Category: Uncategorized

Passco Purchases Apartment Property in Metro Tampa for $49.7M

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

Passco Purchases Apartment Property in Metro Tampa for $49.7M

Publix buys West Miami store from Brandon Partners for $23M

Publix just closed on the purchase of a new West Miami location for $23.2 million, according to data from Real Capital Analytics. 

Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed. The deal, which has not yet cleared public records, was first reported by the South Florida Business Journal.

The 110,905-square-foot building was completed last year and includes parking on the second and third floors and a 41,000-square-foot Publix. It sold for $210 per square foot for the entire building, and about $565 per square foot for the grocery store.

Imperial Orion LLC, an affiliate of Brandon Partners, paid $4.6 million for the 1.9-acre property in 2013. The commercial real estate firm built the store to sell it to Publix, a deal that closed on Wednesday. No brokers were involved in the deal, Brandon said.

West Miami, a 0.7-square-mile city west of Coral Gables and east of Westchester, recorded its biggest deal ever last year when a new apartment complex sold for $57.4 million. Chicago-based Waterton bought Soleste West Gables, a 206-unit complex at 2101 Ludlam Road, in September for about $279,000 from Estate Investments Group, Fortune Capital Partners and Mattoni Group. The developers have more multifamily projects in the works, and expect to more than double West Miami’s property values by 2019.

A CVS-leased building at 2393 Southwest 67th Avenue, also in West Miami, traded hands in July for $12.5 million.

Publix has been acquiring more of its stores over the last few years. Earlier this month, a joint venture between grocer and Echo Realty paid $29.6 million for Pompano Plaza, a Publix-anchored shopping center in Pompano Beach.

Neighbors want Miami commission to scuttle part of Avra Jain and Mattoni’s Bayside Motor Inn redevelopment

UPDATED May 9, 6:15 p.m.: Miami activist Elvis Cruz and the Morningside Civic Association are hoping to put the kibosh on Avra Jain and the Mattoni Group’s plans to demolish a building tied to the redevelopment of the Bayside Motor Inn site.

Cruz and the association are asking the Miami City Commission to overturn a February vote by the Miami Historic and Environmental Protection Board that authorized tearing down a 6,430-square-foot structure at 5125 Biscayne Boulevard.

The appeal was scheduled for the commission’s planning and zoning agenda on Thursday, but it has been pushed back to May 25.

The developer 5101 RE CO LLC, a partnership between Mattoni Group and Avra Jain, wants to replace the existing building with a new three-story building totaling 18,994 square feet that would have ground floor retail and offices on the top two floors. The board also approved the renovation of the three-story hotel at 5101 Biscayne Boulevard. Both parcels are located next to one another in Miami’s MiMo neighborhood.

“Avra Jain has an amazing track record at preserving and redeveloping in the MiMo Historic District,” said 5101 RE CO lawyer Iris Escarra. “Mr. Cruz’s appeal, in our opinion, is unwarranted and violates the settlement agreement entered into in 2014 when Avra agreed to build in accordance with the current regulations and give up the 8 Story vested project.”

In an email, Cruz said he was too busy to comment immediately.

At the February preservation board meeting, Jain also explained to the board members that the 5125 building had sustained significant fire, water and termite damage, necessitating the teardown. “I can tell you without a doubt that the building is not worth saving,” she said at the time.

Jain bought the properties in 2013 and sold them in June of last year for $4.05 million to Mattoni Group’s 5101 RE CO, but has remained on board as a co-developer. The Bayside Motor Inn was built in 1952 and has 40 rooms in a 13,511-square-foot building. The partnership plans to convert the ground floor into restaurants, enhance the courtyard and keep a small number of hotel rooms on the second floor.

Ricardo Caporal receives the 2016 Real Estate Fund Manager of the year award & is featured in Wealth and Finance magazine

Mattoni Group is a Private Equity Real Estate Investment company who raises capital, then puts it to use in real estate opportunities. The firm also carries out deals that originate internally, as well as through joint venture structures and strategic partnerships with external sponsors of real estate in multiple locations and different asset classes. Following their recent win of the Real Estate Fund Manager of the Year 2016, the firm’s President Ricardo Caporal speaks to us about winning this prestigious award.

