BOCA RATON, FL—Jaime H. Godoy has joined CRE Florida Partners. Prior to joining CRE, he served as an independent agent specializing in commercial multifamily investments in Broward and Miami-Dade Counties. He became a top three producer in 2015 by working with local and foreign investors in obtaining residential properties and commercial properties from auctions, wholesaler, off market, FSBO, MLS, foreclosures and short-sales. In 2013, after working in residential leasing in Hollywood, he became the top producer in leasing for 10 consecutive months. He also specialized in leases in the industrial, office, multifamily and retail sectors. He later became a part of the management team in order to assist restaurant owners with their expansion plans.

DEAL TRACKER

SEMINOLE, FL—Marcus & Millichap brokered the sale of Seminole Village, a 56-unit apartment property located in Seminole. The asset sold for $4.07 million. “Seminole Village was part of a two-property portfolio in which the buyer assumed the current loan on the 56 units located in mid-Pinellas County,” says Josh Teplitzky, associate in the M&M's Tampa office. “Both the buyer and the seller were based out of California, and the property appealed to the buyer due to the all two-bedroom composition as well as it being a 1980's vintage asset. The buyer plans to raise the rents approximately $200 per floor plan due to the limited competition in Seminole.” Teplitzky, along with Francesco P. Carriera and Michael P. Regan, both first vice president investments also in the firm's Tampa office, had the exclusive listing to market the property the seller's behalf and procured the buyer.

NORTH PORT, FL—Passco Companies, along with its joint venture partner, Perdew Investment Group, has sold the Patriot Self Storage Portfolio, which is comprised of two class A self-storage facilities totaling 1,667 units in the North Port submarket of the Sarasota-Bradenton MSA of Florida, for approximately $19 million. “The self-storage sector has demonstrated record growth in the past several years,” says Scott Allen, president of Development at Passco. “In fact, revenue for the self-storage industry is forecasted to hit $32.7 billion by end of 2016, driving tremendous investor demand for this product type.” The two self-storage facilities are strategically located near major highways and are approximately 8.4 miles apart. During its hold period, the joint venture significantly increased the value of the assets through its comprehensive operating platform.

TAMPA, FL—Marcus & Millichap brokered the sale of South Tampa Apartments, a 48-unit multifamily community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm's Tampa office. The asset sold for $3.325 million, which is approximately $120 per square foot. Joshua Teplitzky, senior associate, Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all in M&M's Tampa office, represented the seller. The buyer, a private investor based in South America, was secured and represented by Paul D. Nudelman, senior associate in the firm's Miami office.

BUILDING BLOCKS

MIAMI—Aria on the Bay, a 53-story luxury condominium now underway in Downtown Miami's Arts & Entertainment District, has secured registration to sell its remaining units in New York. The news comes as vertical construction of the building reaches the 34th floor, with about 75% of its 648 units already sold and under hard contract. Construction of the waterfront tower, quickly rising at 1770 North Bayshore Drive along Biscayne Bay, is on track to top-off in April 2017 and be completed by the first quarter of 2018. “Miami has a long history of welcoming New Yorkers,” says Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, the project's exclusive sales and marketing brokerage. “With its spectacular weather, easy commute and exceptional value proposition, Miami is the perfect choice for New Yorkers.”

Since arriving in Miami from Argentina in 2001, Melo Group's father-and-sons team—led by Jose Luis Melo and his two sons Carlos and Martin Melo—has been a driving force behind the city's real estate resurgence, with Aria on the Bay marking the firm's 14th residential tower to be developed in the Greater Downtown Miami area.

midEarly this week in Florida, we're seeing some musical chairs in the industry as companies look to bring talent on board that maximizes opportunities in the year ahead. The self-storage industry is seeing some action, as well as multifamily. And a significant condo developer just scored a big win.

BY THE NUMBERS

Fundamentals in Orlando's office market remained sound during the past quarter, with a decline in the direct vacancy rate to 10.8%, strong net absorption for the year-to-date of 1,153,828 square feet, and incremental gains within asking rents. In line with the tightening market is the increasing volume of owner/user transactions, as is the case with this sale. (Source: Avison Young)

NEWS & NOTABLES

BOCA RATON, FL—Jaime H. Godoy has joined CRE Florida Partners. Prior to joining CRE, he served as an independent agent specializing in commercial multifamily investments in Broward and Miami-Dade Counties. He became a top three producer in 2015 by working with local and foreign investors in obtaining residential properties and commercial properties from auctions, wholesaler, off market, FSBO, MLS, foreclosures and short-sales. In 2013, after working in residential leasing in Hollywood, he became the top producer in leasing for 10 consecutive months. He also specialized in leases in the industrial, office, multifamily and retail sectors. He later became a part of the management team in order to assist restaurant owners with their expansion plans.

DEAL TRACKER

SEMINOLE, FL—Marcus & Millichap brokered the sale of Seminole Village, a 56-unit apartment property located in Seminole. The asset sold for $4.07 million. “Seminole Village was part of a two-property portfolio in which the buyer assumed the current loan on the 56 units located in mid-Pinellas County,” says Josh Teplitzky, associate in the M&M's Tampa office. “Both the buyer and the seller were based out of California, and the property appealed to the buyer due to the all two-bedroom composition as well as it being a 1980's vintage asset. The buyer plans to raise the rents approximately $200 per floor plan due to the limited competition in Seminole.” Teplitzky, along with Francesco P. Carriera and Michael P. Regan, both first vice president investments also in the firm's Tampa office, had the exclusive listing to market the property the seller's behalf and procured the buyer.

NORTH PORT, FL—Passco Companies, along with its joint venture partner, Perdew Investment Group, has sold the Patriot Self Storage Portfolio, which is comprised of two class A self-storage facilities totaling 1,667 units in the North Port submarket of the Sarasota-Bradenton MSA of Florida, for approximately $19 million. “The self-storage sector has demonstrated record growth in the past several years,” says Scott Allen, president of Development at Passco. “In fact, revenue for the self-storage industry is forecasted to hit $32.7 billion by end of 2016, driving tremendous investor demand for this product type.” The two self-storage facilities are strategically located near major highways and are approximately 8.4 miles apart. During its hold period, the joint venture significantly increased the value of the assets through its comprehensive operating platform.

TAMPA, FL—Marcus & Millichap brokered the sale of South Tampa Apartments, a 48-unit multifamily community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm's Tampa office. The asset sold for $3.325 million, which is approximately $120 per square foot. Joshua Teplitzky, senior associate, Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all in M&M's Tampa office, represented the seller. The buyer, a private investor based in South America, was secured and represented by Paul D. Nudelman, senior associate in the firm's Miami office.

BUILDING BLOCKS

MIAMI—Aria on the Bay, a 53-story luxury condominium now underway in Downtown Miami's Arts & Entertainment District, has secured registration to sell its remaining units in New York. The news comes as vertical construction of the building reaches the 34th floor, with about 75% of its 648 units already sold and under hard contract. Construction of the waterfront tower, quickly rising at 1770 North Bayshore Drive along Biscayne Bay, is on track to top-off in April 2017 and be completed by the first quarter of 2018. “Miami has a long history of welcoming New Yorkers,” says Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, the project's exclusive sales and marketing brokerage. “With its spectacular weather, easy commute and exceptional value proposition, Miami is the perfect choice for New Yorkers.”

Since arriving in Miami from Argentina in 2001, Melo Group's father-and-sons team—led by Jose Luis Melo and his two sons Carlos and Martin Melo—has been a driving force behind the city's real estate resurgence, with Aria on the Bay marking the firm's 14th residential tower to be developed in the Greater Downtown Miami area.