February 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
Alex Sheen, founder of "because I said I would," an international social movement and nonprofit dedicated to the betterment of humanity through promises made and kept, will be the opening keynote speaker on October 6 at FAA's 2016 Annual Conference & Trade Show.
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 been shared virally throughout social media and international news.
The theme of the 2016 Annual Conference & Trade Show is "People, Purpose, Passion" — the three elements every business needs to succeed. It will take place October 5-7 at the Boca Raton Resort & Club in Boca Raton.
Registration will be open soon.
Marjorie Cook, who served as FAA's executive vice president from 1996 to 2014, died on Saturday, February 20, 2016, after a long illness.
Under her leadership, FAA nearly doubled in size. In 2012, Marjorie was instrumental in transitioning the association from being operated by an association management company to being an independent organization.
Per her wishes, there will be no funeral service, but the family is planning a celebration of her life on Saturday, March 5. The family suggests those wishing to honor Marjorie may donate to FAA's Nan Cavarretta Memorial Scholarship Fund, which assists students in the Leadership Lyceum program.
In gratitude for her many years of service, FAA is donating $500 to the scholarship fund.
Last week marked the end of the fifth week of session. Many bills that could potentially affect the apartment industry are on the move! Here is an update of what happened in Tallahassee last week.
Expanding the Allowable Repairs by Maintenance Professionals: SB 704, sponsored by Sen. Travis Hutson (R-Palm Coast) was heard in its second committee stop. The bill must be heard in its final House and Senate committees before moving to the floor for a final vote. Each piece of legislation filed in Florida is heard in three committees in both the House and Senate. After passing all three committee votes, the legislation is read and voted on by the full chamber (House and Senate).
How this affects you: SB 704/HB 535 allow Certified Apartment Maintenance Technicians (CAMT) to perform HVAC, water heater, and AC repairs below a specific cost (less than $1,000 in the Senate bill, less than $500 in the House bill). Currently, maintenance workers are not legally allowed to perform any work in AC or HVAC units, so this exemption would reduce costs for apartment communities by enabling them to use on-site employees rather than outsourcing to contractors.
Service Member Rental Applications: HB 1073 sponsored by Rep. Charles Van Zant (R-Palatka) passed its second House committee. The legislation requires an apartment owner to process an application for active duty military personnel within a seven-day window. The senate companion SB 1656, sponsored by Sen. Greg Evers (R-Milton) had not been heard in any committees.
How this affects you: SB 1656/HB 1073 would mandate that all rental housing providers process rental applications for active duty military members within seven days. This bill only applies to active duty military members, and would not apply to veterans.
Renters Insurance: SB 342 sponsored by Sen. Audrey Gibson (D-Jacksonville) will be heard in the Senate Rules Committee on Wednesday, February 24 at 10 a.m. This bill allows an apartment community to specify in a lease that a tenant is required to carry renters insurance. The House companion, HB 327 sponsored by Rep. Bobby Dubose (D- Fort Lauderdale), is waiting to be heard in its second committee.
FAA will continue to monitor and advocate for our industry throughout the legislative session; if you have any questions or concerns, please email Courtney@faahq.org. Stay tuned for updates next week.
The 2016 NAA Education Conference & Exposition is coming to a new location in San Francisco, so consider this your invitation to the housewarming. From June 15-18, apartment industry professionals from around the country will be taking up residence at the Moscone Convention Center for discovery, learning, and networking. Offering more than 50 education sessions and over 450 suppliers delivering the latest trends and solutions, this is an event you won't want to miss!
Management members of the Florida Apartment Association are eligible for a discounted registration fee of $625.
What's New Around the State
2/26 Hunt Mortgage Group Facilitates the Acquisition of Two Multifamily Properties Located in Florida
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, has announced that it provided $5.4 million in funding to facilitate the acquisition of multifamily properties in Seminole and in Pembroke Pines. Read more.
2/19 2 Jacksonville complexes sold for $48 million
A Tampa-based company expanded its apartment portfolio Wednesday with the purchase of two Southside apartment complexes for $48 million.Blue Rock Premier Properties LLC bought the 284-unit Landmark at Hampshire Place on 10023 Belle Rive Blvd. and the 248-unit Landmark at Sage Commons on 8401 Southside Blvd. Read more.
2/19 Developers reveal some plans, including apartments, for the District at public meeting
During a Downtown Development Review Board meeting last month, the developers behind The District revealed new plans, including a proposed marina on the St. Johns River and a five-story, 276 unit apartment structure. While the presentation wasn’t an official submittal for conceptual designs, the DDRB board members were impressed with the "overwhelming" size of the 33 acre project. Read more.
2/25 Morgan Sells 528-Unit Village at Baldwin Park Apartment Community in Orlando
Morgan, a leader in upscale multifamily development, construction and property management, has sold its 528-unit Village at Baldwin Park multifamily complex in Orlando to Preferred Apartment Communities based in Atlanta. Morgan built The Village at Baldwin Park in 2009. Read more.
2/1 Wendover Housing Partners Opens Premier 208-Unit Transit Oriented Multifamily Development
Wendover Housing Partners, a privately held real estate development, investment, and management company, announced the opening of its newest property, Weston Park. As a premier transit-oriented development, Weston Park offers the first multifamily residential housing directly adjacent to the City of Longwood's SunRail Station. Now accepting applications for new residents, the 208-unit apartment home community encourages residents to adopt a more car-independent lifestyle. Read more.
