March 2016 E-Newsletter
What's New in the FAA
Closing Keynote Speaker Announced for 2016 Annual Conference & Trade Show
Limited Number of Discounted 2016 NAA Education Conference Registrations Available
What's New Around the State
What's New Nationally
NAA Industry Insider: What the "Me" Generation Looks for in a Rental Unit
NAA Announces Keynote Speakers for Conference in June
NAA Connect — Are You Ready to ‘Celebrate Home?’ National Apartment Housing Day (#aptday) is April 5
APTly Spoken Blog — NAA Capitol Conference Sets New Records, Kicks Off Advocacy 365
Supplier Updates
Position Your Brand with a Platinum Sponsorship for FAA's Annual Conference & Trade Show
Build Your Memory Power at PSC Seminar
What's New in the FAA
Closing Keynote Speaker Announced for 2016 Annual Conference & Trade Show
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, who 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.
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.
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.
Legislative Update
Two major pieces of legislation that may positively affect the multifamily industry passed during the session that ended on March 11.
Firstly, a bill drafted by FAA to allow Certified Apartment Maintenance Technicians (CAMTs) to repair HVAC, water heater, and AC units passed the House and Senate unanimously. FAA has been promoting this legislation for two legislative sessions. HB 535 sponsored by Rep. Dane Eagle (R-Cape Coral) was voted on and overwhelmingly passed 116-0 on March 3. The Senate bill, SB 704, sponsored by Sen. Travis Hutson (R-Palm Coast) was "laid on the table," and the Senate adopted the House version of the bill. The bill was read and voted on on March 9 and passed unanimously with a vote of 38-0. All passed bills were sent to the governor to be signed into law.
Additionally, as part of the Sadowski Coalition, FAA helped to secure $200 million in funding for affordable housing. Affordable housing funds are derived from ''doc stamp'' revenue (taxes collected from real estate transactions) and are distributed by the state in the form of loans. These loans are used to refurbish aging affordable housing units and build new housing, which serves Florida's most vulnerable populations (veterans, senior citizens, people with disabilities, and those experiencing homelessness). The funds help to limit inclusionary zoning, and have a positive economic impact on the state's economy.
In addition to supporting this legislation, FAA took a defensive strategy regarding several important bills:
SB 474/HB 53, sponsored by Sen. Oscar Brayon (D-Miami Gardens) and Rep. Daphne Campbell (D-Miami Shores) respectively, would have had devastating implications for the multifamily industry. This legislation would have established criminal penalties for apartment owners and employees who do not meet the maintenance requirements specified in CH 83.51-83.59. This legislation would have allowed a landlord or apartment employee to be charged with a misdemeanor for the first offense and potentially a felony if standards of annual repairs and pest control are not met. According to the state Department of Corrections (Statute 775.083) a third-degree felony could result in a sentence of up to five years in prison and/or a $5,000 fine. A first-degree misdemeanor is punishable by a fine of up to $1,000. FAA is committed to keeping criminal penalties for landlords and apartment employees out of landlord-tenant law and was able to keep this legislation from being heard in a single committee meeting.
SB 40, sponsored by Sen. Eleanor Sobel (D- Hollywood), would have mandated increased playground equipment inspections and would have required apartment communities either to pay a certified playground equipment inspector to conduct the inspections or to send an apartment community staff person for training and licensing to become a certified playground inspector. This legislation was not heard in any committee meetings.
SB 7008/ HB 339, sponsored by Sen. Jeremy Ring (D-Margate) and Rep. Darryl Rouson (D-Saint Petersburg) respectively, would have allowed a resident to seek civil action against an apartment community for housing discrimination before going through any of the current state-required administrative remedies (such as mediation). The bill also would have doubled the time frame currently allowed in Florida to seek civil action (from one year to two years). Staff analysis of the bill revealed that Florida may not be in compliance with the Department of Housing and Urban Development and could risk losing HUD funding if some of the administrative remedies are not removed under Florida law. The bill died in messages and may be filed again in 2017.
