Tampa Office

Cushman & Wakefield has been exclusively engaged to arrange the sale of 1510 W Hillsborough Avenue (the "Property"), a 2.83- acre multifamily development site located in Tampa, Florida just north of the Tampa CBD and ten minutes east of Tampa International Airport.

The Property is along W Hillsborough Ave (50,500 AADT) providing direct access to Downtown Tampa via N Highland Ave/N Tampa St as well as I-275. Both the Downtown Tampa and Westshore office markets are within 15 minutes of the Property and are home to a combined 31 m.s.f. of office space and more than 140,000 jobs. The submarkets include the offices of several notable employers such as Frontier Communications, TECO, Bank of America, and Pfizer.

1510 W Hillsborough Ave is within five minutes from three major medical centers: St. Joseph’s Hospital (1,380 beds), Kindred Hospital (102 beds), and AdventHealth Carrollwood (103 beds). Additionally, there is more than 9.5 m.s.f. of a wide range of retail and restaurants within five miles of the Property.

Cushman & Wakefield has been exclusively engaged to arrange the sale of the Owner’s 100 percent fee simple interest in 1625 First Ave North (the "Property"), a fully entitled, 0.73- acre multifamily development site located in St Petersburg, Florida.

The approved site plan consists of a four-story garage podium, with a 15-story, 224-unit residential tower above. The ground floor includes a residential lobby accessed from 1st Street North, a health & fitness center, short-term parking and drop-off area, and support space. The approved garage plan includes storage lockers, and 253 spaces, which includes 11 first-floor spaces.

Situated in Downtown St. Petersburg, one of Florida’s most sought after multifamily investment markets and opportunity zones, the Property will offer residents convenient access to robust institutional employment anchors and all the attractions that make St. Petersburg Florida’s premier lifestyle destination.

Cushman & Wakefield, as exclusive marketing advisor, is pleased to present 2150 Park, 20 fully renovated residences located at 2150 Park Avenue in the heart of South Beach. The property is currently operating as a Short-Term Rental facility with a hotel license in place under the Jurny Brand. The management agreement has the option to be terminated upon a potential sale of the property. It has been performing exceedingly well in the post-pandemic era with ADR levels surpassing $240 and occupancy levels hitting higher than 90%.

The property allows for multiple investment strategies including hotel, apartments, short-term rentals, condo-conversion and condo-hotel. The property was recently completely “gutted” with just the building frame remaining. All “behind the scenes” elements including electrical, plumbing, roofing etc. were replaced. Renovations also featured tile flooring throughout the rooms, upgraded kitchens with stainless steel appliances and modern cabinets, subway tile throughout the bathroom and the shower, new vanities and fixtures as well as modern furniture and light fixtures. With STR being very limited throughout Miami Beach, this truly is a stabilized turnkey, high-end boutique residence that does not exist near the Convention Center.

The property provides furnished units averaging 443 square feet, all 1BR/1BA units. 2150 Park is located only footsteps from the Miami Beach Convention Center, the Bass Museum of Art and the world-renowned Lincoln Road. The property is steps away from some of South Beach’s most iconic resorts including The Loews, The Setai, The Shore Club, The Delano, The W and Faena Miami Beach.

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Antilla Apartments (the “Property”) – a 12-unit property located at 223 Antilla Avenue in Coral Gables.

The property is situated in walking distance to Downtown Coral Gables and its famed Miracle Mile. Built in 1963, the property has its 40 year certification, is well maintained and provides notable value-add upside potential. With an average asking rent of $2,869, the Coral Gables submarket has the highest rent in all of Miami-Dade. Market rents at the property are $1,850. With a modest value-add program, Cushman & Wakefield estimates the units can rent for $2,200 per unit, which would still be notably below the submarket average. Antilla Apartments has 12 one-bedroom/one-bathroom units of approximately 510 square feet. The property has been historically 100 percent occupied. Most of the tenants are young professionals that work from home or within the close vicinity of the property. The property provides 12 onsite parking spaces. Current ownership has renovated five units.

The Property has exceptional proximity to jobs, dining, and nightlife within Downtown Coral Gables. Within a one-mile radius of the Property there is 8.9 million square feet of office space; over 40,000 jobs and an average household income of $84,000. Antilla Apartments offers a rare opportunity to acquire a value-add apartment community with a unique boutique feel, only moments from the center of Miami’s most affluent and economically robust city.