 

Caporal is very happy to have won the Real Estate Fund Manager of the Year 2016 award, and said “it was unexpected, but it is always nice to receive such awards and be recognized.”

 

In partnership with ZOM Florida and New York-based Clarion Partners, Mattoni Group recently invested in a 366-unit multifamily apartment development project located on Progress Boulevard. This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, and an array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall. Caporal said, “we are very bullish on the Tampa market, and we are obtaining healthy rents per square foot in that area, primarily due to the quality of product being delivered. This is our second development

venture here. ZOM will deliver a first-class project, and we are excited to have partnered with both ZOM and Clarion Partners.”

 

This is a very recent and apt example of how the firm partners with developers, who already have good opportunities put together, and are seeking for equity. Mattoni Group would therefore come in at this stage and provide the equity required. Mattoni Group has a team of people who raise money on a full-time basis, Caporal explains. They raise money from institutional funds, family offices, high-net-worth individuals (HNWI), so “we look for opportunities to invest in and once we close the deal we carry out construction, asset and development management, looking at leasing reports and a variety of activities around real estate asset management.”

 

In terms of recent successes, Mattoni Group sold a deal in Summer 2016, when the Chicago-based Waterton purchased Soleste West Gables, a newly built 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Mattoni Group, Estate Investments Group and Fortune Capital Partners for $57.4 million, or $278,000 per unit.

The group’s other projects in the area include the 196-unit Soleste Club Prado and the 221-unit Soleste West Gables II,. Soleste Club Prado began leasing in early in 2016 and offers one, two and three-bedroom units with amenities including a resort-style pool with an over sized sun deck  cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

 

In terms of his staff, there are people focused on operations, full-time acquisitions specialists, asset managers, and investor relations people. Half look at the new deals and focus on revenue generation and the remaining half focus on the operations. “My role is to look at all aspects of the business, as well as sourcing capital” Caporal adds. The firm continues to grow and has never lost an investor Caporal reveals, and “one of the challenges today is to find good “non-speculative” opportunities and put your money to work in an efficient and transparent way, and to get good returns.

 

The future

There are a lot of unknowns politically in the sector Caporal says, “so we need to understand firstly what are the tax implications in terms of short and long-term capital gains will be under a new president elect.” Secondly, interest rates will need to be tracked closely and can influence our industry tremendously. Thirdly, “will Trump close the borders and if so, how will that impact regulation on the tax side and other vehicles

foreigners have to bring in capital?” “We are always looking at technology to help us facilitate and improve our operations, but for us it is more about stepping in and creating opportunity and value where there is an imbalance or undeserved need in the market.

For full article: https://issuu.com/aiglobalmedia/docs/wealth___finance_january_2017/14

Soleste Club Prado Video look

Take a look inside one of our residential projects, Soleste Club Prado in West Miami offering luxury residences for rent in the heart of West Miami- minutes from Coral Gables, Coconut Grove and Downtown Miami.

With state of the art amenities and finishes, Soleste Club Prado bring you the style and conveniences of urban living while maintaining the essence of a boutique neighborhood.

Soleste Club Prado is an eight-story, mid-rise multifamily asset completed in 2016. The 196-unit community offers a mix of one-, two- and three-bedroom units. The average unit is 862 square feet. The average market rent is $2,170 ($2.52 per square foot). The property is currently 80 percent leased.

Soleste Club Prado has an expansive amenity package and caters to a wide variety of residents ranging from young professionals to families who seek an upscale lifestyle. Community features include a hotel-inspired pool with spa, sun deck, and private cabanas; outdoor kitchen and bar; resident lounge complete with cyber café, business center and demonstration kitchen; kids gaming zone; rooftop serenity garden; state-of-the art health and fitness club, high-tech cardio equipment and free weights; Fitness On Demand, yoga and spin studio; dry sauna and steam room; and controlled-access garage parking

“Soleste Club Prado is located in a community steeped in rich Miami culture and near the historic Biltmore Hotel. The dynamics of the location will appeal to investors from New York and around the globe. We are anticipating significant interest.” Robert Given, Cushman + Wakefield

For the full article and more info : www.meyer.media/2017/01/27/cushman-wakefield-selected-market-soleste-club-prado/

Avra Jain, Mattoni Group’s plans for the Bayside Motor Inn in MiMo move forward

The Miami Historic and Environmental Preservation Board signed off on Tuesday on redevelopment plans for the Bayside Motor Inn, a shuttered hotel in the city’s MiMo neighborhood.