SB 1406/ HB 849, sponsored by Sen Oscar Braynon (D-Miami Gardens) and Rep. Cynthia Stafford (D-Opa Locka) respectively, would have changed the requirements for a resident to pay rent into a court registry during eviction proceedings. Under current Florida law, during an eviction a tenant can withhold rent payments to a landlord, but the tenant is required to pay the accrued rent into the court registry. SB 1406/HB 849 would have permitted the court to waive this requirement if the landlord fails to comply with certain requirements, including applicable building, housing, or health codes, if the landlord is acting in bad faith, or if the landlord violates other existing provisions. This legislation died before being voted on in any committee meetings.
One piece of legislation supported by FAA did not pass in 2016. SB 342/HB 327 would have allowed a landlord to specify in a lease if renters insurance is required by the community to state in the lease the amount and types of coverage required. SB 342 sponsored by Sen. Audrey Gibson (D-Jacksonville) passed a final vote of 39-0 in the Senate. The House companion, HB 327 sponsored by Rep. Bobby Dubose (D-Fort Lauderdale), died in its second committee.
2016 proved to be an incredibly successful legislative year for the multifamily industry. Our continued success depends on the financial strength of APAC. Consider your APAC contribution as a form of business insurance. You are making an investment to ensure the election of candidates who will help protect our industry. Remember, your freedom to do business depends on our continued ability to advocate for your issues!
Please email Courtney@faahq.org with any questions regarding the FAA legislative priorities.
Limited Number of Discounted 2016 NAA Education Conference Registrations Available
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
2/29 New York Investment company pays $54 million for OakLeaf Town Center
The Sembler Co. sold OakLeaf Town Center for $53.6 million to Katz Properties LLC, a New York-based real estate investment and management company. Katz Properties announced the 314,533-square-foot regional center in Southwest Jacksonville is its third acquisition in Florida over the past 18 months. Read more.
CENTRAL
3/15 Campus Advantage Acquires 930-Bed Off-Campus Student Housing Community in Orlando, Florida
Campus Advantage, a leading student housing company, acquired The Edge in Orlando, Florida, as part of the company's investment strategy to acquire highly occupied properties near major, high-growth universities such as the University of Central Florida (UCF).The acquisition of The Edge makes Campus Advantage one of the largest acquirers of student housing assets with more than $675 million in acquisitions. Read more.
3/9 Dougherty Mortgage Closes $18M HUD Construction Loan for Davenport Apartment Community
Dougherty Mortgage LLC has closed an $18 million HUD 221(d)(4) loan for the construction of The Portofino at Champions Gate, a 120-unit apartment community in Davenport. The property will be built within the Champions Gate area of the city. Read more.
3/7 Senior Projects on Tap for Altamonte, Casselberry
Developers are underway with two Orlando-area projects aimed at seniors: a community with 158 units near Casselberry and another with a 16-story tower at Crane's Roost in Altamonte Springs. North of Winter Park and near Casselberry, Allegro Senior Living has started on a rental community that will include independent living, assisted living, and memory care in 174,000 square feet with lakefront views near Howell Branch Road and Semoran Boulevard.And in Altamonte Springs, Nine Wicket Senior Developers of Altamonte LLC announced it would build a tower with 200 independent-living apartments. In addition to that project, the developer will also build a 10-story property with 100 "luxury executive" units at 200 Cranes Roost Drive.The Crane, as the overall project is called, will include about 500,000 square feet with a restaurant that is open to the public for lakeside dining. Read more.
3/4 New $46.5M Lakefront Project in the Works near Lake Nona
A South Florida apartment developer has plans brewing for a new luxury apartment complex across the street from Lake Nona High School in southeast Orlando. Wellington-based The Bainbridge Cos. LLC expects to start construction in June on a new $46.5 million, 288-unit Class A apartment complex called Bainbridge at Nona Place on the northeast corner of Narcoossee and Tyson roads. Read more.
BAY AREA
3/15 KeyBank Provides $22.4M Fannie Mae Loan for Davenport Apartment Community
KeyBank Real Estate Capital has provided a $22.4 million Fannie Mae first mortgage loan for Landings at Four Corners, a 270-unit multifamily apartment complex located in Davenport. Read more.
3/8 New Developer Takes Over Apartment Building Plans near Straz Center
A new developer has taken over the vacant property north of the Straz Center for the Performing Arts downtown and filed plans for a five-story, 394-unit apartment complex. Crescent Communities of Atlanta, which built the popular Crescent Bayshore complex that is now known as 2Bayshore Apartments, will call the new complex at 109 W. Fortune St. the Crescent Riverwalk. Read more.
