April 2016 E-Newsletter
What's New in the FAA
What's New Around the State
What's New Nationally
What's New in the FAA
Registration is now open for the 2016 FAA Annual Conference & Trade Show on October 5-7 at the Boca Raton Resort & Club in Boca Raton. The theme of the 2016 Annual Conference & Trade Show is "People, Purpose, Passion" — the three elements every business needs to succeed. To view the full conference brochure click here.
Tickets are also on sale for the APAC All Hands on Deck Yacht Party, which will raise funds to support FAA's legislative advocacy efforts, and for a wine tasting to raise money for the Nan Cavarretta Memorial Scholarship Fund.
Alex Sheen, founder of "because I said I would," an international social movement and non-profit dedicated to the betterment of humanity through promises made and kept, will be the opening keynote speaker on October 6.
Sparked by the loss of his father, Sheen began sending promise cards to anyone who requested them at no cost. Since his father’s passing on September 4, 2012, "because I said I would" has sent more than 3.1 million promise cards to over 150 countries. Sheen's commitment to the betterment of humanity has inspired millions around the world. Stories of his promises have gone viral throughout social media and international news.
Chris Heeter, wilderness guide and dogsled musher, will be the closing speaker on October 7 at FAA's 2016 Annual Conference & Trade Show.
Heeter, founder of The Wild Institute, teaches audience members how to bring the "Wild" to work. She freely admits that much of what she’s learned about humanity comes from dogs and rivers — from her team of 16 sled dogs, whom she helped breed, raise, and train, to her decades of guiding whitewater canoe trips. Combined, they create the perfect back-drop for memorable, easy to apply, lasting, and life-changing tools for individuals, teams, leaders, and organizations.
Did you know that FAA's advocacy efforts are funded through APAC? APAC is a political action committee that helps elect multifamily friendly political candidates. Your contribution to the Apartment Political Action Committee helps FAA promote legislation that benefits the multifamily industry and fight to keep bad bills from becoming law. Invoices for recommended contribution levels have been mailed, along with a letter describing some of FAA's legislative accomplishments this year. When you receive your APAC letter, know that the amount requested matches your giving level from 2015. We hope you will renew your contribution form 2015 and help us have continued legislative success.
Two major pieces of legislation that may positively affect the multifamily industry passed during the session that ended on March 11, including a bill drafted by FAA to allow Certified Apartment Maintenance Technicians (CAMTs) to repair HVAC, water heater, and AC units. Additionally, as part of the Sadowski Coalition, FAA helped to secure $200 million in funding for affordable housing.
2016 proved to be an incredibly successful legislative year for the multifamily industry. Our continued success depends on the financial strength of APAC. Consider your APAC contribution as a form of business insurance. You are making an investment to ensure the election of candidates who will help protect our industry. Remember, your freedom to do business depends on our continued ability to advocate for your issues!
In addition to giving online, you can contribute to APAC in a variety of fun and exciting ways. You can support APAC by attending the All Hands on Deck for APAC yacht party supported by RethPath and CORT on October 5 at the FAA Annual Conference and Trade Show. Your ticket includes an evening cruise around Boca Harbor aboard a luxury super yacht, with an open bar and heavy hors d'oeuvres. The evening will also include music, dancing, and an auction. Tickets can be purchased with full registration to the FAA Annual Conference & Trade Show or separately for $160.
Since the launch of FAA's Smoke-Free Multifamily Housing Certification late last year, nearly two dozen communities across Florida and representing several management companies have been certified as smoke-free. Seven of the certified communities are from Greystar and six are from Pinnacle.
FAA is working in partnership with the Florida Department of Health's Bureau of Tobacco Free Florida to assist communities that would like to reap the many benefits of offering smoke-free living.
What's New Around the State
4/1 Hunt Mortgage Group Refinances Properties in Orlando and Miami metro area
Hunt Mortgage Group has provided $35.3 million in Fannie Mae loans to refinance five multifamily communities located in Orlando and Cutler Bay. The company placed Fannie Mae Multifamily Affordable Housing loans on four of the properties, including Metro Place, Brandywood, Hidden Creek Villas, and Calusa Cove, and a Fannie Mae market-rate loan on the final property, Bella Lago. Read more.