Cushman & Wakefield, as exclusive advisor, is pleased to present 6375 West Irlo Bronson Highway (the "Property"), a 76.84-acre development site located in The Orlando MSA. The offering represents a generational opportunity for a developer to build a truly unique and impactful project that will transform the Orlando MSA.

The Property bears a Commercial Tourist(CT) zoning designation, which is primarily intended for intense tourist-related housing, commercial and recreational, and entertainment uses. The CT zoning designation has only two restrictions, no industrial uses, and a maximum residential density of 80 units per acre.

The Property benefits from its location on the northeast corner of the intersection of Interstate 4 and W Irlo Bronson Memorial Highway (Highway 192), providing easy access to Orlando’s major employment and entertainment destinations. The nearby Tourist Corridor Office submarket is home to 9.8 m.s.f of office space and features major corporate users including Lockheed Martin, Darden Restaurants, Wyndham Destinations, Visitana, and Houghton Mifflin Harcourt. Additionally, the Property is within 10 minutes of over 8.0 m.s.f. of retail and restaurant space and is adjacent to Disney’s sprawling 25,000 acre campus supporting over 77,000 employees.

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Barcelona Apartments (the “Property”) a 22-unit property located at 905-915 W 29 Street in Hialeah.

With a mere 1.8% vacancy and 10.4% rent growth in 2022, Hialeah is one of the strongest multifamily submarkets in Florida. Average asking rents within the submarket are $1,800/month, which is significantly above the $1,450/month at the Property but still below the metro average of $2,200/month, providing renters with a significant discount to most Miami submarkets.

There is notable value-add upside potential. Market rents at the property are $1,450. With a modest value-add program, Cushman & Wakefield estimates the units can rent for an average of $1,597 per unit, which would still be notably below the submarket average. The property has eight renovated units.

Built in 1969, the property has its 40-year certification and is well maintained All units are one-bedrooms. The Property is 100% occupied. The property provides 23 onsite parking spaces. The property is available by itself, or as a portfolio of properties including:

The property is central located in Hialeah, with an 83 walk score. The property provides easy access to all the major employment areas in Miami-Dade including 10 minutes north of the Miami International Airport.

The property has approximately 225 feet of direct water frontage, which includes five boat slips. The property has a brand new seawall. Bayview 30 is the only waterfront multifamily rental with boat slips available on the market in Miami-Dade.

In place rents at the property are below market. In place rents average $1,888, whereas market rents are $2,020. With a modest value-add rents can be $2,180, which is almost $300 higher than effective rents.

The property is available by itself, or as a portfolio of properties including:

Bayview 30 represents a rare waterfront mulitfamily opportunity with boat slips. The property is ideally situated with the Eastern Shores area of North Miami Beach which offers proximity to Sunny Isles Beach, and Aventura. Within a one-mile radius there is an average household income of $90,000.

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Biltmore Villas (the “Property”) – a 30-unit property located at 416-426 Santander Avenue in Coral Gables.

The property is centrally located in Coral Gables and has a 87 walk score. The property is walking distance to Downtown Coral Gables and its famed Miracle Mile. Built in 1964, the property has its 40 year certification, is well maintained and provides notable value-add upside potential. With an average asking rent of $2,869, the Coral Gables submarket has the highest rent in all of Miami-Dade. Market rents at the property are $2,020. With a modest value-add program, Cushman & Wakefield estimates the units can rent for $2,180 per unit, which would still be notably below the submarket average.

Biltmore Villas has 24 one-bedroom/one-bathroom units and 6 two-bedroom/one-bathroom units averaging approximately 640 square feet. Most of the tenants are young professionals that work from home or within the close vicinity of the property. The roof was replaced in 2014.

The property is available by itself, or as a portfolio of properties including:

The Property has exceptional proximity to jobs, dining, and nightlife within Downtown Coral Gables. Within a one-mile radius of the Property there is 8.9 million square feet of office space; over 40,000 jobs and an average household income of $105,000. Biltmore Villas offers a rare opportunity to acquire a value-add apartment community with a unique boutique feel, only moments from the center of Miami’s most affluent and economically robust city.

