Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of two multifamily assets in Florida in separate transactions totaling $63.6 million.
IPA sold Malibu Lakes, a 356-unit multifamily asset in Naples for $42.6 million, or $119,663 per unit and $114 per sq. ft. Landmark at Waters Pointe, a 198-unit multifamily property in South Pasadena, commanded a price of $21 million, or $106,061 per unit and $88 per sq. ft.
Jamie May, a senior director in the Tampa office of IPA, represented the seller of Malibu Lakes, Inland American Real Estate Trust Inc. May also provided representation for the buyer, TGM Associates LP.
“As the apartment market enters a prolonged period of recovery, Malibu Lakes’ high occupancy gives the new owner an opportunity to achieve significant upside,” says May. “With limited competition, a scarcity of prime development sites and no new apartment development planned or under construction in Southwest Florida, this asset is poised to maintain its competitive advantage and provide strong, long-term returns.”
Built in 2003, the a 372,696 sq. ft. property is located at 2115 Malibu Lake Circle, near the junction of I-75 and Immokalee Road, two of the area’s major roadways. North Collier Hospital, one of the area’s leading employers, Ave Maria Law School, Gulf Coast High School and Laurel Oaks Elementary are all within five minutes of the property. Hodges University is directly across the street.
Malibu Lakes has a Mediterranean architectural style and solid concrete block construction with painted stucco exterior and barrel-tile roofs. The property includes two resort-style pools with poolside cabanas, hot tub, a clubhouse with media room, expansive state-of-the-art fitness center, jogging trail, tennis court, business center, detached garages and attached direct-access garages.
May also represented the seller of Landmark at Waters Pointe, Landmark Residential. The buyer was Robbins Property Associates LLC.
“Upon completion of recent multi-million dollar renovations, Landmark at Waters Pointe leased up at the rate of one apartment per day; a testament to the property’s desirability,” says May. “As the only luxury apartment complex in the vicinity, the new owner’s prospects of realizing higher rents quickly are excellent.”
The 192,678 sq. ft. Landmark at Waters Pointe is located on Boca Ciega Bay at 1885 Shore Drive South in South Pasadena, approximately one mile from the white-sand Gulf of Mexico beaches and eight miles from downtown St. Petersburg. The property is near the Gateway office market, one of the largest employment centers in the region, and the Westshore business district, the principal business district of Tampa.
Built in 1962 on 5.4 acres, the five-story mid-rise property’s recent renovations include upscale condo-grade interior finishes, all new HVAC systems, all new hurricane doors and windows and stylish new common areas, including a fitness center, Internet café, management office, lobby areas and elevator cabs.
Additional improvements include new pavers around the Olympic-size swimming pool and in the covered lanai area, a putting green, tropical landscaping and a fishing pier.
IPA, which bills itself as a select national network of institutionally qualified brokerage professionals supported by a robust technology platform and high-quality research, is a Marcus & Millichap company. IPA is headquartered in Encino, Calif.