1/30 Ohio Developer Plans $101M in New Class A Apartments
NM Residential plans to invest a total of $101 million into two projects: The 272-unit Marden Ridge complex in Apopka and the 315-unit Maitland West community in Maitland. NM Residential has retained Winter Park-based MMI Development Inc. as the developer for both projects. Read more.
1/20 Preferred Apartment Communities Acquires 342-Unit Multifamily Community in Tampa
Preferred Apartment Communities announced that it acquired a newly constructed 342-unit Class A multifamily community in Tampa, Florida named Crosstown Walk."We believe Crosstown Walk is a one of a kind asset that marries a great location with outstanding and unique architecture," said Daniel M. DuPree, Vice Chairman and Chief Investment Officer for PAC. Read more.
2/26 Jupiter Apartment Complex Sells for $42 Million
A Jupiter property picked up for $1.2 million and developed into an apartment community just sold for $42 million.The deal closed Feb. 17, reeling in a sizable profit for the developer, Palm Beach Gardens-based Eastwind Development LLC. In a joint venture with Jupiter-based Index Investment Group, Eastwind purchased the 6.4-acre parcel in 2012 and completed the 190-unit Dakota at Abacoa apartment complex in June 2014, according to a news release. The price works out to $221,053 per unit. The buyer is Priderock Capital Partners, a multifamily management and development firm based in West Palm Beach. Read more.
1/31 Sugar Producer Cuts Ribbon on 1st of 10 Planned Apartment Communities
FCI Residential Corp., a subsidiary of Florida Crystals Corp., held a ribbon-cutting ceremony last month to open a 322-unit apartment building in southwest Miami-Dade County called Atlantico at Kendall. Read more here.
1/27 Preiss Company Joint Venture Acquires Off-Campus Student Housing in Boca Raton
Officials of The Preiss Company, the nation's third largest privately held owner-operator of private student housing and the fifth largest third-party management company, announced the closing of a portfolio of three student housing properties located in Boca Raton, Florida together with their joint venture partner Investcorp.The properties, University View, University Square and University Park are comprised of 892 total beds and located within a mile of the Florida Atlantic University campus and also serve Palm Beach State College and Lynn University. Read more.
What's New Nationally
Join your peers at the 2016 NAA Capitol Conference and Lobby Day, March 8-9 in Washington, D.C., and help the apartment industry reach all 535 Congressional offices. It's the apartment industry's most ambitious national advocacy event in history.
- Your voice truly matters, both as a constituent and a member of the industry who is impacted by the decisions Congress does and does not make.
- Every member of Congress needs to understand how the industry works and how their decisions affect your business.
Former Florida Rep. Joe Scarborough, the face of MSNBC's Morning Joe, will energize you with his no-holds barred political commentary as the NAA Capitol Conference's keynote speaker on March 8. Pulling from his experience as an influential player in Republican politics, Scarborough will offer a dynamic and fast-paced perspective on the current political and media landscape and the headlines of the day.
Registration is free so why not register today to become an informed, effective, confident advocate and support your industry?
Visit the 2016 NAA Capitol Conference website to learn more and register.
Note: While members of the House will be in recess that week, NAA members can schedule Lobby Day meetings with important key Congressional staff members in Washington and just as importantly schedule meetings with all 100 members of the U.S. Senate, which will be in session.
The 2016 FAA Annual Conference & Trade Show will focus on the three elements every business needs to succeed: People, Purpose, Passion. Attendees at the Boca Raton Resort and Club in Boca Raton, Fla., will choose from cutting-edge educational offerings and hear inspirational keynote speakers such as Alex Sheen, founder of "because I said I would."
The best way to position your brand is with a platinum sponsorship. With a commitment of at least $10,000 you will receive all standard platinum-level benefits (listed below) in addition to the opportunities you select. All companies that commit to spending at the platinum level will be entered into a sponsorship draft. Company representatives will then choose, in order of their draft positions, the events and items they wish to sponsor. Full payment for both sponsorship and exhibit fees must be made by April 1, 2016.
Benefits for ALL Platinum Sponsors ($10,000 and above)
- Recognition at conference opening session
- Recognition on a banner ad within the mobile conference app
- Company logo on exhibit hall entrance unit
- Company profile included in sponsor program book
- Exhibit hall signage (above your booth)
- Four complimentary booth representative registrations (per booth)
- One complimentary room upgrade
- Recognition on FAA social media (Facebook & Twitter)
- Acknowledgment in on-site program
- Recognition in Multifamily Florida magazine
- Live door prize drawing from your booth
- Recognition on trade show and seminar game cards
- Booth location highlighted on exhibit hall floor plan
If you are interested in becoming a platinum sponsor for the 2016 Annual Conference & Trade Show, please send a completed copy of the platinum sponsorship agreement to firstname.lastname@example.org. The lottery drawing for platinum sponsors will be held on Friday, March 18, 2016 at 3 p.m. at FAA’s headquarters in Orlando. Information about additional sponsorship levels and exhibit sales will be available in April.