September 2015 E-Newsletter

E-Newsletter ,

What's New in the FAA

FAA Prepares to Launch Smoke-Free Multifamily Housing Program

FAA Board Member Addresses Rent Theft Issue

It's Not Too Late to Register for FAA's Conference & Trade Show

What's New Around the State

Market Report

What's New Nationally

NAA Industry Insider: Retention Rates Hit a Nearly 10-Year High

NAA Connect — Learn to Spring Your Money From Energy Traps

NAA Industry Insider: How to Educate Renters on the Value of Insurance

APTly Spoken Blog — Fall Outlook Presidential Race and Congressional Issues — Greg Brown, NAA government affairs director

Support APAC by Donating Silent Auction Items

Legislative Platform Meeting to Be Held October 28


What's New in the FAA

FAA Prepares to Launch Smoke-Free Multifamily Housing Program

In conjunction with the Florida Department of Health and the Bureau of Tobacco Free Florida,The Florida Apartment Association is launching a smoke-free multifamily housing program at the upcoming Annual Conference & Trade Show. In addition to sharing information about how multifamily communities can benefit by becoming smoke-free, FAA is developing a certification that will enable to show their commitment to healthy smoke-free living.

The program was featured in a recent issue of NAA's Units magazine.

For more information, visit the smoke-free housing booth at the entrance to the trade show at FAA University, FAA's 2015 Annual Conference & Trade Show.

It's Not Too Late to Register for FAA's Conference & Trade Show

FAA University is promising to be the biggest Annual Conference & Trade Show ever presented by the Florida Apartment Association. If you didn't register online, you can still register on-site in the Bonnet Creek North Foyer at the Hilton Orlando Bonnet Creek Hotel, 14100 Bonnet Creek Resort Lane, Orlando, 32821.

Registration is open:
Wednesday, October 7, 11 a.m. - 4 p.m.
Thursday, October 8, 8 a.m. - 5 p.m.
Friday, October 9, 8 a.m. - 2 p.m.
If you have not yet reserved a hotel room, be advised that our host hotel in sold out. Not to worry: We've arranged accommodations at the nearby Meliá Orlando Suite Hotel at Celebration. Shuttle transportation will be provided to make your conference experience as convenient as possible.

 


What's New Around the State

Market Report

NORTHEAST FLORIDA

9-11 Olympus Property Acquires Wimberly at Deerwood Apartment Community in Jacksonville

Olympus Property has reported the closing of Wimberly at Deerwood in Jacksonville, Florida. This is the fourth acquisition for Olympus Property in the Jacksonville market. Wimberly at Deerwood is a Class "A" garden-style apartment community comprised of 322 apartment units. Read more

CENTRAL FLORIDA

9-24 Canadian firm buys 2nd Central Florida luxury apartment complex

A Canadian real estate investment firm snapped up another Central Florida Class A apartment complex, this time spending $44.75 million in the tony community of Heathrow. Pure Living Acquisition LLC paid about $177,579 per unit to buy the 252-unit Pure Living Heathrow apartment complex at 740 Savory Place from PME Providence LLC. Read more

9-24 Downtown University Club revamp can move forward — if developer meets 3 conditions

A proposed new downtown Orlando apartment tower appears to be cleared to go forward despite facing some pretty heavy opposition this summer. The city of Orlando earlier this week gave the nod to a stipulated land development order for the 26-story Modera Central project— featuring 394 apartment units and 26,500 square feet of commercial use on the current site of the University Club of Orlando. Read more

9-14 Apartments near Universal, SeaWorld, in Altamonte Springs yield $131.7M

Several apartment communities in Central Florida have attracted big-money buyers in the last few weeks, including a big deal near SeaWorld Orlando. The three apartment complexes — the second near Universal Orlando Resort and the third in Altamonte Springs — traded for a combined $131.7 million, according to Orange and Seminole County records. Read more

9-14 Apartments could be coming to Orlando Health's Lucerne development

Two more phases may be in the works for Orlando Health's Lucerne Circle property, including a high-rise building with waterfront views. The first phase of the plan includes 370 apartments and 31,000 square feet of retail space — anchored by a not-yet-named organic grocer— on 4.5 acres. Read more

