July 2016 E-Newsletter
What's New in the FAA
FAA Wins 2 National Awards for Legislative Efforts
Conference Session Focuses on Doing Well by Doing Good
Nominations for Executive Committee, Hall of Fame Due August 1
Wine Tasting Will Support Nan Cavarretta Memorial Scholarship Fund
What's New Around the State
Florida Metros Are Among Leaders in Rental Supply, Rent Growth
What's New Nationally
APTly Spoken Blog — Actually, We Are Not a More Mobile Society
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What's New in the FAA
FAA Wins 2 National Awards for Legislative Efforts
The Florida Apartment Association received two national awards last month: one from the National Apartment Association and one from Association Media & Publishing.
The NAA Excellence Awards (formerly known as the Paragon Awards) recognize affiliated apartment associations, as well as builders and apartment industry professionals.
FAA was honored in the government affairs category for a two-year effort advocating for legislation that permits on-site staff who have a Certificate for Apartment Maintenance Technicians to repair water heaters, air conditioners, and heating, ventilation, and air conditioning (HVAC) systems. Previously, property managers were required to call a licensed contractor, which often meant long waits and higher costs. The new law, which went into effect July 1, enables maintenance professionals to do the work they are trained to do, reduces costs to apartment communities and management companies, and helps improve the lives of residents when repairs can be completed more quickly. The award was presented to Josh Gold, FAA executive vice president, and Courtney Barnard, government affairs director, at the 2016 NAA Education Conference & Exposition in San Francisco, and was featured in NAA's Units magazine.
The maintenance bill was one component of FAA's 2015 and 2016 legislative advocacy campaigns. At FAA's Legislative Conference, members learned about proposed legislation and then visited the offices of state senators and representatives. FAA created a brochure that presented facts and figures about Florida's multifamily industry and included informational inserts about each of FAA's legislative priorities. After they explained the bills, members left behind a copy of the brochure for easy reference by legislators and staff members. The brochure received a bronze-level Excel Award from Association Media & Publishing, whose members are communications professionals at a variety of associations nationwide. The award was accepted by Laureen Crowley, FAA director of communications, at the AM&P Annual Meeting in Washington, D.C.
Conference Session Focuses on Doing Well by Doing Good
An increasing number of companies are stepping up and embracing corporate social responsibility (CSR) as both a philosophy and a business strategy — and for good reasons. A recent study of more than 10,000 consumers demonstrated that customers prefer to do business with socially responsible companies:
More than 80% consider corporate social responsibility in deciding where to live, where to work, and what to buy.
94% are more likely to trust a company that practices corporate social responsibility.
93% are more loyal to the company's products and services.
Multifamily experts Kate Good, Pete Regules, and Desiree Starr will share real-world examples of communities and management companies that are doing good works and reaping the benefits Thursday, October 6, at the 2016 Annual Conference and Trade Show at the Boca Raton Resort & Club. During this breakout session, you will learn tactics you can implement now so that "doing good" can lead to "doing well" for your company and communities.
Nominations for Executive Committee, Hall of Fame Due August 1
Nominations are now open for the 2016-2017 FAA Executive Committee and for the 2016 FAA Hall of Fame.
Executive Committee
Nominations are being accepted for:
President
Vice president
Treasurer
Secretary
Criteria
Each nominee must be either an owner, a developer, a builder, or an operator with broad senior level experience in multifamily housing.
Each nominee must be employed by a company that is an FAA member in good standing.
Each nominee must acknowledge that election as a FAA officer carries with it a responsibility and must commit to attend all scheduled meetings.
Guidelines
The Nominating Committee will use the following guidelines in establishing a slate:
Candidate’s prior participation in FAA committees and/or their local affiliate.
Candidate’s recognized role:
A. FAA
B. Industry
C. Civic/Social
The nominating committee will interview potential candidates at the FAA headquarters in Orlando in August and then present a recommended slate at the meeting of the FAA board of directors held in conjunction with the Annual Conference & Trade Show October 5-7 at the Boca Raton Resort & Club.
