JBM® Closes on $119.25MM - Continuing West Florida Multifamily Domination

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JBM Institutional Multifamily Advisors

Oct 14, 2021, 11:11 ET

ST. PETERSBURG, Fla., Oct. 14, 2021 /PRNewswire/ -- JBM^® Institutional Multifamily Advisors completes the closing of four additional multifamily properties across west Florida – 3 of which are in the Tampa Bay MSA. The #1 ranked boutique multifamily brokerage firm in the U.S. is on pace to close on over 5,000 units in west Florida for 2021.

Circa at Fishhawk Ranch

JBM Closes on Four Multifamily Deals in West FL

Located in Lithia, FL (Tampa MSA), this 260-unit Class-A trophy asset was completed in 2015. GMF Capital acquired the asset from Inland Real Estate Group for $66,250,000 ($254,807/unit). At closing, this price represented the highest price per unit ever paid for a 2015 garden-style apartment community throughout west, central, or north Florida. Notable Property highlights include a zero-entry resort-style pool, two-story clubhouse, a state-of-the-art fitness center, and upscale unit interiors with GE^® stainless appliances and luxury plank flooring.

Bradenton Reserve

This Bradenton, FL property includes 166-units and was acquired by Equity Yield, LLC from Merion Residential. This value-add property includes a variety of different levels of unit renovations – offering a high-yield opportunity to continue existing renovations. The Property sold for $30,250,000 ($182,229/unit). At closing, this sale was the highest price per unit ever paid for an 80's vintage property throughout Southwest Florida. This marks the second time JBM^® has sold this asset in just the last five years.

Gordon River

This 95-unit, value-add opportunity features a unique location positioned directly along the riverfront with unobstructed water views. This concrete-block asset has undergone over $1.75 million in capital improvements since 2018. Corridor Ventures has acquired this Naples-based community from Axonic Properties for $17,500,000.

Causeway Commons Land Site

This 13.68 Acre land parcel is located in a Qualified Opportunity Zone along Causeway Boulevard in Tampa, FL. Zark, LLC has sold the site to ZOM Holding, Inc. for $5,250,000. Planned Development allows for up to 460 units to be constructed. The site has excellent connectivity located just west of U.S. Highway 301 and Interstate 75, and is just south of The Selmon Expressway.

About JBM^®

Jamie May and his team at JBM^® Institutional Multifamily Advisors focus exclusively on multifamily asset disposition services, equity placement, capitalization, and recapitalization of new merchant developments, value-add properties, and existing opportunities of large apartment type portfolios and singular assets for domestic and foreign institutional, private national, and regional clientele.

JBM^® has $15.4 Billion+ in transaction multifamily sales throughout Florida.

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SOURCE JBM Institutional Multifamily Advisors