. In June, the three developers sold the Soleste Club Prado for $61 million to Grand Peaks, equating to $311,224 per unit.

“These three back-to-back transactions are the culmination of years of due diligence and hard work. At first glance, you wouldn’t think the City of West Miami would command Brickell-like prices, but take a closer look and you’ll see all the ingredients are right there,” said Robert Suris, founder and principal of EIG. “West Miami is located in a geographic centric area that benefits commuters traveling to any place in Miami-Dade County.”

EIG has six more projects in the pipeline, the 330-unit Soleste Blue Lagoon, the 99-unit Soleste Park View, the 338-unit Soleste Twenty2, the 306-unit Soleste Alameda, the 200-unit Soleste Bay Village, and the 350-unit Soleste Grand Central.

Another rental building in hot West Miami sells for big money

Estate Investments Group (EIG), the developer that sold a multifamily rental building in West Miami in June for a record-setting amount, has sold another rental apartment complex in the same area — this time before leasing a single unit.

The 221-unit Soleste West Gables II, located at 2001 Ludlam Rd., was purchased by the Chicago-based investment firm Waterton for $59 million, or $267,000 per unit. The sales price of the 195,000-square-foot building works out to $302 per square foot.

Fortune Capital Partners and Mattoni Group partnered on the sale with EIG.

The sale closed Friday upon issuance of certificate of occupancy but before stabilization, meaning no one has rented any of the apartments yet.

Usually, investors wait until an apartment complex is fully rented before purchasing a property.

“It really is very unusual to sell these buildings empty like this,” said Robert Suris, founder and principal of EIG. “Waterton had previously purchased Soleste West Gables I in 2016 [for $57.4 million] and they wanted to secure phase two, so they came in early to lock up the sale.”

Although it takes up less than one square mile and has one of the smallest tax bases in the county, West Miami had the biggest surge in property values in Miami-Dade in 2017 — 28 percent. It is located between Southwest 57th and 67th avenues and Southwest Eighth Street and Coral Way.

“West Miami is the smallest city in Miami-Dade County, but it’s a very convenient place to live because of its location,” Suris said. “A lot of developers have bypassed this area because they can’t charge rents high enough to cover their investments. West Miami is a middle-class neighborhood with an average household income of $38,000.”

Suris said EIG, which specializes in multifamily, reduces the costs of its buildings by keeping all development functions — including architecture and construction — in-house, eliminating the need for outside contractors or middlemen.

In June, EIG sold the 196-unit Soleste Club Prado for $61 million, or $360 per square foot. That building was rented out to 95 percent capacity at the time of the sale, with rents ranging from $1,680 for a one-bedroom to $3,475 for a three-bedroom.

Waterton has not yet determined the rent prices for the new building.

EIG has several other multifamily buildings under development or construction in West Miami, including the Soleste Twenty2, a 338-apartment complex that will employ the micro-unit approach (400-square-foot studios and 550-square-foot one-bedrooms) and the 310-unit Soleste Alameda.

http://www.miamiherald.com/news/business/real-estate-news/article180038756.html

Developer sells 3rd rental building in West Miami since 2016

A developer got $59 million for selling its third new apartment building in West Miami since the summer of 2016.

Miami-based Estate Investment Group (EIG), led by founder and principal Robert Suris, sold the 221-unit Soleste West Gables II for about $267,000 per unit. The sellers included EIG partners Fortune Capital Partners and Mattoni Group.

The buyer, Chicago-based investment firm Waterton, also acquired Soleste West Gables I from EIG, Fortune Capital Partners and Mattoni Group last year for $57.4 million.

Waterton acquired Soleste West Gables II at 2001 Ludlam Road after EIG obtained a certificate of occupancy for the property Friday but before renting any of the 221 apartments.

Suris told the Miami Herald that selling an unoccupied, newly built apartment property is “very unusual,” but after buying the first phase of the Soleste West Gables development, Waterton was anxious to acquire the second phase and “came in early to lock up the sale.”

