October 2016 E-Newsletter
What's New in the FAA
2016 FAA Annual Conference & Trade Show Cancellation Update
FAA Installs 2016-2017 Executive Committee
2017 FAA Annual Conference & Trade Show Pricing and Deadlines Announced
Discounted 2017 NAA Education Conference Registrations Now Available from FAA
New Pricing Structure Announced for FAA Lease
What's New Around the State
What's New Nationally
Handling Emotional Support Animal Requests With Care
APTly Spoken Blog — A Kit Culture
Supplier Updates
New PSC Officers Named at Annual Meeting
What's New in the FAA
2016 FAA Annual Conference & Trade Show Cancellation Update
It was with great sadness and disappointment that the Florida Apartment Association Executive Committee and staff leadership made the decision to cancel the 2016 FAA Annual Conference & Trade Show. We truly appreciate the numerous emails and messages we have received conveying understanding and encouragement.
FAA has submitted a claim on our event cancellation insurance and expects to issue refunds to all registrants, exhibitors, and sponsors. We have been advised by our insurance adjuster that this process can take up to 45 days from when the claim was submitted earlier this month, and so refunds may take 60 days or longer to be received.
We understand that the cancellation resulted in losses of time, effort, and financial investment. An event of this magnitude requires a great deal of advance planning, and therefore the rescheduling of the conference and trade show is not possible.
If you purchased tickets to the APAC All Hands on Deck Yacht Party, you should have been contacted separately regarding that donation. If you still have questions, please send an email to courtney@faahq.org.
Thank you for your patience. The Annual Conference & Trade Show is truly a team effort, and our volunteer leaders, supportive supplier partners, and all our members are part of that team. We couldn't produce this event without your commitment and contributions, and we know that the cancellation was felt by everyone who contributed throughout the year. As always, we appreciate your continued support of the Florida Apartment Association.
We look forward to your participation in the 2017 FAA Annual Conference & Trade Show, October 11-13, at Disney's Contemporary Resort in Lake Buena Vista, Fla.
FAA Installs 2016-2017 Executive Committee
The 2016-2017 Executive Committee slate of officers was presented at FAA's annual meeting on October 5, 2016, and was approved by the board of directors.
The officers are:
Shawn Wingate, Richman Property Services, President
Lori Trainer, Southern Affordable Services, Vice President
Bonnie Smetzer, JMG Realty Inc., Treasurer
Cecelia Ford, Pinnacle, Secretary
Erin Toung, ET&T Distributors, Associates' Vice President
Chip Tatum, Apartment Association of Greater Orlando, Association Executives Council Chairman
Glenn Evers, MAA, Immediate Past President
New Pricing Structure Announced for FAA Lease
The National Apartment Association (NAA) has approved a new unit-based pricing structure that will replace the current pricing structure for the FAA Lease (Click & Lease powered by Blue Moon Software). NAA will be transitioning to the new pricing structure in a manner similar to what the Texas Apartment Association did last year when it moved to unit-based pricing.
During the transitional year, we 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. NAA is working toward an option which will allow for properties to switch to the new per unit pricing structure before their annual Blue Moon license renewal date — more information on that will be shared as it becomes available.
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.
What's New Around the State
Market Report
Statewide
10/23 Greystone lands $130M to rehab older Florida rentals
The affordable housing arm of Manhattan-based Greystone assembled $130 million of financing to rehabilitate 24 apartment properties in rural Florida, mostly in the central and northern regions of the state. Read more.
Panhandle
10/28 Wendover Housing Partners Announces New Affordable Senior Community in Tallahassee
Wendover Housing Partners, a privately held real estate development, investment and management company, is building Kenwood Place, an affordable, senior apartment community in Tallahassee. Construction on the 112-unit community, located at 420 Junco Court, began in spring 2016 and the first residents are expected to move in during February 2017. Read more.
10/13 Lowe Enterprises Investors Acquires 100-Unit Senior Housing Community in Tallahassee
Lowe Enterprises Investors in joint venture with a foreign investment client has acquired St. Augustine Plantation, a senior housing community in Tallahassee, Florida, from Capital Health Group, LLC (CHG). CHG will maintain a minority ownership in the 100-unit, 115-bed community located at 2507 Old St. Augustine Road. Read more.
