Newly developed luxury apartment community 98 percent leased
JUPITER, FLORIDA – July 19, 2016 – The Davis Companies (TDC) in partnership with FLF Holdings and Crossroads Development today announced the sale of Barcelona Jupiter Apartments, to Mann Realty Associates. The luxury apartment community offers 352 rental units on Military Trail, in close proximity to the Intracoastal Waterway, Jupiter Medical Center, and some of the area’s top-rated public schools.
The joint venture acquired the land to build the community in May 2013. Completed in 2015, the complex includes a state-of-the-art fitness center; a lakeside pavilion with a fire pit; a yoga studio; a beach-entrance pool with a large deck; a summer kitchen with barbeque grills; a dog park with an agility course; bocce and horseshoe courts; a playground; a half-court basketball court; and a poolside lounge with a billiards room and 10 televisions. Strong demand for these amenities, along with the location, overall high quality design and construction resulted in 98 percent of the 352 units in the community being leased in less than a year after the project’s completion.
“This site’s ideal location presented us with an opportunity to create a completely new community that aligns with the needs of Jupiter’s population. We strategically transformed the site into residences with terrific amenities that add tremendous value to the area. The Barcelona Jupiter Apartments’ successful lease-up validates our joint venture’s strong vision for this project,” said Jerry Murphy, Vice President of Investments at The Davis Companies. “Principals Josh Simon at FLF Holdings, and Michael Nortman at Crossroads Development were phenomenal partners in the project. Their input and execution were extremely valuable and ultimately led us to create something we’re really proud of. We look forward to working on other opportunities with them in the future.”
“Barcelona Jupiter was a successful project for everyone involved. Josh and I are proud of the development and to have had a positive impact on the community,” said Michael Nortman, President at Crossroads Partners. “The Davis Companies were great partners and we look forward to working with them in the future.”
“We are thrilled to be the new owner of the Barcelona at Jupiter,” said Maurice Mann, Founder and President of Mann Realty Associates. “After looking at numerous complexes throughout South Florida, we were impressed with the construction, apartment layouts and amenities offered at Barcelona Jupiter.
Ben Olive of Hackelman Olive and Judd represented Mann Realty Associates in this sale. ARA Newmark represented TDC in the sale.
TDC’s portfolio includes a diverse set of mixed-use, office and residential properties. The firm is currently repositioning the River City Renaissance portfolio in Richmond, VA, a 30-building, 550-unit, multi-family portfolio which the company acquired via two distressed asset acquisitions. The company is also responsible for repositioning Woodfield Crossing, a 662-unit apartment property in Rolling Meadows, IL and is involved in the ground up development of over 2,000 units of new multifamily housing, in locations across the Eastern United States.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested over $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
About Crossroads Partners
Crossroads Partners is a fully integrated real estate solutions firm and can assist with every aspect of real estate ownership and management, including property operations and accounting, zoning and entitlements, construction management, due diligence and financial underwriting, sales and leasing and more.
About FLF Holdings
The companies under FLF Holdings’ management umbrella are engaged in real estate ownership, development, acquisition, brokerage and management throughout select southeast US markets with high growth potential and real barriers to entry.