JLL Secures $77M Construction Loan For Multifamily Project In Daytona Beach
The borrower, a joint venture between Sovereign Properties and Invest Capital Group, plans to open first units at the garden-style property in October 2024.
The borrower, a joint venture between Sovereign Properties and Invest Capital Group, plans to open first units at the garden-style property in October 2024.
The new property is located near Ocala and is designed to bring the Cuentas Casa concept of sustainability, accessibility, and affordability to an increasingly expanding market.
Orlando Mayor Buddy Dyer will participate in the celebration.
The property traded from Northland–an industry-leading real estate private equity firm based out of Massachusetts–to a joint venture comprising New York-based multifamily acquisition Cove Investment Group and Blue Star Equities.
Award entries will be accepted until May 24th and and the process for applying for an award has been streamlined this year. Event sponsorships are also available at a variety of levels.
Altís Grand Lake Willis Phase II is a 230-unit, multifamily rental community located in the heart of South Orlando, which will include 6 residential buildings with a stand-alone clubhouse.
Cabot Jaffee and James Mitchell with CBRE in Orlando will lead retail leasing efforts. Spaces ranging from 3,000 square feet up to 100,000 square feet will be available for occupancy beginning in Q4 2024.
The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway.
Newmark’s Executive Managing Director Scott Ramey, Senior Managing Director Ryan Moody, Vice Chairman Patrick Dufour, Directors Brad Downing and Andrew Visnick and Associate Paul Grant were the sole brokers involved in the sale transaction.
The firm has appointed Rafael Mendez, CCIM, to lead the new office expansion.
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