June 2016 E-Newsletter
What's New in the FAA
Nominations for Executive Committee, Hall of Fame Due August 1
Time Is Running Out for Early Bird Discount on 2016 FAA Annual Conference & Trade Show Registration
Get on Board for APAC and Support Legislative Victories for the Apartment Industry
What's New Around the State
What's New Nationally
NAA/NMHC White Paper on Resident Screening Policies for Ex-Offenders Now Available
This October, NOI Stands for New, Original, Innovative.
APTly Spoken Blog — Overtime Rule Shows President’s Power Without Congressional Action
What's New in the FAA
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.
Time Is Running Out for Early Bird Discount on 2016 FAA Annual Conference & Trade Show Registration
Early bird registration for the 2016 FAA Annual Conference & Trade Show on October 5-7 at the Boca Raton Resort & Club in Boca Raton ends Tuesday, July 26. 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.
Get on Board for APAC and Support Legislative Victories for the Apartment Industry
Support FAA's Apartment Political Action Committee (APAC) by attending the All Hands on Deck for APAC yacht party sponsored by RentPath and CORT on October 5 at the FAA Annual Conference & Trade Show. The evening cruise around Boca Harbor aboard a luxury super yacht includes an open bar, heavy hors d'oeuvres, music, dancing, and an auction. Tickets can be purchased with full registration to the FAA Annual Conference & Trade Show or separately for $160.
What's New Around the State
Market Report
PANHANDLE
6/2 Preferred Apartment Communities Acquires Student Housing Community
Preferred Apartment Communities announced the acquisition of Campus Circle, a 219-unit, 679-bed student housing community located near Florida State University in Tallahassee. PAC acquired this asset through its wholly-owned subsidiary Preferred Campus Communities. Read more here, here, and here.
NORTHEAST
6/17 Vestcor Receives Approval for Affordable Urban Loft Development in Downtown Jacksonville
Vestcor announced that Lofts at LaVilla has received final approval from the Downtown Development Review Board. The 130-unit urban community will be at the corner of West Bay and Lee Streets, across from the Prime Osborn Convention Center and will have 11 studios, 56 one-bedroom, 60 two-bedroom and 3 three-bedroom apartments. Read more here and here.
CENTRAL
6/11 Atlanta firm buys 4th Florida rental property
RADCO Companies paid $111,458 per unit for the 288-unit Class B community in Winter Park. Read More.
6/1 Preferred Apartment Communities Acquires 487-Unit Multifamily Community
Preferred Apartment Communities announced the acquisition of a 487-unit Class A multifamily community in Orlando, constructed in 2008 and known as Grandeville at Avalon Park. Read more.
BAY AREA
6/19 Largo rental complex with 444 units fetches $54M
A 444-unit apartment complex in Largo sold for $54 million, or $121,622 per unit.The sale price per unit was a record in Pinellas County for a large, off-waterfront multifamily property, according to brokerage firm Berkadia, which negotiated the sale. Read more.
6/17 Blue Rock Premier Acquires 776-Unit Apartment Community for $70M in Tampa Bay
The Park at Valenza adds a mix of one-, two- and three-bedroom apartments to Blue Rocks growing 9000-plus Florida portfolio. Read more.
6/3 Wendover Housing Completes Seniors Development in Tampa
Wendover Housing Partners, a privately held real estate development, investment, and management company, has opened its first affordable senior community in Tampa. The $14.5 million Haley Park Apartments features 80 units. Read more.
TRI-CITY AREA
6/14 Bradenton’s Cypress Winds Apartments sell for $33 million
Aspen Square Management, a West Springfield, Mass., company with apartment holdings in 14 U.S. states, sold the 300-unit Cypress Winds Apartments at 6904 Manatee Ave. W. on May 25 to GSC of Richmond, Va., according to Manatee County property records. Read more.
SOUTHEAST
6/21 Dome Equities Acquires North Miami Apartments
Dome Equities has announced its acquisition of Alta Mira, a 240-unit Class A apartment community in North Miami, the firm's eighth Florida property. Read more.