9-10 Mixed-use, high-rise site up for grabs near the downtown arts center

Developers hunting for prime sites in downtown Orlando may want to take a look at a redevelopment opportunity near the Dr. Phillips Center for the Performing Arts. A nearly 1-acre site on the southeast corner of Rosalind Avenue and South Street is being marketed as a site where a new high-rise hotel or apartment with commercial space can be built. The site has approvals for 318 multifamiy units or a 138-room hotel along with 10,000 square feet of retail, according to marketing materials from Colliers International Central Florida. Read more

9-8 Preferred Apartment Communities Acquires 346-Unit Luxury Apartment Community in Orlando

Preferred Apartment Communities announced the acquisition of a newly constructed 346-unit Class A multifamily community in Orlando, Florida called Citilakes Lux Apartments. "The Citilakes transaction reflects our continued focus on acquiring newly constructed Class A multifamily communities in strong submarkets, reinforcing our efforts to have the youngest multifamily portfolio in our industry," said Leonard A. Silverstein, PAC's President and Chief Operating Officer. Read more

9-3 New corporate apartment-hotel hybrid to debut in Central Florida

A new rental property hybrid concept is eyeing a couple of sites in Lake Mary for its first Central Florida location, with plans to choose a location in the next couple weeks. WaterWalk Hotel Apartments — a new concept that combines apartment living with an extended-stay hotel as a new corporate housing option — late last month announced it signed a $100 million franchisee agreement with the United Kingdom-based Henley Group. Read more

9-1 UCF-area upscale student apartment complex reaps huge price tag

A luxury off-campus student housing complex near University of Central Florida that boasts Craftsman-style "cottages" and plenty of upscale amenities sold for a hefty $72.5 million to an Illinois real estate firm, Orange County records showed. Oak Brook, Ill.-based Orlando Student Housing DST, an entity related to The Inland Group of Real Estate Cos. Inc., on Aug. 13 bought the 221-unit, 902-bed Retreat at Orlando on East Colonial Drive near Rouse Road for $328,054 per unit or $80,376.94 per bed, which is typically how real estate experts value student housing projects. Read more

BAY AREA

9-17 Downtown St. Pete apartments sold for $84.5M

A downtown St. Petersburg apartment development has been sold for $84.5 million. Alabama-based B&M Management paid $259,202 per apartment for Beacon 430, which is at 430 Third Ave. South. Read more here and here

9-14 23-story apartment tower in downtown Tampa moves forward

An Atlanta developer is moving forward with plans for a 23-story apartment tower on downtown Tampa's Grant block.
Carter closed on the three parcels at 910, 911 and 915 N. Franklin St. on Sept. 9, paying $6.4 million for the one-acre site, according to a Hillsborough County deed. Read more

9-11 Tampa City Council blocks proposed luxury development near Oxford Exchange but owner says site ‘destined’ for multifamily

Harvey Parido and his family thought Altman Development Corp.'s proposal for Grand Central was exactly what the neighborhood needs. Parido's wife, Cecille Stoeltzing Parido, owns the land where Altman had proposed a building with 296 apartments, 5,000 square feet of retail space and 622 parking spaces. Tampa City Council struck down the rezoning request that would have cleared the way for that development, which was hotly contested by several neighbors. Read more here and here

Developer considers options after multifamily proposal rejected
Read more

Tampa General CEO opposes development near Oxford Exchange
Read more

SOUTHEAST FLORIDA

9-24 Affordable housing project breaks ground in Fort Lauderdale with $28 million in loans

The Wisdom Village Crossing affordable housing complex has broken ground in Fort Lauderdale after securing $27.8 million in financing. The 33,539-square-foot site at 615 N. Andrews Ave. was recently bought for $2.12 million by Wisdom Village Crossing LLC, an affiliate of Chicago-based affordable housing builder Turnstone Development Corp. The seller was a trust led by James B. Bollinger and Bruce A. Bollinger. Read more

9-24 Wells Fargo lends $68M to build senior living community in Palm Beach County

Big Rock Partners nabs a $68.22 million construction loan to build its Atria at Villages of Windsor senior living community near Lake Worth. Wells Fargo Bank provided the mortgage to BRP Senior Housing, an affiliate of Beverly Hills, California-based Big Rock Partners. It covers the 15.4-acre site at 9038 Hypoluxo Road, which was acquired for $10 million in March. Read more