EIG, Fortune Capital Partners and Mattoni Group sold 196-unit Soleste Club Prado in West Miami for $61 million in June. The eight-story apartment building at 950 Red Road was 95 percent occupied when Denver-based Grand Peaks bought it.

West Miami, Miami-Dade County’s the smallest municipality, has a central location that appeals to renters, Suris told the Herald. West Miami is bordered on its north side by Southwest 8 Street, on its south side by Coral Way, and on its east and west sides by Southwest 57 Avenue and Southwest 67 Avenue.

https://therealdeal.com/miami/2017/10/22/developer-sells-3rd-rental-building-in-west-miami-since-2016/

Mattoni Group and The Estate Group Celebrate the Grand Opening of Soleste West Gables II

 

Miami, Fl – October 11, 2017

Mattoni Group and The Estate Group celebrated the grand opening of  Soleste West Gables II, the newest luxury residential rental community in the heart of West Miami. The event included a ribbon cutting ceremony with West Miami mayor, Eduardo Muhina, Robert Suris, founder of The Estate Group and Ricardo Caporal, Founder of Mattoni Group.

The 221-unit luxury class A rental community is comprised of a split eight/five story apartment building located on 1.9 acres in the thriving submarket of West Miami, Miami-Dade County, Florida. The unit mix consists of approximately 5% Residential Villas units, 9% Studio units, 33% one bedroom units, with and without dens, 52.4% two bedroom units with the units averaging 880 square feet. 28% of the total 221 units are designated as Work/Live units, while the remaining 72% of the units are standard living units.

Soleste West Gables II offers various luxury amenities and services including a swimming pool with cabanas, a poolside fitness center, and a community recreation center. Apartments feature 9-foot ceilings and high quality finishes such as ceramic tile floors and premium cabinetry.

Soleste West Gables is one of the three multifamily projects in West Miami Mattoni Group has partnered with The Estate Group on, along with Soleste West Gables and Soleste Club Prado, which was sold earlier this year for $61 million.

About Mattoni Group: (MG) is a forward-thinking, vertically integrated real estate investment and management firm headquartered in Miami with a growing portfolio of residential and commercial properties across the region and 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 www.mattonigroup.com

About Estate Investments Group, LLC: (EIG) A full service, vertically integrated real estate investment, development and construction team leveraging 100+ years of managing client relations in the Florida market.  Please visit www.eigfl.com .

 

“There is still a lot of money around” CRE Pros on the state of the market in Miami

Following weeks of nonstop news coverage about hurricanes, real estate professionals were understandably concerned that investors might shift their sights away from Florida and its severe weather events. But the experts who spoke about capital markets and foreign investment during Bisnow’s Miami State of the Market event Tuesday agreed: the impact was almost nil.

Walker & Dunlop Managing Director Kevin O’Grady said he is in the midst of several hundred millions of dollars in deals, with foreign investors flying for tours, and “there hasn’t been a peep about the weather.” “There may be a short-term hangover, especially in the residential market,” O’Grady said, but the hurricane was otherwise mostly a temporary nuisance. “Living at the water has a price, but it’s certainly worth paying it,” Fortune International Group CEO Edgardo Defortuna said. “I’d rather have a hurricane than an earthquake.” He added that, because of building codes that came into effect after Hurricane Andrew in 1992, newer properties suffered little from Irma. As far as foreign investment, Defortuna said that “the urgency has gone out” recently, and buyers are being more selective. That is because cheap properties that had been available in the wake of the recession have all been scooped up and deals are harder to find. Also, he said, the high cost of the dollar is making some investors stick to their own countries until they see a more favorable exchange rate. In past years, foreign buyers often made deposits on projects during pre-construction phases, Defortuna said, but as exchange rates worsened over the construction period, they abandoned deals and walked away from deposits. Now, some projects are requiring 50% deposits to hedge against those scenarios, Defortuna said, and his company has stepped in to offer financing outside of typical bank loans and bridge such gaps.

