April 2015 E-Newsletter

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What's New in the FAA

3 Bills Important to Multifamily Industry Pass State Legislature; Maintenance Exemption Tabled

Teams to Take 'Campus Challenge' to Benefit APAC

TV Sports Anchor to Moderate Opening Session at FAA University

What's New Around the State

Market Report

What's New Nationally

What Market Had the Highest Q1 2015 Rent Growth?

Are Rents Outpacing Income?

Connect With NAA — The Largest, Most Important Multifamily Housing Event of the Year

Apartment Advocate: More States Looking at Service Animal Accommodations


What's New in the FAA

3 Bills Important to Multifamily Industry Pass State Legislature; Maintenance Exemption Tabled

Florida’s 2015 legislative session entered a state of limbo on day 57, when the house abruptly adjourned, leaving the senate only able to pass bills that had previously passed the house. The senate postponed action on one of Florida Apartment Association’s priority bills, the maintenance exemption in HB 915/SB 1232, effectively tabling it for this session. The bill sponsored by Sen. Wilton Simpson and Rep. Dane Eagle had passed the house and had been scheduled to be heard in the senate on Wednesday, April 29.

Nonetheless, the FAA is pleased that three other bills important to our constituency passed both the state Senate and House of Representatives in this legislative session. These bills are awaiting the governor's signature to become law.

HB 071, sponsored by Rep. Jimmie T. Smith, mandates that a service animal be kept under control of its handler and authorizes the removal of an animal from an apartment community if the animal is not under the handler's control, is not housebroken, or poses a serious threat to others. The bill also strengthens the penalties for falsely claiming a pet is a service animal, making the offense a misdemeanor punishable by a fine or community service or both.

SB 656, sponsored by Sen. Jack Latvala, reforms the current process for evicting a transient occupant of a property (an occupant who is not on a lease and is not a permanent resident of the property). The bill would alleviate the need for a court order to remove the transient, and would allow a law enforcement official to eject the occupant immediately on grounds of criminal trespass, as long as the current lease holder or owner filed a sworn affidavit regarding possession of the property.

HB 779, sponsored by Rep. Mia Jones, creates a state level solution to the now-expired federal ''Protecting Tenants in Foreclosure Bill.'' The bill requires that a new owner of a recently foreclosed property give tenants a notice to vacate the residence at least 30 days before the purchaser intends to occupy the residence. In situations in which a lease exists and the purchaser does not intend to occupy the residence, the tenant can continue to stay until the end of the lease. This bill continues the practice that a lease supersedes a foreclosure, unless the new owner intends to occupy the property.
After May 1, all passed bills will be sent to the governor to be signed into law. FAA does not expect any of its legislation to be vetoed by the governor.

Additionally, Senate Bill 586, sponsored by Sen. Charles Dean, which deals with affordable housing will be heard during a special session in June. The special session is required for the legislature to pass the Florida budget for 2016. Florida statute requires the legislature to pass a balanced budget annually; if a budget is not agreed upon by July 1, Florida will enter a government shutdown.

Teams to Take 'Campus Challenge' to Benefit APAC

Registration is now open to participate in or sponsor the second annual team challenge to benefit the Apartment Political Action Committee. The fundraiser, scheduled for October 7 as part of FAA University, the Florida Apartment Association Annual Conference & Trade Show, is billed as APAC Campus Challenge, in keeping with the theme of the overall event.

Teams of eight participants will compete in indoor challenge stations where all participants can help search for clues, solve puzzles, and complete fun team-oriented activities. The event is not timed, and the challenges are designed to suit any fitness level. For each challenge, the team will receive a clue to the final challenge for a grand prize.

In addition, individuals can compete for a meet-and-greet with keynote speaker Coach Bobby Bowden and VIP seating at the conference closing dinner. The first five individuals who raise and submit at least $2,500 will be named to the "Dean's List" and win the meet-and-greet and VIP seating.

Suppliers who wish to sponsor challenge stations or event promotional items can contact Courtney Barnard at courtney@faahq.org for more information.

TV Sports Anchor to Moderate Opening Session at FAA University

FAA has announced that WKMG-TV sports anchor David Pingalore will moderate discussion with opening keynote speaker Coach Bobby Bowden at FAA University on Thursday, October 8, at the Hilton Orlando Bonnet Creek Hotel.

Bowden is the legendary former football coach at Florida State University, where he earned the nickname "The Preacher" for his ability to deliver a message from both the sideline and the pulpit.


What's New Around the State

Market Report

PANHANDLE

Fowler Property Acquisitions Acquires 134-Unit Apartment Community in Tallahassee

$6.8 million, or $50,746 per apartment
134 apartments
144,760 square feet
Mix of one, two and three bedrooms with average size of 1,080 square feet
Pool, clubhouse, fitness center, lighted tennis court

CENTRAL FLORIDA

Wood Partners to Break Ground on 312-Unit Alta Eastmar Commons Apartment Community in Orlando

$41.9 million
14 buildings
312 apartment homes plus clubhouse, pool, nature trails through surrounding wetlands
29.3 acres
Projected leasing first quarter of 2016

C&W Brokers Sale of Tortuga Bay Apartments in Orlando

$49,612,000
314 apartment homes
$158,000 per unit, $141.34 per square foot
Oversized clubhouse, state-of-the-art fitness center, zero-entry resort-style pool

CBRE Arranges Sale of 1,075 Unit Multifamily Portfolio in Central Florida

CBRE Capital Markets arranged the sale of the Central Florida Portfolio, four properties totaling 1,075 apartments. The portfolio includes Heritage on Millenia, Summit at Metrowest, and Legends at ChampionsGate, in Orlando; and Vinings at Hunters Green, in Tampa.

