January 2016 E-Newsletter
What's New in the FAA
MAA Becomes 1st Diamond Level APAC Investor
Cavarretta Scholarships Awarded to 2016 Lyceum Students
Discounted 2016 NAA Education Conference Registrations Available Now
What's New Around the State
What's New Nationally
NAA Industry Insider: Residents Hit Jackpot With $25,000 Donation
APTly Spoken Blog — My RPM Story — Jada
Joe Scarborough to Deliver Keynote at NAA Capitol Conference
What's New in the FAA
MAA Becomes 1st Diamond Level APAC Investor
Just in time for the 2016 Florida state legislative session, MAA has made a commitment to contribute $10,000 to the Florida Apartment Association Apartment Political Action Committee (APAC). The contribution makes MAA the first APAC investor at the diamond level of $10,000 or higher.
"This contribution is especially important this year," said Glenn Evers, C.A.M., C.A.P.S., FAA president for 2015-2016 and MAA regional vice president. "One of the bills FAA is fighting this session would allow apartment owners and staff to be charged with a felony if it is determined that something in an apartment wasn't fixed the way that the state agencies deem appropriate."
"It does appear that the regulatory environment continues to get tougher all the time," said Eric Bolton, MAA chairman and chief executive officer. "We have a lot of investment in Florida and are happy to support the FAA and APAC with a $10,000 contribution."
The contribution comes as FAA members are preparing to head to Tallahassee to meet with legislators and staff to discuss issues of importance to Florida's multifamily industry. (For more about FAA's Legislative Conference and Legislative Platform, click here.)
"Our members' freedom to do business depends on our continued ability to advocate on issues important to our industry," said Josh Gold, FAA executive vice president. "Thank you, MAA for your landmark Diamond Level investment and commitment to APAC."
For more information about APAC or FAA legislative priorities, please contact Courtney Barnard, FAA government affairs director, at courtney@faahq.org.
Cavarretta Scholarships Awarded to 2016 Lyceum Students
Whitney M. Briones of Real Floors and Lauren Hendry of Remi Properties/The Preserve at Longleaf will be attending the 2016 FAA Leadership Lyceum thanks to the Nan Cavarretta Memorial Scholarship Fund. The scholarships will cover registration fees and travel costs related to attending the 10-month educational program.
Briones and Hendry are the first two recipients of the scholarships, established in memory of Nan Cavaretta, a multifamily housing professional who was passionate about educating future leaders in the industry and served in various volunteer positions at the National Apartment Association, Florida Apartment Association, Apartment Association of Greater Orlando, and Space Coast Apartment Association.
The applicants were required to write a brief essay describing their service to the multifamily industry, or how the scholarship would enable them to serve in the future.
Briones wrote about her involvement with the Emerald Coast Apartment Association, including as vice president, membership chairperson, and legislative chairperson, and on the FAA legislative and APAC committees. "I have a passion for the apartment industry, which is shown through my commitment to uphold the strong standards and vision of both the Florida Apartment Association as well as the Emerald Coast Apartment Association. I believe that furthering my education through Leadership Lyceum will help me to share these ideals with my local association."
Hendry is president of the Space Coast Apartment Association. "Leadership Lyceum will help me learn more about leading the association and what it takes to run it, how to more efficiently lead and get others involved as well. ... I absolutely love being part of the association and really look forward to continue doing so and helping it grow."
The first of the three Lyceum modules (Professional Development) will be held the day before FAA's 2016 Legislative Conference, on January 25 at the Hotel Duval in Tallahassee. The program concludes with a graduation at the FAA Annual Conference & Trade Show in October in Boca Raton.
