January 2017 E-Newsletter


What's New in the FAA

Cavarretta Scholarships Awarded to 2017 Leadership Lyceum Students

FAA Members to Share 3 Priority Issues with Legislators

Discounted 2017 NAA Education Conference Registrations Available from FAA

New Pricing Structure Now in Place for FAA Lease


What's New Around the State


Market Report

What's New Nationally

Industry Insider: Housing Associations Support Carson at HUD, Some Housing Experts Don’t

Connect with NAA: Robin Roberts to Be Keynote

APTly Spoken Blog: Washington Update - January 2017 by Greg Brown

Supplier Updates


Sponsorship Opportunities Announced for 2017

What's New in the FAA

Cavarretta Scholarships Awarded to 2017 Leadership Lyceum Students

Thanks to the Nan Cavarretta Memorial Scholarship Fund, Jason D. Howard of Progressive Management of America Inc. and Bobbie Bailey of Seminole Ridge Apartments will have their registration fees and travel costs associated with the 2017 FAA Leadership Lyceum covered.

The program, which awarded its first scholarships last year, was established in 2015 in memory of multifamily housing professional Nan Cavarretta, who was passionate about educating future leaders in the industry and who served in several volunteer roles at the National Apartment Association, Florida Apartment Association, Apartment Association of Greater Orlando, and Space Coast Apartment Association.

We asked this year’s recipients some questions about the scholarship and the fast-approaching Leadership Lyceum. Check out what they had to say:

1. What is your background in the apartment industry?

Jason: I have 16 years in the apartment industry. Starting from maintenance technician I in 2001 and progressing through maintenance technician III, I skipped leasing and went to property manager, held the role of assistant regional director, to my current position of regional director, which I’ve held for three years.

Bobbie: I have been in the apartment industry for a little over three years.I started out employed with a furniture leasing company that provided furniture to student housing communities.I fell in love with the idea of working at one of the facilities. I was offered a position as a property manager of a small student housing community a little over three years ago, and I have loved every minute of it.

2. What qualities do you think a recipient of this scholarship should possess?

Jason: A willingness to better themselves and a love/passion for the multifamily industry.

Bobbie: I think they should possess a strong commitment to the mission and the strategic objective of the associations.I think the person/persons should have the desire to volunteer and help move their organization forward in this industry.They should also want to learn all they can to make the association even greater than it already is.

3. What are you most looking forward to about Leadership Lyceum?

Jason: Learning. Absorbing as much information as I can to put into action for our association (ECAA). I’m excited to meet new people in (FAA) and utilize them as a resource and create new friendships within our team.

Bobbie: I am looking forward to learning all that I can about FAA and all of the associations.I am also looking forward to meeting new people in the industry and learning what I can do to help my local association grow more in this community.

4. What qualities do you most hope to gain with the help of Leadership Lyceum?

Jason: I hope to broaden my vision — really dig in and be able to take any tools and put them in place. My goal is to serve in a leadership role, and I can’t be completely satisfied unless I explore all options that are available. So as far as what qualities I hope to gain ... well, whatever is learned will be put to action.

Bobbie: I hope to gain more knowledge of the apartment association and how I can help it grow. I hope to learn more about the laws and regulations and the legislative changes.

5. How will you prepare for Leadership Lyceum?

Jason: In all honesty I will pick the brain of our president, Whitney Briones, as she just completed this course this past year. I will also be working with our association executive, Lisa McLemore, who has taken this program in the past.

Bobbie: I will be asking lots of questions of my peers who have attended the Lyceum already.

6. Where do you hope to be, in the apartment industry, in five years?

Jason: I hope to be right where I’m at, with the company that currently employs me (Progressive Management of America Inc.). I’m a regional director here, so I’m fine doing what I know and what I love!

Bobbie:I would like to be a regional manager.

The first of the three Lyceum modules — Professional Development — will be held the day before the 2017 FAA Legislative Conference, on February 6 at the Hotel Duval in Tallahassee. The program concludes with a graduation at the FAA Annual Conference & Trade Show in October at Disney’s Contemporary Resort in Orlando. Candidates have two years to complete the entire program, and can graduate at the subsequent conference.