3/22 Bluerock Residential buys Destin apartment complex
4/21 Jacksonville considering millions in repairs to affordable senior housing
In order to maintain existing stock of affordable housing for seniors who need it, the city is considering bonding about $22 million to refurbish two facilities.
4/14 JMG Realty Acquires 180-Unit Florida Club at Deerwood Community in Jacksonville Key Submarket
JMG Realty Inc. recently acquired Florida Club at Deerwood, a 180-unit apartment community located in Deerwood Park, through a joint venture partnership. According to Yardi Matrix, the property was acquired for $24.8 million, with Fannie Mae providing an $18.4 million loan with a 10 year maturity date. Archon Group represented the seller. Read more.
4/4 Lexerd Capital Management Snags Jacksonville Apartment Complex
Lexerd Capital Management LLC, a New Jersey-based sponsor of private equity funds, recently acquired San Marco Village, a 106 unit, two-story apartment community located in Jacksonville, for $8 million. Read more here and here.
3/24 Tamaya adding 380-unit apartment complex; opening second single-family neighborhood
Tamaya, the high-end master-planned community "between the city and the sea," will soon diversify its offerings to homebuyers. Developer ICI Homes sold a 30-acre parcel to Waypoint Residential Services for $6.3 million.The real estate investment manager intends to develop a 380-unit Class A luxury complex that will feature three- and four-story garden apartment buildings, attached garages and a highly-amenitized clubhouse. Read more.
4/11 JV Acquires Apartment Community in Gainesville for $8.8 million
LIV Holdings LLC, a joint venture between James Street Capital LLC and Warren Family Holdings I LLC, has purchased a 208-unit garden-style apartment complex in Gainesville for $8.8 million. Read more.
4/27 KeyBank Provides $24.4M Freddie Mac Loan for Kissimmee Community
KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Read more.
3/23 Gunter Village poised to take shape near Lake Mary
Gunter Village, a 12-acre mixed-use project in the Lake Mary area, is poised to start taking shape with a Cincinnati group's purchase of half the site.The South Florida-based Aztec Group represented the land owner in its $6 million sale of the property at 3300 International Parkway. The land is approved for apartments, shops, restaurants and a limited-service hotel. Read more.
4/28 ZOM and Northwestern Mutual to Break Ground on Luxury Waterfront Apartment Community
SEAZEN, a 323-unit multifamily apartment community, is to be located on the current site of a Chart House restaurant on the island of Rocky Point, just off the coast of Tampa. Read more here and here.
3/30 Preferred Apartment Communities Inks Student Housing Development Investment in Tampa
Preferred Apartment Communities announced that on March 29, 2016, it closed on a loan investment of up to approximately $9.8 million in connection with Haven Campus Communities LLC's plans to develop a 542-bed, 158-unit student housing community located near the University of South Florida in Tampa. Read more.
3/29 Walden Lake golf course owner drops adult living facility from development plans
The owner of a shuttered Walden Lake golf course is dropping a 90,000-square-foot adult congregate living facility from development plans. Visions Golf Managing Partner Steve Mercer said Visions Golf will instead build up to 60 multifamily homes on the 10.4 acres where the adult congregate living facility would have been built. Read more.
3/28 Federal Capital Partners Acquires Tampa Apartment Community
Federal Capital Partners (FCP) has acquired the 324-unit Belara Lakes Apartments in Tampa in a $22.4 million transaction. The acquisition marks FCP‘s second investment in Florida during the last three months. Read more here, here, and here.
3/23 Former warehouse redeveloped as Seminole Heights apartment building
Developer Wesley Burdette and Tampa Mayor Bob Buckhorn cut the ribbon on the Warehouse Lofts, a former industrial site at 4513 N. Florida Ave. that is now home to 54 apartments. Read more.
4/12 Gates of Bradenton apartments sell for $20.5 million
A Virginia real estate investment company has added a 256-unit apartment complex in Bradenton to its growing Florida apartment portfolio by more than doubling the previous owner's initial investment. Read more.
4/5 Centre Court Apartment Homes in Manatee sells for $12.25 million
T. Mannausa & Co., under its company Centre Court on 53rd Ltd., sold Centre Court Apartment Homes at 4255 52nd Place W. to Centre Court Harmony Housing LLC, a subsidiary of New York-based Greystone & Co. Read more.
