Brooklyn buyers pay $240 million for nearly 2,500-unit multifamily portfolio

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:

• Lakeland Manor; 929 North Gilmore Ave., Lakeland; 376 units
• Kings Trail; 3770 Toledo Road, Jacksonville; 320 units
• Bella Mar; 12406 N. 15th St., Tampa; 264 units
• Rolling Hills; 5402 Pine Chase Drive, Orlando; 240 units
• Timber Falls; 2600 E. 113th Ave., Tampa; 184 units
• Jacksonville Heights; 8050 103rd St., Jacksonville; 173 units
• Del Rio; 5013 E. 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