FAA Members to Share 3 Priority Issues with Legislators

FAA members who travel to Tallahassee next week will talk with legislators and staffers about full funding of the Sadowski Affordable Housing Trust Fund, maintaining a 10 percent cap on assessments of non-homesteaded properties, and keeping administrative remedies in place for housing discrimination cases

Read more about the issues:

Support full funding of the Sadowski Affordable Housing Trust Fund to build more affordable units in Florida.
Support Senate Joint Resolution 76 to save the non-homestead property assessment cap.
Limit frivolous civil suits against apartment communities.

The headquarters hotel for the 2017 FAA Legislative Conference has sold out. Overflow accommodations are available at: Courtyard Tallahassee Capital, 1018 Apalachee Parkway, Tallahassee. Call 1-800-627-7468 and mention "Florida Apartment Association" for the discounted group rate of $165, or click here now to make your hotel room reservation online.

Tuesday, February 7, 2017
8:30 - 9:50 a.m. Executive Committee Meeting
10 - 10:40 a.m. APAC Board of Directors Meeting
10:45 - 11:30 a.m. Legislative Committee Meeting
11:30 - 12:45 p.m. Lunch Sponsored by CCAA
11:45 - 12:45 p.m. AE Council Meeting
1 - 4 p.m. Board of Directors Meeting
5 - 6 p.m. Reception
6 - 8:30 p.m. Legislative Briefing Dinner

Wednesday, February 8, 2017
9 a.m. - 5 p.m. Legislative Office Visits

Please contact Courtney Barnard, FAA government affairs director, at courtney@faahq.org if you have any questions. See you in Tallahassee!

New Pricing Structure Now in Place for FAA Lease

The National Apartment Association (NAA) has begun transitioning to the unit-based pricing structure that replaces the click-based pricing structure for the FAA Lease (Click & Lease, powered by Blue Moon Software).

During this transitional year, the lease program will operate on two systems: the per-unit pricing system for new sales and renewals (administered by NAA), and click-based pricing (administered by FAA).

NAA’s new unit-based pricing structure will automatically be applied when a property renews its annual Blue Moon site license in 2017. Until a property transitions to the per-unit pricing structure, the property will continue to order clicks. Properties may also switch to the new per-unit pricing structure before their annual Blue Moon license renewal date. For more information on that, contact Gina Torretti, manager of NAA lease program operations, at 703-797-0690 or gtorretti@naahq.org.

The annual renewal fee for the units-based model is calculated using the following formulas:

Apartment Package (50 units or more per community):
NAA affiliate membership dues (based on property location)
$300 Blue Moon site license fee
$2.99 annual per-unit fee
Small Owner Package (fewer than 50 units per community):
NAA affiliate membership dues (based on property location)
$100 fee for first 20 units
$5 per-unit for additional units
If you have questions, please email rona@faahq.org.

Celebrate APAC with Food, Wine, Fireworks

Kick off the 2017 FAA Annual Conference & Trade Show in style by attending Food, Wine, and Fireworks, an APAC Celebration at Epcot. Tickets include private transportation to Epcot and an evening of drinks, desserts, and a breathtaking viewing spot for Disney's "IllumiNations: Reflections of Earth" fireworks spectacular.

The celebration begins at 8 p.m. on Wednesday, October 11, and benefits the advocacy efforts of FAA's Apartment Political Action Committee. You can purchase your ticket now by emailing Courtney@faahq.org. Tickets may also be purchased with your full conference registration, which will be available Monday, April 3, at faahq.org.

This event is expected to sell out well in advance of the conference. Tickets are $195 and are limited to 450 guests (approximately 300 tickets remain). Those purchasing ticket bundles will receive one free ticket for every 10 purchased. Please email Courtney@faahq.org with any questions.

What's New in the State

Market Report


12/17 New Yorkers buy Tallahassee rentals for $58K each

Commercial brokerage Marcus & Millichap announced the sale of a Tallahassee apartment complex for $58,854 per unit. The 96-unit Pines Apartment Homes at 3801 Mission Trace Boulevard in northwest Tallahassee sold for $5.65 million. Read more.