Cushman & Wakefield, as exclusive advisor, is pleased to present Centre Lake, a transit orientated, incoming producing, development site. Situated on 11.1-acres, the site is adjacent to the Golden Glades Multimodal Transportation Facility and is currently improved with 234-units. The property is part of an areawide rezoning effort that, upon approval, will increase the "as of right" density to 125 units per acre. An additional 25% density bonus can be achieved by incorporating workforce housing or making a “contribution in lieu” payment.

EXISTING IMPROVEMENTS

Built in 1986, Centre Lake Apartments is a 234-unit single-story, villa-style property. The property is 94% occupied with below market rents. There is $640,000 of loss-to-lease revenue upside potential to be realized by pushing all the rents to market. Market rents are readily attainable of $1,300 for studios; $1,500 for one bedrooms and $1,925 for two bedrooms; 31 units (13%) are currently renting at or higher than these market rents. Assuming all units are at the respective market rents, there is $640,000 in loss-to-lease before capital enhancements. Current ownership has upgraded three units. New ownership can chose to implement a value-add program and receive $150 per unit rent premiums over the market rents which would add another $420,000 in upside income. All one and two bedroom units (69% of all units) have washer and dryer hookups in place.

DEVELOPMENT OPPORTUNITY

The Centre Lake property is positioned within an area that is being considered for up-zoning that would increase the site’s density potential to ± 1,733 units or about 156 units per acre. In September 2022, the Miami-Dade County Commission is scheduled to review a large area rezoning application that would dramatically increase the residential density potential of the N.W. 7th Avenue corridor, including the Centre Lake property, by including it in the North Central Urban Area District (“NCUAD”). As part of the NCUAD, the property will be designated “RM-Core” allowing up to 15 stories and a residential density of up to 125 units per acre "as of right." A density bonus of up to 25% can be achieved by participating in the County’s Workforce housing program, bringing estimated potential density to over 1,700 units. In addition, due to Centre Lake’s proximity to the new Golden Glades Multimodal Transportation Facility, existing bus stops and the Golden Glades Tri-Rail Station, it is eligible for a parking reduction of up to 30%.

Cushman & Wakefield, as exclusive advisor, is pleased to present Cocoa West (the "Property"), a 37-acre multifamily / BTR development site located in Cocoa, FL within the booming Space Coast Market. The Property is currently in the process of obtaining site plan approval for 240 townhome units. The Melbourne/Cocoa/Rockledge MSA is among the country’s fastest-growing metros with 2.6% unemployment and 4.1% job growth as of Q4 2022. The metro area has also seen 30% effective rent growth in the last 24 months while maintaining 95%+ occupancy.

The Property is situated one block from State Road 520, providing direct access to Downtown Cocoa (10 minutes) as well as Cocoa Beach (25 minutes). There is a notable medical and educational presence in the submarket, with Rockledge Regional Medical Center (298 beds, 1,800 employees) , Eastern Florida State College (15,000 students and 800 employees), and UCF-Cocoa Campus (500 students and 150 employees) all within five miles of the Site.

The Property also enjoys five-minute access to Interstate-95, providing convenient connectivity to the Orlando, Daytona Beach, and Melbourne office markets: totaling 132 m.s.f within a one hour drive. Additionally, there is more than 7.8 m.s.f. of retail and restaurants within five miles of the Property.

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 407 unit offering in the Copeland Village condominium community located in Tampa, Florida.

Cushman & Wakefield is pleased to present the opportunity to acquire Emerson, a Class AA, 66-unit, townhome, build-for-rent community (the "Property"). Developed by Infinia Living, the Property is located in Gainesville, Florida along SW Williston Road, southwest of the University of Florida and southeast of the Butler Shopping District.

Emerson will offer residents top of the market finishes, thoughtfully curated unit features, immediate proximity to retail and dining options, and direct access to a notable medical and higher education employment presence.

Residents will have the options of a single, two, or three-story townhome, ranging in size from 920 s.f. to 2,204 s.f. Floorplans will feature one, two, and three bedrooms with select units including one or two car garages, dedicated terraces, and private yards.

The community’s focus on well-being and fulfillment inspired by Ralph Waldo Emerson will set the Property apart from its competitive set by merging daily life with all aspects of holistic wellness.