Hall of Fame
Nominations are also open for inductees into the FAA Hall of Fame. Hall of Fame nominations are confidential (nominees are not notified) and require a letter stating the qualifications of your nominee. Inductees will be chosen by a Hall of Fame committee chaired by a past president of FAA. Read more about the Hall of Fame, including previous honorees. Read more about the Hall of Fame committee.
Wine Tasting Will Support Nan Cavarretta Memorial Scholarship Fund
Support the Nan Cavarretta Memorial Scholarship Fund as you enjoy a selection of award-winning wines in a private tasting hosted by a certified sommelier. Cavarretta, a longtime FAA member and leader who was especially active in educational programs for professionals in the multifamily industry, passed away last year.
Admission is a tax-deductible donation of $30 to the Nan Cavarretta Memorial Scholarship Fund, administered by the Apartment Association of Greater Orlando Foundation. The scholarship funds continuing education for emerging leaders in the multifamily housing industry through FAA's Leadership Lyceum program.
What's New Around the State
Market Report
NORTHEAST
7/28 Jacksonville Apartment Community Sells for $33.5M in Fast-Growing Area
The Century Bartram Springs apartment complex in southern Duval County has been bought by a New York investment firm for $33.5 million, according to the brokers that represented the seller. The property was built in 2005 and includes 268 units and sold for $125,000 per unit. Read more.
7/27 Why a Tampa Company Invested $137M in Jacksonville Apartments
Blue Rock Premier Properties LLC and its Konover South LLC have invested more than $137 million in Jacksonville’s multifamily real estate market, buying nearly 2,000 units and representing a major investment in the area. Read more.
7/22 Indiana Company Investing in Jax Beaches Area Buys Another Property
The 28-unit Villas at Atlantic Beach apartment community in Jacksonville, FL was sold on June 30 for $1,600,000 or $57,143 per unit. Read more.
7/22 Southside Apartment Community Sells for $24.6M to South Florida Investor
A 38-building apartment complex on the Southside has been sold for $24.6 million to a South Florida commercial real estate company, according to the brokers representing the seller. Read more.
6/29 Durbin Park Development Plans Include 999 Apartments
Gate Petroleum Company and Gatlin Development Company have announced plans for Durbin Park, a 1,600 acre, mixed-used development near the new intersection being built at Interstate 95 at State Road 9B in northern St. Johns County. Durbin Park will include an estimated 2.4 million square feet of retail, 2.8 million square feet of office space, 999 multifamily units and 350 hotel rooms. Read more.
CENTRAL
7/22 Horizon West to Get 316 New Apartments
Boyd Development Corp. expects crews to break ground in September on a new 316-unit complex called LakeWalk at Hamlin Apartments. Read more.
7/21 New Shops, Apartments Coming to Oviedo in $36M Project
The $36 million project, dubbed The Strand Apartments, is a planned 279-unit apartment complex with multiple parking garages that also will have 15,000 square feet of ground floor office and retail space. Read more.
7/1 Community Sells for $44.5M; 552 New Units on Tap
Pine Harbour Apartments at 10600 Bloomfield Drive in Orlando were bought by Pine Harbour Apartments LLC, an entity related to Glenview, Ill.-based Providence Management, on June 29, according to Orange County records. Plans for two new projects have been submitted for review. Read more.
6/30 Arm of Berkshire Hathaway Bankrolls, Arranges Sale of 5 Orlando Apartment Properties
The sales of about a half dozen apartment complexes in Metro Orlando for $141 million come as Orlando rents have climbed 4.9 percent during the past year, according to ApartmentList.com. Read more.
6/29 Nonprofit Obtains Funding to Rebuild Apartment Community on Orlando's Mercy Drive
State officials have approved $26.1 million in tax credits and loans to a nonprofit agency that will build 166 "high-quality" apartment units on what is now a blighted stretch of Mercy Drive. Read more here.