1/26 Shepherd Health acquires Countryside Lakes Senior Living Community in Port Orange

Shepherd Health, a Miami-based real estate development company, has purchased Countryside Lakes, a 146 Unit Independent and Assisted Living community in Port Orange. Read more.

12/20 Bluerock Residential Growth REIT acquires 320-Unit apartment property in Port St. Lucie

Bluerock Residential Growth REIT Inc. has acquired the 320-unit, multifamily Apex Prima Vista Apartments ("Apex") in Port St. Lucie. The company acquired the property through a joint venture for a total purchase price of approximately $38.3 million, or approximately $120,000 per unit. Read more.

12/19 3 Orlando-area apartment communities sell for a combined $107M

A Windermere apartment community sold for $56 million, the second time it's changed hands in less than two years.The transaction was was part of a $242 million portfolio purchase, which included six properties with a total of 1,460 apartment units in Florida and Texas. Read more.

12/18 Central Florida rentals sold fast to California buyer

NNN Advisors announced the $2.05 million sale of a 38-unit apartment complex in Central Florida that spent two days on the market before going under contract. Read more.

12/15 Avesta Communities raises $2.25M Via RealtyShares Crowdfunding Marketplace to Diversify Capital Investment in Orlando Apartment Community

RealtyShares today announced that its community of investors has raised $2.25 million to recapitalize and fund the renovation of Avesta Bridgewater, a 344-unit apartment community in Orlando. The deal is sponsored by Avesta Communities, a vertically integrated multifamily owner-operator specializing in apartments serving the middle-income renter. Read more.

12/1 Robbins Electra acquires 296-Unit Enclave at Lake Ellenor Apartment Community in Orlando

Robbins Electra, a national multifamily owner-operator, has purchased a 296-unit apartment complex in Orlando. The asset, collectively known as Lake Ellenor, was acquired from Timbercreek Fund and will be rebranded as Enclave at Lake Ellenor. Read more.


1/19 New high-rise apartment building opens its doors to high demand in Tampa’s Harbour Island

New high-end apartment living has been introduced to Harbour Island. 500 Harbour Island, located at 500 Knights Run Ave. on Harbour Island in Tampa, is open for leasing, offering the latest in luxury, design and services to apartment residents. Read more.

12/19 ZOM Florida breaks ground on luxury garden apartments in Tampa

ZOM Florida, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners LLC on behalf of a commingled fund managed by the firm, recently broke ground on Azola at Magnolia Park, a 366-unit multifamily apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road. Read more.


1/24 Greystone tops-off Its newest luxury multifamily development in Hot Miami Submarket

Greystone Development’s 14-story mixed-use building, The Aura, at 1501 SW 37th Ave in Coral Gables, has achieved a significant construction milestone, announcing it has topped off. Read more.

1/6 Alliance Residential targeting renter by choice with opening of 800 apartment homes in South Florida

In early 2017, the nation's largest multifamily developer, Alliance Residential Company, will open two of its signature Broadstone properties for the South Florida renter by choice – the elegant waterfront Broadstone Harbor Beach in Fort Lauderdale and swanky 24-story Broadstone at Brickell in Miami's financial district. Read more.

1/4 Morgan opens 421-Unit Pearl Dadeland Luxury Apartment Community in Miami

Morgan, a leader in upscale multifamily development, construction and property management, has started leasing Pearl Dadeland in Miami, its latest premium Pearl community. The eight-story, 412-unit project is a joint venture between Morgan and Invesco. Read more.

12/19 Pollack Shores makes waves in Boynton Beach with $109M apartment purchase

The Pollack Shores Investment Group just bought a Boynton Beach apartment complex for $109 million. County records show Pollack took Boynton’s Las Ventanas apartments off the hands of partners Epoch Properties and Prudential Insurance Company for $221,275 per unit. Read more.


FAA PSC Buyers Guide Upcoming Events