But U.S. investors are also interested in Miami. “The capital has been taken over domestically,” O’Grady said, a push that is “really dominated by the debt funds … Investors want bondable returns.” As recently as the 1990s, he said, Miami was not generally perceived as a stable or attractive market for growth. Starbucks did not even put coffee shops here because it was too hot. Projects were built, but not with institutional-grade capital. That is changing, he said, as outsiders have come to understand that Miami is a gateway city for foreign capital and people want to live here full time. “Our exponential growth is just beginning,” he said. Foreign investors in politically turbulent nations will always invest in U.S. real estate for stability, the panelists agreed. Baker & McKenzie LLP partner Steve Hadjilogiou said foreign clients come to him primarily seeking advice regarding estate taxes and the tax rate on capital gains. He said he sees a lot of investment vehicles set up as corporations. After the Panama Papers saga exposed how foreign entities use shell companies to dodge tax obligations, companies are seeking advice on how to better comply with regulations. Because of the exposé, “we live in a more compliant world,” Hadjilogiou said. “There’s no time to fool around with tax savings restrictions and other things we saw a few years ago.” Overall, the panelists agreed that Miami is still young and ripe for development. “There’s still a lot of money around,” Integra Realty Resources Senior Managing Director Anthony Graziano said. He said real estate remains attractive, especially with the stock market at record highs and investors wondering when it might start to tumble.

“There doesn’t seem to be an end in sight” for real estate in Miami, O’Grady said. “We’re really at the beginning of our growth cycle,” he said. This is great for investors, but bad for affordable housing advocates, as experts pointed out on other panels during Tuesday’s event. “I don’t know if you can fix it,” Plaza Construction Southeast Region President Brad Meltzer said. “Cities that are 100 years ahead of us, you don’t see any affordable housing in the center of San Francisco or New York City. People have to move out to the suburbs and take transportation in. Property values are not going to go down. It’s just not going to happen.” Dezer Development CEO Gil Dezer said that builders are helping, not hurting, the city as they bring money into the region. “We are basically exporters — without exporting any product,” he said. People cannot take their real estate with them when they leave, he added. “Every time you see a crane go up, it’s making housing more affordable,” Key International Co-President Inigo Ardid said. Consider the current market, he said, which has some 12,000 rental units and 17,000 condos under construction. The supply would eventually make rents come down or at least slow the rate at which rents are increasing. Although, he said, “It may take some time before you feel it.”

https://www.bisnow.com/south-florida/news/capital-markets/miami-cre-market-79613?be=adriano.salucci%40bisnow.com&utm_source=Newsletter&utm_medium=email&utm_campaign=wed-27-sep-2017-000000-0500_south-florida-re

Mattoni Group and The Estate Group Break Ground On Latest Venture in Blue Lagoon

Miami, Fl – September, 2017

Mattoni Group, Fortune Capital and The Estate Group have officially broken ground on Soleste Blue Lagoon, a luxury rental community in the heart of Blue Lagoon Miami minutes away from Coral Gables, Miami International Airport and downtown Miami.

The 330-unit luxury class A rental community will be comprised of an 8-story apartment building totaling approximately 222,210 square feet of rentable space. Community amenities boast easy access to public transportation, restaurants and shops, resort style swimming pool, spacious beachfront sun deck, private cabanas, resident lounge and cyber cafe.

The project will feature well-appointed studios as well as one-, two- and three-bedroom units in a variety of floor plans ranging from 394 to 1,073 sq. ft. Additionally, the gym will include a world class fitness studio with club quality equipment, WiFi throughout, 24-hour emergency maintenance, and garage parking with controlled access

Soleste Blue Lagoon is the fourth partnership between Mattoni Group and The Estate Group shifting the Blue Lagoon and West Miami area, including the recently sold Soleste Club Prado and Soleste West Gables. The project has an anticipated completion date for Q2 of 2019.

 

About Mattoni Group: (MG) is a forward-thinking, vertically integrated real estate investment and management firm headquartered in Miami with a growing portfolio of residential and commercial properties across the region and 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 www.mattonigroup.com

 

About Estate Investments Group, LLC: (EIG) A full service, vertically integrated real estate investment, development and construction team leveraging 100+ years of managing client relations in the Florida market.  Please visit www.eigfl.com .