3/30 Bradenton's Palms at Cortez apartments sell for $6.3 million
An aging apartment complex near the DeSoto Square mall has, like many other multifamily properties of late, sold for a premium as rental vacancies sit near an all-time low. The Palms at Cortez, a six-building, two-story apartment community at 3810 5th St. E., sold for $6.3 million on March 22. Read more.
4/18 Index Investment, Eastwind Development Sell Lantana Apartment Community for $24 million
Bridgewater Lake Osborne LLC, an entity owned by Index Investment Group and Eastwind Development, has sold Bridgewater at Lake Osborne, a 108-unit apartment community in Lantanta. Read more here.
4/18 Community in trendy neighborhood sold to TIAA-CREF for $114M
Pearl Flagler Village, an affiliate of Houston-based Morgan Group, sold the 332-unit The Edge at Flagler Village community at 475 to 495 N. Federal Highway to T-C The Edge at Flagler Village, an affiliate of New York-based TIAA-CREF. Read more here.
4/11 Developer proposes six-story apartment complex
MMVB Group LLC, managed by Ricardo Bebchik and Fabian G. Neiman in Hallandale Beach, want to build 42 units at 200 Van Buren on the east side of Hollywood. Read more.
4/8 Mill Creek Residential plans to build 300 apartments in Plantation
Mill Creek Residential has filed plans with the city for a development at the 58-acre Cornerstone Corporate Center at 1240 South Pine Island Road in Plantation. Read more.
4/5 Apartment project in Midtown Miami scores $71M construction loan
The Midtown 29 309-unit apartment project has broken ground after its developer obtained a $70.85 million construction loan. Wells Fargo Bank provided the mortgage to Miami Midtown 29 LLC, a subsidiary of the Morgan Group of Houston. Read more.
4/4 Developer pays $44M for Paseo de la Riviera redevelopment site
NP International plans to build 224 apartments, 252 hotel rooms, 4,380 square feet of restaurants, 14,094 square feet of retail, and a parking deck at the site of what’s currently a 54-year-old Holiday Inn across from the University of Miami. Read more.
4/1 Miami River site could be rezoned for 650 units
The owner of a 5.2-acre site on the Miami River wants it rezoned to allow for up to 650 apartments. Miami Riverview Apartments Inc., owned by Luiz Crus in Coral Gables, was slated to go before the city’s Planning, Zoning and Appeals Board on April 6 with its comprehensive plan amendment for 2507 N.W. 16th Street Road. The property, on the south side of the river at the point where it splits in two, currently has a three-story, 245-unit apartment complex that was built in 1973. Read more.
3/23 Investcorp Snaps Up 3 Multifamily Properties in Boca Raton
In two separate transactions, Investcorp’s U.S.-based real estate arm has acquired residential properties: three student housing properties in Boca Raton and two standard apartment communities in metro Minneapolis, for a total of about $220 million. Read more.
What's New Nationally
NAA has partnered with Entrata to provide FAA Click & Lease users with free, unlimited document storage services.
This service allows FAA Click & Lease users to scan, upload, and store lease forms and pertinent notices or images to a resident file. "NAA is excited to launch this partnership with Entrata," said Scot Haislip, vice president, National Lease Program, and NAA counsel. "This free document storage module, together with our free e-signature platform provided by Blue Moon, will not only provide significant savings to FAA Click & Lease users but will also assist our users in further improving their property operations."
This service — which will integrate seamlessly with Blue Moon Software — went live on March 31. "Free, accessible document storage is the final step FAA Click & Lease users need to take their leasing process entirely online," said Ben Zimmer, president and co-founder of Entrata. "We embarked upon this partnership because it aligns directly with our mission to provide solutions that simplify operations for the multifamily industry."
Visit https://www.entrata.com/naa to sign up to use this new FAA Click & Lease user benefit. FAA Click & Lease is a web-based leasing program offered exclusively to members of the Florida Apartment Association. The most widely used standardized lease form in Florida's apartment housing industry, this powerful and easy-to-use program allows an apartment community to save time and money by speeding up preparation and printing of legal documents.