Dwindling supply and ravenous demand has made for the perfect recipe for aggressive multifamily acquisitions yet again this week. And this week, activity was booming in the Sunshine State. Here’s a look at some of the noteworthy deals inked this week in the apartment world:
Moves were being made this week in Florida as the second largest multifamily portfolio sale of the year took place when Norfolk, Va.-based Harbor Group International acquired a three property portfolio in the Orlando, Fla. area. The $99.7 million purchase included 1,218 units and nearly $5 million has been set aside for upgrades at the properties.
New York City-based Wharton Equity Partners acquired a $50 million portfolio in central Florida which consists of 4 communities and 900 units.
Tampa, Fla.-based Avesta Acquisition purchased three communities in Jacksonville, Fla. for $12.1 million.
Beverley Hills-based Kennedy-Wilson Holdings acquired a 251-unit property in West Covina for $43.7 million. The garden property was 97 percent occupied and had a 5 percent cap rate at the time of sale.
In a takeover, San Antonio-based Covenant Multifamily Holdings purchased Tyler, Texas-based Bridge Wealth Management and has rebranded the firm as Covenant.