6/17 Luxury 360-Unit Multifamily Community Changes Hands in Boca Raton for $77 Million
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community in Boca Raton. The $77 million sales price equates to nearly $214,000 per unit. Read more.
6/14 New Metropolitan apartment complex opens in Wilton Manors
A four-story apartment building featuring an herb garden, dog park, and private garages has replaced a rundown trailer park in Wilton Manors. The 179-unit Metropolitan is at 1220 NE 24th St., near Dixie Highway, which has seen a revitalization in the past 18 months. Read more. The community has earned a Florida Apartment Association Smoke-Free Certification at the silver level.
6/13 Starwood Capital Group Selects Construction Firm to Complete Miami Beach Luxury Multifamily Projects
Newport Property Construction has been tapped by Starwood Capital Group to complete two South Florida multifamily renovation projects including high-end luxury apartments at the Miami Beach Roney Palace, and hundreds of units at Palm Trace Landings in Davie. Read more.
6/9 South Florida Company Tapped to Complete 2 Multifamily Projects
Newport Property Construction, Ltd. has been tapped by Starwood Capital Group to complete two South Florida multifamily renovation projects including luxury apartments at the Miami Beach Roney Palace, and hundreds of units at Palm Trace Landings in Davie. Read more.
6/8 2 mixed-use projects proposed in Miami’s urban core include apartments
M-Tower at 56 S.W. 1st St. in downtown Miami would total 637,406 square feet in 53 stories, with 440 apartments, plus office space, retail, and a pool deck with a gym.The Megacenter Brickell project just west of the Brickell area would include a nine-story apartment building with 57 units, plus a rooftop pool deck. Read more.
6/8 Mill Creek Acquires 448-Unit Emerald Bay Club Apartment Community in Boca Raton
Mill Creek Residential has announced the acquisition of Emerald Bay Club Apartments, a 448-unit two-story garden-style community in the West Boca submarket. Mill Creek will rebrand the community Alister Boca Raton and renovate it. Read more here and here.
6/7 Florida Crystals proposes apartment project in Palmetto Bay's new downtown district
The developer, through subsidiary FCI Palmetto Bay, plans to build 271 apartments plus 7,010 square feet of retail at 17945 Franjo Road (S.W. 97th Ave.), according to a spokesperson. Read more.
6/4 Cape Coral affordable housing sells above list price
A Fort Lauderdale-based executive of brokerage Marcus & Millichap handled the sale of an affordable-housing development near Cape Coral for $8.5 million, well above the list price. The sale price of the 168-unit Crossings at Cape Coral, financed by the Low Income Housing Tax Credit, was $600,000 above the list price. Read more.
6/3 Hollywood apartment complex flipped for $39M, marking $9M profit
Miami-based CFH Group has sold Sunset Palms, a 318-unit Hollywood complex, for $38.5 million. Records show Sunset Palms United LLC bought the property at 7400 Stirling Road. Les Chalet Investments LLC had paid $29.9 million for the complex, formerly known as the Conquistador Apartments, in May 2015. Read more here and here.
6/3 New York firm sells South Florida apartments for $26M
The Serrano Apartments near Greenacres sold for $25.95 million, five years after they traded in foreclosure. PA Country Lake LLC, an affiliate of New York-based AION Partners, sold the 192-unit apartment complex at 6010 Sherwood Glen Way to Tampa-based GP Serrano. Read more.
6/3 Big developer scores $47 million apartment construction loan
Ram Realty Services broke ground on the Cortina apartment project in Boynton Beach after securing a $47.15 million construction loan from JPMorgan Chase Bank. Read more.
5/27 Developer scores construction loan to build apartment tower in downtown Miami
Property Markets Group secured an $80 million construction loan from Centennial Bank to begin work on a 464-unit apartment tower in downtown Miami. Read more.
5/26 Apartment developer plans new project in Miami's Brickell
Orlando-based apartment developer Zom plans to build a 23-story rental tower in Miami’s booming Brickell neighborhood. Read more.