Northeast
9/20 Watercrest Senior Living Celebrates the Opening of Assisted Living and Memory Care Community
Watercrest Senior Living welcomed more than thirty residents to the official opening of Watercrest of San Jose Assisted Living and Memory Care Community in Jacksonville, Florida. The 79,000-square-foot, 90-unit senior living community, features premium amenities, exceptional care, and luxury residences set along the picturesque banks of Goodby’s Creek. Read more.
Central
10/20 Luxury 212-Unit Multifamily Community Changes Hands for $29 Million in Winter Park
Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of Calibre Bend Apartments, a 212-unit luxury multifamily asset in Winter Park, Florida. The $29 million sales price equates to $137,000 per unit. Read more.
10/20 Milestone REIT Drops $242M on Apartment Portfolio, including Orlando Community
Milestone Apartments Real Estate Investment Trust has reached an agreement to purchase six multifamily properties — including one in Orlando — for $242.2 million, according to an announcement on Wednesday from the Toronto-based REIT. Read more.
10/4 GoldOller Expands Florida Footprint with Acquisition of 2 Port Orange Apartment Communities
GoldOller Real Estate Investments announced the acquisition of the 208-unit Pierpoint Apartment Homes and the 170-unit The Groves both in Port Orange, FL, adjacent to Daytona Beach. With these latest acquisitions, GoldOller now owns and manages more than 3,400 rental apartments in nine communities in North and Central Florida. Read more.
Bay Area
10/4 TGM Associates Acquires 401-Unit Midrise Apartment Community in Saint Petersburg
TGM Associates announced the acquisition of TGM Ibis Walk, a midrise apartment community with 401 units located in Saint Petersburg, FL. The property, completed in 2014, is comprised of nine four-story elevator serviced residential buildings, and a five-story structured parking garage. Read more.
Southeast
10/25 Florida Crystals scores $50M construction loan for Palm Beach Gardens rentals
The development arm of Florida Crystals, FCI Residential, closed on a $50.47 million construction loan for Atlantico at Palm Beach Gardens, a 350-plus unit apartment complex. Read more.
10/19 Two WPB apartments to get multi-million dollar upgrades
An Atlanta-based company that turns around old apartments has swooped into West Palm Beach and purchased two apartment complexes, with plans to spend a whopping $20 million renovating them.Cortland Partners, an investment and management firm, purchased 396-unit Arium Palm Cove and 416-unit Arium at Laguna Lakes. Read more here and here.
10/5 Lennar Closes $2.2 Billion Funding Commitment for Multifamily Development Investment Venture
Lennar Corporation announced that LMC, its wholly owned subsidiary, received an additional $250 million commitment to its Lennar Multifamily Venture, bringing the total commitments to $2.2 billion to develop and own Class A multifamily communities in 25 target markets throughout the United States. Read more.
9/27 Housing Trust Group and Alonzo Mourning Celebrate Grand Opening of Affordable Housing Community
Housing Trust Group (HTG), a Miami-based real estate developer specializing in affordable housing, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami. Read more.
Southwest
10/21 Fort Myers multifamily complex sells for $95 million
In what is believed to the largest multifamily complex sale along the Gulf Coast in at least the past decade, a 936-unit apartment community in Fort Myers sold for $95.2 million. Read more.
What's New Nationally
Handling Emotional Support Animal Requests With Care
Reasonable accommodation requests for assistance animals — including emotional support animals — create challenges for many apartment owners.
APTly Spoken Blog — A Kit Culture
If we were to compare the amount of work that a maintenance technician today is required to do at an apartment community, and compare that to five years ago; what would the comparison look like? The most common question I’m asked by community managers is "How long should it take my technician to do ." My scripted answer is not to give an answer. My answer instead is to ask the question: Why?
It’s Time to Apartmentalize: Registration for the 2017 NAA Education Conference & Exposition Now Open
It’s time to Apartmentalize, which means taking your career, your team and your business to the next level. You can do it all at the apartment housing industry’s largest, most important annual gathering — the NAA Education Conference & Exposition — convening June 21-24 at the Georgia World Congress Center in Atlanta.
Supplier Updates
New PSC Officers Named at Annual Meeting
New Product/Service Council Officers for 2015-2016 are:
Erin L. Toung, ET&T Distributors, chairman
Diana Gaus, The Liberty Group, vice chairman
Sabrina D'Ali-Mendoza, secretary
James Cornell, Invisible Waste Services, immediate past chairman