A partnership between the Mattoni Group and Avra Jain plans to convert the property into a mixed-use site with retail, restaurants and offices.

The historic preservation board granted a request by 5101 RE CO LLC, a company owned by Mattoni Group principal Ricardo Caporal, to demolish a 6,430-square-foot building on the northern part of the property at 52nd Street and Biscayne Boulevard. 5101 RE CO wants to replace it with a new three-story building totaling 18,994 square feet that would have ground floor retail and offices on the top two floors. The existing three-story hotel on the southern part of the property at 5101 Biscayne Boulevard will be preserved.

“Having been involved in MiMo, this is an opportunity to create things people have asked for,” Jain told the board members. “We have put down an ambitious project within the constraints of MiMo standards.”

Built in 1952, the Bayside Motor Inn has 40 rooms in a building totaling 13,511 square feet. Under its plan, 5101 RE CO would convert the ground floor into restaurants, enhance the courtyard and keep a small number of hotel rooms on the second floor. The project also includes 60 parking spaces, of which 37 are underground. Jain sold the site to 5101 RE CO for $4.05 million in June of last year.

During the hearing, MiMo Biscayne Association President Deborah Stander questioned whether the demolition of the northern building was really necessary. “Our main concern is really primarily questioning if the demolition was unavoidable,” Stander said. “I believe there is legitimate concern whether that north wing should be demolished.”

Jain told the board that the northern building had sustained significant fire, water and termite damage, necessitating the teardown. “I can tell you without a doubt that the building is not worth saving,” she said.

https://therealdeal.com/miami/2017/02/08/avra-jain-mattoni-groups-plans-for-the-bayside-motor-inn-in-mimo-move-forward/

Historic Miami redevelopments: Jain proposes changes to MiMo hotel, revamp for Design District building

Developers for two major redevelopment proposals will seek final approval for their projects before the Miami Historic and Environmental Preservation Board on Feb. 7. One partnership aims to build a hotel redevelopment in MiMo with neighborhood pioneer Avra Jain and another applicant wants convert a building near the Design District to full retail.

The MiMo (Miami Modern) neighborhood along Biscayne Boulevard north of downtown Miami has attracted new restaurants and retail as older properties, such as Jain’s Vagabond Hotel, have been revamped. Now she wants to take the Bayside Motor Inn at 5101 and 5125 Biscayne Blvd., which has been closed for several years, and reinvigorate the site with retail, restaurants and offices.

Built in 1952, the two-story hotel totals 13,511 square feet and previously had 40 rooms. A company controlled by Jain sold the 29,360-square-foot site in June 2016 for $4.05 million to 5101 RE CO LLC. The owner is a partnership between Ricardo Caporal-led Mattoni Group and Jain.

Urban Robot Associates designed the MiMo project.

Under the plans, the 6,430-square-foot building on the northern part of the site along Northeast 52nd Street would be torn down, as the city considers it a non-contributing structure to the historic building to the south. That building is in really bad shape, Jain said.

In its place, the developer would build a three-story building of 18,994 square feet. The new building would have 4,908 square feet of retail on the ground floor and 14,086 square feet of offices on the top two floors.

“They want more activity for neighborhood and office is a really nice fit,” Jain said. “People are there during the day and supporting the restaurants and local businesses.”

Jain recently converted the South Pacific hotel in MiMo to office space and her group owns the 5555 Biscayne Blvd. office building. She said office tenants like MiMo because it’s easier to access than Brickell and many restaurants that are attractive to employees.

The developer would provide 60 parking spaces, including 37 in a new underground garage. While the underground garage would be expensive, Jain said it was important to provide enough parking so the project doesn’t negatively impact the neighborhood.

“Because of the rents and demand for retail and office in the neighborhood, the market has told us it supports spending the money,” Jain said. “Given the demand for Biscayne Boulevard, a lot more things are economically feasible to do.”

As for the existing Bayside Motor Inn building, Jain said she would convert its ground floor to restaurants, enhance the courtyard, and keep two or three hotel rooms on the top floor. That building previously had 18 hotel rooms.

“You can’t really run a hotel with 18 rooms,” Jain said. “The fixed costs are too high. That is why a lot of motels lend themselves to adaptive reuse.”

