ST. PETERSBURG, Fla., Nov. 1, 2021 - JBM® Institutional Multifamily Advisors completes the closing of two west Florida multifamily properties in October 2021. The #1 Ranked boutique multifamily brokerage firm in the U.S. is on pace to close on over 5,000 units across Florida in 2021.
The Addison on Long Bayou
This Class-A merchant development property in Seminole, FL was built in 2019 and includes 247 units. The Inland Real Estate Group has acquired this asset from ContraVest for $82,000,000 ($331,984/unit). Product highlights include: a resort-style lap pool with tanning ledge and expansive sun deck, a 24-hour state-of-the-art fitness center and yoga/spin studio with Fitness OnDemand™, granite countertops with GE Energy Star stainless steel appliances and undermount sink with gooseneck faucets, and much more.
Sawgrass Cove
This Bradenton, FL property includes 336 units and was acquired by General Services Corporation from The Inland Real Estate Group. Built in 1991, 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 $66,192,000 ($197,000/unit). This marks the second time JBM® sold this asset. Inland achieved a valuation increase of 68% since their 2016 acquisition of Sawgrass Cove.
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. In the last twelve months, JBM® has either listed or closed on over 13 brand new, Class-A merchant developments across Florida, worth an estimated $1.07 Billion.
JBM® has $15.4 Billion+ in transaction multifamily sales throughout Florida.
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SOURCE JBM Institutional Multifamily Advisors
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