9-23 Across From The Jockey Club, Developer Plans 402-Unit Biscayne Boulevard Rental Project

Two out-of-state developers are planning to build a 402-unit residential project on Biscayne Boulevard across from The Jockey Club. Read more

9-22 South Beach apartment portfolio up for sale at $65M

A portfolio of 240 units in South Beach has been brought to market with a ballpark price of $65 million, CBRE has announced. The units are mostly housed in mid-rise, garden-style apartments between Seventh and 15th streets. Read more

9-21 Grant Cardone buys Boca apartments for $12.5M

Grant Cardone, the author of "If You’re Not First, You’re Last," just paid $12.5 million for an apartment community in Boca Raton. The community is named Realm and is composed of five buildings with 102 units. Read more here and here

9-21 Proposed Wellington project would have residential, hotel, assisted living and commercial

The proposed Village Professional Park would bring a host of mixed uses to Wellington, including residential, a hotel and an assisted living facility. The developer wants to build 434 multifamily units, a 120-room hotel with a 5,000-square-foot restaurant, a 350-bed assisted living facility, 16,500 square feet of office, and 23,000 square feet of general commercial space, which would include retail. Read more

9-21 Florida Crystals proposes apartment complex in Boca Raton business park

The development arm of sugar producer Florida Crystals plans to build a 178-unit apartment complex in Boca Raton’s Park at Broken Sound. Formerly known as the Arvida Park of Commerce, the Park at Broken Sound was rezoned to allow for more residential and retail projects to complement the business park. Read more

9-17 Plans For Chiquita Apartments Revised After Being Criticized By Board

Miami’s UDRB reviewed revised plans yesterday for the proposed Chiquita North apartment complex next to Midtown Miami. An attorney developer AMLI said that massing of the building has been broken down into two separate building connected at the rear for access to parking and amenities. Read more

9-13 Apartments with hotel services planned in Davie

A 138-unit apartment complex with services similar to those of an extended-stay hotel is planned for Davie. Construction is expected to begin in March on the WaterWalk Hotel Apartments, which will be located next to The Value Place, an extended-stay hotel at 5700 Reese Road in Davie. Read more

9-11 Developer plans 12-story apartment building in Coral Gables

A local builder wants to redevelop a site in Coral Gables into a 12-story apartment project called Villa Valencia.
Valencia 34 Development, an affiliate of Coconut Grove-based TM Residential led by Matthew Pellar, filed the zoning application with the city on Sept. 2. It calls for 103 luxury apartments on the one-care site at 501, 515 and 525 Valencia Avenue. Read more

9-9 Miami site could be rezoned for 232 units and commercial space

A site on the north side of Miami could be rezoned into a mixed-use project with apartments and commercial space.
Five groups own a collective 2.27 acres at 460-540 N.E. 82nd Terrance and 421-505 N.E. 82nd St., which is just west of Biscayne Boulevard. It currently has small-scale apartment buildings and duplexes. Read more

9-9 Turner Multifamily Impact Fund Acquires 405-Unit Multifamily Community in Miami Metro Area

The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital that is dedicated to acquiring, enriching and preserving critically-needed workforce rental housing across the United States, has acquired The Glen at Lauderhill, a 405-unit, 27-building garden-style housing community located in the city of Lauderhill, Florida, in the greater Miami-Fort Lauderdale metropolitan area. This is the second acquisition by the Turner Multifamily Impact Fund, which launched earlier this summer with plans to acquire and manage up to $1 billion in apartment communities in underserved urban communities throughout the country. Read more

9-8 Lauderhill apts nearly quadruple last recorded sale: $8.4M

A pair of Lauderhill apartment buildings, once lost to foreclosure, have been sold for $8.4 million. The apartment community is named Kings Row, first built in 1970 and re-sold twice in 1999 and 2001. Its 120 units are split evenly between two rectangular buildings with central courtyards. Read more

9-3 Grass River affiliate pays $14M for Broward apartments

A company tied to the Grass River Property development company just paid $14 million for an apartment community in Wilton Manors. The 156-unit community is named Palm Gardens. It’s was built in 1969 on 5.4 acres of land located at 2701 North Andrews Avenue. The $14 million sale also includes seven retail spaces that are housed in a stand-alone structure with 7,336 square feet. Read more

