Providence Announces Sale Of Tampa Multifamily Property
This week Providence Real Estate, a leading multifamily residential community owner-operator, announced the successful sale of The Portofino Apartments, a 396-unit multifamily development in Tampa.
The Portofino was originally developed in 1998 on a 40-acre parcel in the New Tampa neighborhood situated between I-75 and Bruce B. Downs Blvd.
According to the official press release, Chicago-based Providence acquired The Portofino in 2014 through a joint venture with a private equity fund focused on U.S. multifamily real estate investments. Over the past decade, The Portofino has undergone extensive renovations to both the building exteriors and unit interiors.
The JV’s investment in The Portofino Apartments achieved a 23% internal rate of return and a 5.1x equity multiple, according to Providence.
For more information, visit provre.com.
New Co-Warehousing Brand Debuts First Location In Atlanta
SHIFT, an upstart provider of innovative, easy-to-rent industrial warehouse units, has announced the grand opening of the company’s first location in Atlanta.
SHIFT’s Atlanta facility dubbed Shift South Fulton is located just off Fulton Industrial Blvd. and just south of Six Flags over Georgia and the Chattahoochee River (Google Maps). In addition to Atlanta, the company has announced two new co-warehousing facilities in Dallas and Denver.
According to the official press release:
“SHIFT South Fulton offers over 100,000 square feet of space and a variety of warehousing options to suit the needs of entrepreneurial individuals and businesses of all sizes. The new location provides 67 warehouse spaces that can be used for storage or workspaces, and 13 office spaces, both of which are rentable.”
For those new to the concept, SHIFT offers a Co-Warehousing 101 article which highlights the many benefits for companies across a variety of industries including e-commerce, light manufacturers and startups. SHIFT facilities also include private meeting rooms, loading docks, 24/7 security, WiFi, and package handling.
To learn more, visit shifthq.com.
RKW Expands Florida Property Management Portfolio
Third-party multifamily property management firm, RKW Residential, has announced the addition of three new Florida properties with over 1,000 combined units in three multifamily developments located in South Florida and Southwest Florida.
The first and largest of the three properties is the 559-unit MetroParc development in Hialeah. MetroParc features two towers of 2- and 3-bedroom units designed by Miami-based Modis Architects. Miami’s Bliss & Nyitray served as the structural engineer on the project which topped off earlier this year.
The other two additions to Charlotte-based RKW’s expanding Florida portfolio are Soleste Atlantic in Pompano Beach and Vive in Fort Myers.
Soleste Atlantic is an 8-story class A multifamily development with 253 units located on US1. Vive is a 288-unit multifamily community near the intersection of Colonial Blvd. and I-75.
To learn more about RKW’s portfolio, visit rkwresidential.com.
PickleRage Announces Expansion In Florida & Georgia
PickleRage, an indoor pickleball club franchise founded in 2023, has announced a partnership with private equity group GreenPeak Venture Partners to help the brand open 200 new PickleRage locations over the next two years.
The two companies made the announcement in a joint press release which lists Florida and Georgia as two of the seven states where PickleRage is currently targeting cities for expansion. The first PickleRage facility in Florida is scheduled to open this winter in Jacksonville.
According to the official press release, PickleRage’s indoor facilities offer enthusiasts a consistent year-round playing experience with “cutting-edge CushionX courts, superior LED lighting, online reservation & check-in systems and video-enabled courts to help players record and improve their game.”
Beyond the first 200 franchise locations, PickleRage COO David Smith offered a glimpse of the new partnership’s long-term growth strategy:
“With GreenPeak’s support, we will be more equipped than ever to achieve our 2029 vision of opening 500+ clubs nationwide. We look forward to opening our clubs in new communities across the country as we begin this massive expansion effort.” – David Smith
For more information about franchise opportunities, visit PickleRage.com.
Tricap Sells Iconic W Hotel South Beach to Reuben Brothers
Manhattan-based real estate development and investment firm Tricap has finalized the sale of the iconic W Hotel South Beach to Reuben Brothers, the real estate investment company owned by British billionaires Simon and David Reuben.
The W Hotel South Beach occupies an 8-acre parcel at 2200 Collins Avenue which was the former site of the Holiday Inn Miami Beach. Tricap acquired the Holiday Inn in 2004 for approximately $75 million, demolished it, and began construction of the new W Hotel in 2007.
Coral Gables-based Nichols Architects designed the iconic hotel to maximize views of the Atlantic Ocean and Downtown Miami with sharply angled balconies framed by a Mondrian-like shading structure, according to architecture and design platform, Archello.
The South Beach property remains one of the most popular and profitable hotels in the W Hotel chain of 70 luxury properties worldwide created by Starwood but now owned by Marriott International. The hotel, which underwent a room renovation in 2020, features over 400 oceanfront rooms.
To learn more about the W Hotel South Beach, visit Marriott.com.
Avanti Residential & Olympus Acquire Florida Properties
Avanti Residential, a nationwide multifamily investor and operator, has announced the acquisition of The Avery, a recently opened 200-unit community in Orlando. Denver-based Avanti announced the new acquisition in conjunction with fellow Colorado firm, Centennial State Capital.
Completed in 2022 at a cost of $42 million, The Avery is a 4-story wood frame, garden style apartment community with a clubhouse, walk-in pool, resort-like amenities and premium interior unit finishes.
With the Orlando acquisition, Avanti’s portfolio now includes 41 properties with over 9,500 units in eight states including Florida and Georgia.
For more information visit avantiresidential.com.
In related new Florida property management news, Olympus Property has announced the acquisition of 930 Central Flats, a 218-unit luxury apartment community in Downtown St. Petersburg.
Completed in 2019, 930 Central Flats is a six-story mid-rise community in The Edge District of St. Pete. The building features several amenities including a clubhouse, a resort-style pool, a rooftop lounge, and a 2-story fitness center.
According to St. Pete Rising, Fort Worth-based Olympus acquired 930 Central Flats for $81 million or $371,000 per unit. The new acquisition brings Olympus’ Florida portfolio to over 5,550 units across owned and managed properties.
For more information, visit olympusproperty.com.
Contact CII Today
If you own an established property management business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.