ZOM Living Celebrates Grand Opening of Luxury Garden Apartments in Tampa

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.

 

ZOM Living Celebrates Grand Opening of 366-Unit Luxury Garden Apartment Community in Tampa

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.

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

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

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 .

 

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/

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

$57.4 million apartment sale sets record in booming West Miami

A mid-rise, luxury apartment building in the tiny city of West Miami sold for $57.4 million Wednesday, marking a new hotspot of rising rents and booming property values in Miami-Dade County real estate.

The sales price equates to $278,000 per unit, a record for an area of mostly single-family homes that hasn’t seen new multi-family construction in decades, said Robert Suris, principal of developer Estate Investments Group. The seven-story project at 2101 Ludlam Rd., Miami, is called Soleste West Gables and opened last August. It offers 206 one-, two- and three-bedroom units that rent between $1,600 and $2,800 a month, as well as amenities including a pool, cabanas, gym and entertainment room.

The buyer is Waterton, a Chicago-based real estate investment and property management firm.

“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,” Waterton said in a statement. “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.”

West Miami — where Marco Rubio lives and once served on the city council — takes up less than one-square mile west of Coral Gables between Southwest 57th and 67th avenues. Its population of roughly 7,000 is 90 percent Hispanic, according to U.S. Census figures.

The city is growing fast: Property values in West Miami surged to $368 million in 2016, up 15 percent from 2015, according to the Miami-Dade County Property Appraiser. That was the third-highest rate of growth in the county after North Miami Beach and North Bay Village. By one measure, West Miami also saw the most new construction in Miami-Dade: Its $28 million worth of new building equaled 9 percent of its tax roll from the previous year, the highest share of any city.

Rents are also going up faster than anywhere else in the county. In the West Miami/Doral sub-market, rents rose 13.3 percent year-over-year in the first quarter of 2016 to an average of $1,681 a month, according to brokerage Marcus & Millichap.

Suris said cheap land prices, a central location and the local government’s willingness to work with builders make the city a good fit for more development. He sees West Miami as a natural extension of Coral Gables. Real estate website Zillow pegs West Miami’s median home value at $317,000, compared to $442,800 in South Miami and $722,900 in the Gables.

“We saw all of this and we said this neighborhood has been bypassed,” said Suris, whose firm partnered with Fortune Capital Partners and Mattoni Group on the project. “826 and 836 are minutes away, so you can get to the five or six biggest job centers in Dade County,” including Miami International Airport, the health district, downtown Miami, Dadeland, Doral and the industrial area near Hialeah.

Many of the tenants are young professionals and families, Suris said. Their average household income is about $80,000, compared to a city-wide figure of $54,800.

West Miami Mayor Eduardo Muhiña says the new development is benefiting the city without displacing current residents.

“These developments have assisted with infrastructure improvements in our aged water system, resulting in a leak reduction and increased pressure to the properties abutting the developments,” Muhiña wrote in an email. “Also impact fees are already funding new projects that are in the pipeline that include replacement of park equipment, police vehicles, the soon-to-be remodeling of the baseball field and a new wellness center already approved in concept.”

The Soleste West Gables development team is working on four other luxury apartment buildings in West Miami: A 196-unit project that opened in June; a 221-unit project scheduled to open later this summer; a 329-unit project set to break ground in mid-2017; and a 290-unit project that will break ground by the end of 2017.

BY NICHOLAS NEHAMAS
nnehamas@miamiherald.com
http://www.miamiherald.com/news/business/real-estate-news/article92670597.html

Mattoni zeroes in on multifamily projects in West Miami

Mattoni Group, a Miami-based real estate investment firm, is planning to deliver the first of its three planned multifamily projects in West Miami, The Real Deal has learned.

Soleste West Gables, at 2101 Ludlam Road, will be opening Sept. 1, Ricardo Caporal, founder and president of Mattoni Group, told TRD.

The project will have 206 apartments, with an average of 937 square feet for each unit. Rental rates will range from $1,525 to $2,760.

Mattoni is also planning two additional multifamily buildings: Soleste Prado, which will open in the early fall of 2016; and Soleste West Gables 2, which will open in the spring or summer of 2017.

The firm is partnering with Estate Investments Group and Fortune Capital Partners for all three projects.

Soleste Prado, at 950 Southwest 57th Avenue in West Miami, will have 194 apartments, with an average of 858 square feet. Prices are not yet available, Caporal said.

Soleste West Gables 2, at 2200 Ludlam Road in West Miami, will have 200 apartments, with an average of 877 square feet. Prices for that project are also not yet available.

The architect for all three buildings is Caymart Design. Each is ground-up construction, Caporal said.

The partners bought all the sites as distressed properties, he told TRD. The properties were purchased for an average price of about $6 million each, he said.

Caporal said he expects prospective tenants of the multifamily buildings to be young professionals and working families: “People who want a great product that is near Coral Gables, but don’t want to pay that [Coral Gables] price,” he said.

Mattoni Group, a private equity firm, has focused on multifamily projects from Florida to North Carolina, and plans to invest in hotels in the Caribbean, Caporal said. The company recently launched another multifamily project in Brandon, Florida.

Early this year, Mattoni bought the ground floor retail space, totaling 11,000 square feet, at 1010 Brickell Avenue, and is planning to lease it out to as many as three tenants, with asking rents from $100 per square foot to $150 per square foot. The 50-story condominium with 387 units, under development by 13th Floor Investments and Key International, is expected to be completed in 2017.

Unlike many other real estate firms, Mattoni has not developed condominiums.

“There’s more flexibility and optionality with multifamily: you can build it, sell it, refinance it, rent it.” Even in troubled economic times, “you can lower rents but still rent it.” Caporal said. “For us, it’s more about steady growth.”

Mattoni zeroes in on multifamily project