SOUTHWEST
3/4 CAPREIT Expands in Sunshine State with Acquisition of Waverley Place Apartments in Naples
CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced the acquisition of Waverley Place, a 300-unit apartment community located minutes from the beach on the Sunshine State's west coast. CAPREIT will renovate portions of the community while maintaining many of the amenities already in place. Read more.
SOUTHEAST
3/19 Construction Begins on Davie Rental Development
Construction has started on a 259-unit rental apartment development in Davie called PARC 3400, expected to open in the spring of 2017. The developer is a joint venture of Giles Capital Group, FSG Holdings and Rosemurgy Properties, which own the eight-acre construction site at 3400 Davie Road. Read more here.
3/17 Morgan Announces Construction Plans for Luxury Apartment High Rise in Miami
Morgan, a leader in upscale multifamily development, construction and property management, plans to break ground during the second quarter of 2016 on a luxury apartment high rise in Miami. Named Pearl Midtown 29, the 20-story tower with 309 units is a joint venture between Morgan and Mesirow Financial. Read more.
3/16 Developer to Break Ground on 226-apartment Project
Compson Associates plans to break ground in March on a 226-unit apartment complex in Boynton Beach. West Palm Beach-based Verdex Construction said it was hired as general contractor for Santorini at Renaissance Commons. Read more.
3/14 Greystone Continues South Florida Expansion with Shovel-Ready Multifamily Land Acquisition in Miami
Greystone, a New York-based real estate development, lending and advisory company, announced the $8.8 million acquisition of a shovel-ready development site located at 1501 SW 37th Avenue in Miami, FL. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space. Read more.
3/14 Jamestown Sells Apartment Complex for $53M
Jamestown sold the Bridges at Kendall Place apartment complex in Miami-Dade County for $52.7 million to Stockbridge Capital Group, on behalf of a pension fund. Read more.
3/10 Broward Apartment Complex Sold for $29.5M
The Park Plaza Apartments in North Lauderdale traded for $29.5 million. Read more.
3/7 Developers Start Construction of 259-Unit Apartment Community in Broward
Park Partners Residential recently started construction on the 259-unit PARC3400 apartments in Davie. The developer is a joint venture of Giles Capital Group, Rosemurgy Properties, and FSG Holdings, all of Boca Raton. It acquired the 8-acre site at 3400 Davie Road for $8 million in late 2014. Read more.
3/4 Fort Lauderdale apartment buildings hit with foreclosure
A trio of apartment buildings in Fort Lauderdale has been targeted in a foreclosure lawsuit. Quadratus, a British Virgin Islands-based company, filed a foreclosure lawsuit Feb. 11 against Fast Boots LLC over a $2.08 million mortgage, plus interest, according to the complaint. Read more.
What's New Nationally
NAA Announces Keynote Speakers for Conference in June
Michael Strahan, Super Bowl champion and popular TV host, will be the opening keynote speaker at the 2016 NAA Education Conference & Exposition in San Francisco in June. Chip and Joanna Gaines, the rising stars of HGTV’s hit show Fixer Upper, will be closing keynote speakers.
Strahan is an Emmy-nominated Fox NFL Sunday analyst as well as the co-host of popular morning talk show LIVE with Kelly and Michael and special co-host for ABC’s top-rated morning program, Good Morning America. Strahan will be the opening speaker on June 16 at 12:45 p.m.
Chip and Joanna Gaines are renovation, design and real estate pros known as the first couple of home improvement. Their show pairs them with Texas home-buyers who find the wrong house with a dreadful design and clunky layout but in the right location. They will speak on June 17 at 3:15 p.m.
Management members of the Florida Apartment Association are eligible for a discounted registration fee of $625.
Supplier Updates
Position Your Brand with a Platinum Sponsorship for FAA's Annual Conference & Trade Show
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 ralph@faahq.org. The lottery drawing for platinum sponsors will be held on Friday, March 25, 2016 at 3 p.m. at FAA’s headquarters in Orlando. Information about additional sponsorship levels and exhibit sales will be available in April.