9-2 Chetrit sells Hollywood apartments for $19M
A member of the Chetrit family just sold an apartment community in Hollywood for $19 million. The Royal Park Townhomes, a rental complex with 69 units, was sold by Hollywood Park Partners LLC in a deed filed Friday. Corporate records show the company is managed by Robert Wolf, former CEO of U.S. Investment Bank, and Juda Chetrit. Read more here

9-2 Cooper City apartment community sells for $55M

A development partnership just sold the newly built Jefferson at Monterra apartment community in Cooper City for $55.7 million. The community is part of Cooper City’s much larger Monterra housing development, which was built on 500 acres of undeveloped land south of Sterling Road. Read more

9-2 Former INS building razed for mixed-use hotel, apartments

Development of a new mixed-use hotel, apartment and retail project — replacing the former U.S. Immigration Naturalization Service building on Biscayne Boulevard — is underway, ADD Inc. announced. The Triton Center, at 7880 Biscayne Boulevard, will convert the 12-story building into a 139-key hotel, 324-unit apartment building and 17,000 square feet of ground-floor retail. Read more

9-2 Miami-Dade affordable housing complex sells for $17M

The Cornerstone Group, an affordable housing developer, just sold an apartment complex in western Miami-Dade for $17.1 million. The sale includes the Spinnaker Cove Apartments, a 220-unit community that’s composed of 13 three-story buildings, located at 19000 Northwest 57th Avenue, according to Miami-Dade County records. Read more here

9-2 Monterra apartments sold for $56M to Morguard

Morguard Corp. acquired the apartment community in Cooper City’s Monterra neighborhood for $55.7 million.
Jag-Star Monterra, part of McLean, Virginia-based Jefferson Apartment Group, sold the 252 apartments at 8101 to 8191 Solano Ave. to Morguard Monterra, an affiliate of the Kenner, Louisiana-based apartment investor. Read more

9-1 Delray apartments score $29M construction loan

Florida Crystals hit another milestone on Tuesday during its first foray as a multifamily developer, with a $29 million financing deal for its apartment project in western Delray Beach. The project is a 395-unit multifamily development on a 33-acre property on the eastern side of Florida’s Turnpike near Atlantic Avenue. Read more here

8-31 California fund pays $44.75M for Lauderhill apartments

A California-based real estate investment fund has closed on a $44.75 million deal for an apartment community in Lauderhill. The 405-unit community is named The Glen at Lauderhill, first built in 1989 and totally devastated by Hurricane Wilma in 2005. It was at that time called The Villas at Lauderhill. Read more

What's New Nationally

Support APAC by Donating Silent Auction Items

FAA's Apartment Political Action Committee (APAC) has already collected silent auction items ranging from fun to useful to luxurious, but we can still use more. Donating items for the auction at our Annual Conference & Trade Show is a great way to show your support for APAC.

Click here for an online form that explains how to donate and offers suggestions for what to donate. If you still have questions, email Courtney Barnard, FAA government affairs director, at courtney@faahq.org.

Legislative Platform Meeting to Be Held October 28

Mark your calendars! The FAA annual legislative platform meeting is being held on October 28 at Apartment Association of Greater Orlando (AAGO) headquarters. The platform meeting is open to all members of FAA and is your opportunity to learn about FAA's advocacy efforts in 2015 and what lies ahead for the multifamily industry in 2016. Platform meeting attendees will be able to learn about APAC, our lobbying and grassroots efforts, and how to become more involved in shaping the political future of our industry.

The platform meeting is the heart of FAA's grassroots efforts; it is your forum to share what legislative priorities concern your business. If you want to have a voice in the upcoming Florida legislative session (which begins in January 2016) you should attend the platform meeting. FAA government affairs director Courtney Barnard and lobbyist Kelly Mallette will share what 2016 may hold for the multifamily industry. They will discuss what bills have been filed that may help or hurt our industry and what you can do to help.

Remember, this is your chance to have a voice in what legislative issues FAA will address in 2016.

 

FAA PSC Buyers Guide Upcoming Events