Discounted 2016 NAA Education Conference Registrations Available Now
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
Market Report
NORTHEAST
1/21 Newly Completed University Student Housing Facility Changes Hands in Jacksonville for $18 Million
W. P. Carey Inc., a global net lease real estate investment trust (REIT) specializing in corporate sale-leaseback and build-to-suit financing and the acquisition of single-tenant net lease properties, announced that CPA:17 Global, one of its managed non-traded REITs, has acquired a 70,000 square-foot, newly constructed student residence hall in Jacksonville, for approximately $18 million. The facility is triple-net leased on a long-term basis to Jacksonville University. The seller was Rimrock Devlin Development, a full service national developer based in Lake City. Read more
Southside apartment complex sells for $39 million near Town Center
A 240-unit apartment complex on the Southside sold for about $39 million to a South Florida real estate company, according to the broker representing the seller.CRBE Executive Vice President Brian Moulder said the deal on Terraces at Town Center closed after heavy interest from buyers since the property was first marketed late in 2014. Moulder's partner in the deal was Dhaval Patel, also an executive vice president with CBRE. Read more
CENTRAL FLORIDA
Construction kicks off new apartments, shops, lakefront restaurants in Casselberry
The city on Jan. 26 will host a groundbreaking celebration on Lake Concord Park, a new project featuring luxury apartments, shops and waterfront restaurants on U.S. Highway 17-92 and Triplet Lake Drive, between State Road 436 and Seminola Boulevard. Read more
112 new apartments in the pipeline for Kissimmee
Royal American Development Inc. bought 4.5 acres on Irlo Bronson Memorial Highway/U.S. Highway 192 near State Road 417 for the development of a 112-unit, 55-plus apartment community. Read more
More apartments poised to bring 340 new jobs to Central Florida
Stonegate Development Inc., developer of apartments for senior residents, is eyeing Central Florida for some major growth. The company, which encompasses Lake Nona Senior Housing LLC that's building a new 120-apartment complex by fourth-quarter 2017, is seeking land on U.S. Highway 27 to kick off other projects similar to the one in Lake Nona. Read more
Carroll Snaps Up Three More Multifamily Assets
Carroll Organization has acquired three properties with a total of 1,438 units: La Palazza at MetroWest, The Cottages at Hunter's Creek, and Knightsbridge at Stoneybrook. Two of the multifamily properties will be rebranded as Arium MetroWest and Arium Hunter's Creek, respectively. Knightsbridge will continue to operate under its current name. All three multifamily properties will be managed by Carroll Management Group. Read more
Carroll Organization Closes Out 2015 with Sale of 526-Unit ARIUM Barber Park in Orlando
Carroll Organization announced today that it has completed the sale of ARIUM Barber Park in Orlando. This 526-unit community was originally purchased in April 2013, and was Carroll's first in the Orlando market. Read more
Preferred Apartment Communities Acquires 528-Unit Multifamily Community in Orlando
Preferred Apartment Communities announced the acquisition of a 528-unit Class A multifamily community in Orlando, constructed in 2008 and known as The Village at Baldwin Park. Read more
BAY AREA
Preferred Apartment Communities Acquires 342-Unit Multifamily Community in Tampa, Florida
Preferred Apartment Communities announced that it acquired a newly constructed 342-unit Class A multifamily community in Tampa, Florida named Crosstown Walk. Read more
Camden out, new developer pursuing big apartment development South of Gandy
Pollack Shores Real Estate Group is moving forward with a South of Gandy apartment development after Camden Property Trust walked away from the deal. Pollack Shores, based in Atlanta, has proposed 288 units on the 12.3-acre site between Lois and Manhattan avenues just south of the Walmart Supercenter on Gandy Boulevard. Read more
Lender on 23-story apartment tower in downtown Tampa 'excited' for $70M deal
California-based PCCP LLC said Monday that it is backing Atlanta-based Carter's 23-story apartment tower on North Franklin Street. Carter closed on the 1-acre block in September for $6.4 million and began demolition of the existing structures on the site in mid-December. Read more
SOUTHEAST FLORIDA
Codina-Carr announces new apartment project in Miami-Dade
A company headed by veteran developers Armando Codina and James Carr has taken over development of an apartment project that's expected to break ground this year in Miami-Dade County's West Kendall.The 150-unit project was approved for an 8.2-acre site at the southeast corner of Kendall Drive and Southwest 172nd Avenue. Read more
Mixed-income senior housing to open in west Coconut Grove
Gibson Plaza offers 50 affordable and six market-rate apartments for people 55 and older. All the units have been leased.According to developers Pinnacle Housing Group, the project is the West Grove's first major multi-family residential development in five decades. It is at 3629 Grand Ave., Miami. Read more
BBX Capital Real Estate Inks JV with The Altman Companies to Develop Miami Apartment Community
BBX Capital Real Estate, a division of BBX Capital Corporation, announced it has entered into a joint venture agreement with The Altman Companies to develop Altis at Bonterra. Located within BBX Capital Real Estate's Master-Planned community of Bonterra in Hialeah, Altis at Bonterra plans to develop 314 apartment homes on approximately 14 acres. Read more
Greystone and ALTA Developers Sell Luxury Apartment Community in Miami
Greystone, a New York-based real estate development and advisory company, and ALTA Developers, a South Florida-based real estate development firm, jointly announce the sale of The Mile to Monogram Residential Trust, Inc., an owner, operator and developer of luxury apartment communities in select markets across the United States. Topped off in July 2015, The Mile's construction is expected to be completed during Q1 2016. Co-developed by Greystone and ALTA over the last two years, The Mile is a 13-story, 120-unit luxury rental community with street-level retail at 3622 S.W. Coral Way. Read more
What's New Nationally
Joe Scarborough to Deliver Keynote at NAA Capitol Conference
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.