Northland Continues Growth with Acquisition of 316-Unit Luxury Apartment Community in Florida

316 apartments in 21 buildings

Fitness center, business center, areas for barbeques and picnics, pool, athletic courts, garages, wireless Internet
Northland’s Florida portfolio now includes 5,981 apartment homes

CBRE Capital Markets Arranges $40.2 Million Sale of New Rental Community in Central Florida

CBRE Capital Markets arranged the sale of Whitepalm Apartment Homes, a new 306-unit luxury apartment community in Port Orange, about 45 minutes outside of Orlando.

The property was acquired from Birmingham, Alabama-based LIV Development by Carter-Haston Holdings from Nashville for $40,289,500.

CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the seller in the transaction.

The gated community includes a large clubhouse, a resort-style pool with cabanas, a serenity beach fully equipped with hammocks, and a state-of-the-art fitness center.

SOUTHWEST FLORIDA

Arbor Terrace Senior Housing Property Sold in Tampa, FL; DTZ Tampa’s Allen McMurtry Represents Seller

$20 million
92 apartment homes: 52 assisted living, 14 transitional memory care, 26 memory care
6.34 acres

Marcus & Millichap Arranges $1.275 Million Sale of 9-Unit Apartment Building in Treasure Island

Marcus & Millichap commercial real estate investment services firm announced the sale of Mont Carlo Apartments, a 9-unit apartment property located in Treasure Island, Mont Carlo Apartments, a nine-unit apartment property located in Treasure Island. The asset sold for $1,275,000.

Crescent Communities Turns Dirt on Luxury Apartment Community in Tampa's Westshore Business District

Crescent Westshore

374 apartments: studios and one-, two- and three-bedroom homes
5.3 acres
2 resort-style, saltwater pools, outdoor grilling area, sports courtyard with full-sized bocce ball court
Projected to open in the summer of 2016

SOUTHEAST FLORIDA

Casa Palma apartments sold for $89.88 million

Seller: MCA Casa Palma Owners, an affiliate of Boston-based AEW and Orlando-based Zom Holdings

Buyer: Teachers Insurance and Annuity Association of America
350 apartments
17.4 acres
$256,800 per apartment
8,000-square-foot clubhouse, pool, conference room, fitness center, outdoor summer kitchen

AMLI buys second Miami-Dade apartment project for over $100 million

AMLI Residential inked its second $100 million-plus acquisition of a new apartment project in Miami-Dade County this month.

Seller: CC Doral Pebblewalk, an affiliate of Armando Codina’s CC Residential in Coral Gables and New York-based AREA Property Partners

Buyer: PPF AMLI 11481 NW 41st Street LLC, part of Chicago-based AMLI
$103.5 million
352 apartments
$294,034 per unit
Lake, pool, saunas, fitness center, lounge with billiards and game tables, clubhouse.
Leases range from $1,789 to $2,265

Earlier in April, AMLI paid $104.5 million for a new apartment project in Dadeland.

NexPoint Residential Trust Acquires West Palm Beach Apartment Community for $21 Million

The property, known as Bayberry, was constructed in 1986 and 1987 and consists of 222 one- and two-bedroom residential units. The community offers amenities including a clubhouse with a seating lounge, a pool area with a sundeck, an updated fitness center, two lighted tennis courts, an outdoor lounge and barbecue area and a car care center.

Apartment project proposed in Doral industrial park

Ram Dev, an affiliate of Peter D. Cummings’ Ram Realty in Palm Beach Gardens, has proposed building a 332-apartment community on 16.4 acres in the Transal Business Park.

Bayberry Apartments in West Palm Beach sold for $21 million

Brokers: ARA Newmark’s Avery Klann, Hampton Beebe, Marc deBaptiste and Dick Donnellan

Seller: Fairfield Haverhill Commons, an affiliate of San Diego-based Fairfield Residential
Buyer: Nxrtbh Bayberry, an affiliate of Des Moines, Iowa-based BH Equities and Dallas-based Highland Capital Management.
222 apartments averaging 902 square feet
$94,595 per unit
19.1 acres
Pool, fitness center, two tennis courts

Dadeland’s Modera apartments sold for $104.5 million

350 apartments averaging 861 square feet

Two 10-story buildings
$298,571 per unit
Seller: Mill Creek Residential affiliate Colonnade at Dadeland Owner
Buyer: PPF AMLI 8250 SW 72nd Court LLC, an affiliate of Chicago-based AMLI Residential Properties
Structured parking, clubhouse, fitness center, cyber cafe, fitness studio, bowling alley, game room, pool 

FAA PSC Buyers Guide Upcoming Events