Attorney Iris Escarra represents 5101 RE CO LLC.

Building near Design District could be converted to retail

A building in the Buena Vista East Historic District, on the northern end of the Design District, could be almost completely revamped for retail use.

Luxury retailers have flocked to the Design District as Craig Robins’ Dacra has redeveloped much of the neighborhood. The district has some of the highest rents and property values in Florida.

In April 2016, 4141 Design LLC, owned by Remy Jacobson, paid $10.5 million for the 15,901-square-foot office building at 4141 N. Miami Ave. The three-story building was built on the 9,700-square-foot lot in 1961. In November 2016, the developer started interior demolition of the building, according to county records.

The application seeks to lift a restriction that the building have no more than 4,000 square feet of commercial use so that it could be completely retail in use.

Under the plan crafted by Shulman + Associates, the developer would remove the building’s existing masonry and replace it with glass panels, leaving only the “turning forks” that line its walls. A rooftop terrace would be built for open-air events. The stairs at the main entrance would be removed and the doorway would be lowered to ground level. Behind the building on the east side, the developer would add two entrances, new windows and balconies and a garden patio. On the south side of the building, the developer would install a window spanning all three stories.

Essentially, the enclosed office building could become a glass-encased retail space.

Miami attorney Ryan Bailine, who represents 4141 Design LLC in the application, declined comment.

http://www.bizjournals.com/southflorida/news/2017/02/03/historic-miami-redevelopments-jain-proposes.html

ZOM Florida Break Grounds on Luxury Garden Apartments in Tampa

ZOM Florida, 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 broke ground on AZOLA AT MAGNOLIA PARK, a 366-unit multifamily 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 (formerly Brighthouse), 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 partner again with Clarion Partners on a Florida project and start a new capital partner relationship with The Mattoni Group,” said Kyle Clayton, ZOM Florida’s Development Vice President. “Our project site has excellent access to retail and employment centers and is also convenient to downtown Tampa via the Selmon Crosstown Expressway. Azola will bring a new level of quality, unit features and amenities to this desirable suburban neighborhood.”

Mattoni Group’s President Ricardo Caporal added, “We are very bullish on the Tampa market. This is our second development venture here. ZOM will deliver a first class project, and we are excited to be partnering with both ZOM and Clarion Partners.”

Azola is expected to deliver first units in Q4 2017, with pre-leasing starting in late summer 2017. Construction financing was provided by the Orlando office of Synovus Bank.

http://www.prweb.com/releases/2016/12/prweb13932950.htm

Waterton Buys Apartment Community in West Miami for $57.4M

Soleste West Gables in West Miami began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

Waterton Buys Apartment Community in West Miami for $57.4M

Recently built apartment complex sold to investor

The recently completed Soleste West Gables mid-rise apartment complex in West Miami was sold to a Chicago-based investor for $57.4 million.

Gables Gate Tower, a partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group, sold the 206-unit building at 2101 S.W. 67th Ave. (Ludlam Road) to Chicago-based Waterton. The apartments started leasing on the 2.1-acre site in September 2015.

The price equated to $278,000 per unit.

“We saw West Miami as a natural westerly extension of Coral Gables and an untapped paradise for institutional investments,” said Robert Suris, principal of Estate Investments Group. “The area had been entirely overlooked for years and now this transaction elevates the West Miami community to the level of development happening in Doral, Dadeland, Coral Gables and South Florida’s other top markets. Our tenants are largely young professionals with high levels of disposable income and we are confident the combination of strong demand and an exquisite product will drive interest and accelerate the market’s growth even further.”

Estate Investments Group, Fortune Capital Partners and Mattoni Group are also building the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View in the West Miami area.

“Soleste West Gables presented us an opportunity to acquire a Class-A new construction community at an attractive basis in a centrally located submarket poised to experience meaningful growth,” said Justin Maturo, Waterton’s assistant vice president of acquisitions. “The property’s location in West Miami offers convenient access to several of the area’s largest employment centers, shopping and entertainment districts and key transportation nodes, making it an ideal option for today’s renter.”

Wateron holds a $4 billion commercial real estate portfolio.
http://www.bizjournals.com/southflorida/blog/morning-edition/2016/08/recently-built-apartment-complex-sold-to-investor.html