6/27 Praedium Group Acquires Integra Cove Apartment Community in Orlando for $60.4 Million
Developed in 2015, Integra Cove is among the newest assets in Orange County. Chris Hughes, Principal of The Praedium Group, made the announcement on the investment firm's most recent acquisition. Read more.
BAY AREA
7/23 Developer Breaks Ground on Affordable Apartments in Holiday
The Park at Wellington is a $37.9 million, 220-unit affordable housing community for working families off U.S. 19 N in Holiday at 4369 Sunray Drive in Pasco County. It’s about 30 miles north of Tampa. Read more.
7/9 Atlanta Firm Acquires Rental Community in Tampa
Atlanta-based RADCO Companies paid $20.1 million for a 32-year-old apartment community in Tampa and plans to spend $5.2 million renovating the property. RADCO acquired the 372-unit Newport Villas Apartments in Tampa, which the company renamed Mabry Manor. Read more.
SOUTHEAST
7/25 Apartment Project near Golf Course to Break Ground in Deerfield Beach
AHS Development will soon break ground on the Village at Crystal Lakes apartment project in Deerfield Beach after receiving a $13.5 million construction loan. The project will have 125 apartments for a combined 109,051 square feet. The community will consist of three five-story buildings and a pool. Read more.
7/22 Tamarac Apartment Community Goes for $27.2M
White Eagle Property Group purchased the Midora at Woodmont apartments under two limited liability companies titled Selwyn Midora Owner and We Midora Owner on July 21. The deal breaks down to roughly $137,000 per apartment unit and $2 million per acre, according to Broward County property records. Read more.
7/22 North Miami Apartment Community Fetches $117M
The Blackstone Group just added a massive apartment complex to its South Florida portfolio for $117 million. The New York-based financial giant pocketed 871 apartments that make up North Miami’s Portofino at Biscayne, a sprawling 23-acre development built in 1974. Read more.
7/13 Fort Lauderdale Property Trades for Nearly $54M
Melo Real Estate, a Miami-based boutique real estate firm, recently brokered the $54 million sale of a 408-unit multifamily community located in Fort Lauderdale. Parrot’s Landing LLC purchased Parrot’s Landing Apartments from an affiliate of Toronto-based Brass Enterprises for approximately $131,800 per unit. Read more.
7/7 TGM Associates Acquires 160-Unit Ocean Front Multifamily Community in Boca Raton
TGM Associates announced the acquisition of TGM Oceana, a two building mid-rise apartment community with 160 units and 10 deep-water boat slips, located in Boca Raton. Read more.
7/6 Apartment Project near Miami Transit Station Breaks Ground
Mill Creek Residential has broken ground as it secured a $39.39 million construction loan for the second phase of its Modera Douglas Station apartments in Miami. Read more.
7/5 Parrot’s Landing in North Lauderdale Sold for $53.75M
Dedicated Parrots Landing, an affiliate of Toronto, Canada-based Brass Enterprises, sold the 408-unit apartment complex at 7900 Hampton Blvd., to Parrot’s Landing LLC, managed by Indra Singh in Lauderdale Lakes. Arbor Realty provided a $48.6 million mortgage to the buyer. Read more.
7/1 Recently Constructed Apartment Community Sold for $56M
The two-year-old Jefferson Palm Beach apartments in West Palm Beach have traded for $56.1 million. Read more.
6/28 Big Project Proposals in Plantation Include Apartments in an Office Park
Mill Creek Residential plans to build an apartment complex in the Cornerstone Corporate Center just north of Interstate 595. The 330-unit Cornerstone Millcreek would be situated on the 6.3-acre site at 1240 S. Pine Island Road. It’s currently zoned for office, so it would require a zoning change to allow mid-rise residential. Read more.