NorthEnd Equities Purchases Portfolio in Florida for $240 Million

The transaction is the highest dollar volume sale in the North, Central and Southwest Florida’s history according to CBRE who represented both the buyer and seller.  In the deal, NorthEnd acquired 14 properties with a total of 2,384 units from Amzak Capital Management.

Michael Regan, an executive vice president with CBRE in Tampa, Fla., said in a prepared statement the off-market transaction highlights the continued demand for low basis value-add multifamily properties throughout Florida. Regan said capital is continuing to flow into Central and North Florida from out-of-state buyers looking to scale in one of the country’s fastest growing states.

The properties were built from the 1970’s through the 1990’s and total approximately two million square feet.  The average unit size is 833 square feet. 

The portfolio includes properties in eight Florida markets, including Tampa, Orlando and Jacksonville.  The following are the details of the portfolio:

Lakeland Manor, 929 North Gilmore Ave., Lakeland, 376 units;

Kings Trail, 3770 Toledo Road, Jacksonville, 320 units;

Bella Mar, 12406 North 15th St., Tampa, 264 units;

Rolling Hills, 5402 Pine Chase Drive, Orlando, 240 units;

Timber Falls, 2600 Pine Chase Drive, Tampa, 184 units;

Jacksonville Heights, 8050 103rd St., Jacksonville, 173 units;

Del Rio, 5013 East Sligh Ave., Tampa, 160  units;

Tanglewood, 2811 Ruleme St., Eustis, 138 units;

Mount Dora, 3001 Northland Road, Mount Dora, 132 units;

Lago Bello, 13533 Gragston Circle, Tampa, 120 units;

North Washington, 1877 19th St., Sarasota, 119 units;

Brandywyne, 418 SE 19th St., Winter Haven, 81 units;

The Landings, 102 Landings Way, Winter Haven, 60 units;

Country Place, 3950 Country Place, Winter Haven, 18 units.

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