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A Brooklyn investment firm and an individual investor have bought a 14-property portfolio in Florida, paying $240 million.
According to CBRE, which represented both parties in the deal, the sale marks the “highest dollar volume transaction (for CBRE) in Central, Southwest and North Florida’s history.”
The buyers are NorthEnd Equities out of Brooklyn and real estate investor Motti Schapira.
The total portfolio is made up of 2,384 units spanning from Jacksonville south to Sarasota. The buildings, which were built between the 1970s and 1990s, have nearly 2 million square feet with an average unit size of 833 square feet, according to CBRE.
Of the 14 properties, six are on the Gulf Coast — four in Tampa and one each in Sarasota and Lakeland.
NorthEnd has been in business for more than 30 years, according to its website. In that time, its bought, run and sold 25 million square feet of office and industrial properties. Its attention has lately been on the multifamily sector where its bought and developed about 5,000 units.
Michael Regan, an executive vice president with CBRE in Tampa, says “This off-market transaction highlights the continued demand for low basis value-add multifamily properties throughout Florida.”
The portfolio includes:
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