Recent activity across Florida highlights a mix of leadership changes, new development, construction financing and portfolio expansion in the multifamily sector.
In Davie, Fla., ANF promoted Christine Graeff to vice president of project development. In this role, she will oversee the early stages of the company’s projects, working to align operations, business development, preconstruction, planning and scheduling. Drawing on her background in project management, operations, finance and business systems, Graeff is tasked with formalizing a more strategic, data-informed approach that incorporates historical performance and lessons learned to better position new projects from inception.
Capstone Building Corp. has started construction on The Gateway, a luxury multifamily community in Orlando, Florida. Developed by JBL Development with design by Baker Barrios Architects, The Gateway is planned for 270 luxury apartment homes. Planned amenities include a heated saltwater pool with private cabanas, outdoor kitchens and fire pits, indoor and outdoor co-working lounges, a resident lounge, fitness center with outdoor fitness equipment, a pickleball court and a clubhouse programmed with a restaurant and bar, market and tenant kitchen.
In Rockledge, Fla., Stellar Communities secured LP equity from Lenox West Capital and obtained $47 million in debt from two regional banks to finance the construction of Stellar Townhomes at Space Coast, a 201-unit build-to-rent community. JLL Capital Markets arranged both the equity and debt placement. The partners began construction earlier in the month on the nearly 22-acre site, which previously operated as an airport until 2015. Stellar Communities purchased the land last year for $10.7 million, and the project has been valued at $72 million.
American Landmark Apartments expanded its Florida footprint with the acquisition of Tortuga Pointe, a 295-unit apartment community in St. Petersburg, Florida. The property will be rebranded as Tortuga Bayside, bringing American Landmark’s Florida portfolio to 22 communities and broadening its coverage across the Tampa Bay region. Built in 2010, Tortuga Bayside offers studios and one-, two- and three-bedroom apartment homes. Residents have access to amenities including a swimming pool with cabanas, fitness center, resident lounge and clubhouse, business center, game room, landscaped courtyards, grilling area and gated entry.
