September 2016 E-Newsletter
What's New in the FAA
FAA to Honor Volunteers of the Year, Hall of Fame Inductees
New Pricing Structure Announced for FAA Lease
Wine Tasting Will Support Nan Cavarretta Memorial Scholarship Fund
Items and Monetary Donations Needed for APAC Silent Auction
What's New Around the State
What's New Nationally
Benchmarks and Big Data: How to Build Better Budgets
APTly Spoken Blog — Overtime Rule Threatens Our Most Important Asset: Customer Service
What's New in the FAA
FAA to Honor Volunteers of the Year, Hall of Fame Inductees
The Florida Apartment Association will honor two volunteers of the year from each of its 11 local affiliates, as well as two inductees to the FAA Hall of Fame who have given exemplary service to the FAA and to Florida's multifamily housing industry, at its 2016 Annual Conference & Trade Show next month in Boca Raton.
Each affiliate recognizes one volunteer from an apartment community or management company and one volunteer from a supplier company.
The awards will be given at the Closing Celebration Dinner on Friday, October 7, at the Boca Raton Resort & Club. The conference is October 5-7. Online registration closes today. Registrations may be purchased at the conference; the cost will be $50 more than advance registration.
View the complete list of Volunteers of the Year.
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.
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
North Central
9/19 Six-story Apartment Building Coming to Church Property
Midtown Apartments will include 589 by-the-bedroom rentals in 310 apartments; a seven-deck, 550-space central parking garage, and about 15,000 square feet of retail space covering the 1700 block of Northwest First Avenue, north of the University of Florida campus. Read more.
Central
9/20 Carroll Organization Continues to Invest in Orlando’s Strong Multifamily Market with 298-Unit Acquisition
Carroll Organization, one of the country’s leading privately held real estate companies focused on multifamily investment, management, and development announced that it has acquired ARIUM Bala Sands, a 298-unit multifamily community in Orlando, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP. Read more.
9/15 Portfolio Lender Closes $20.5 Million Financing Package for 115-Unit Orlando Apartment Community
Pembrook Capital Management closed $20.5 million of financing for the acquisition of Silver Oaks Apartments, a 320-unit rental apartment complex for low and moderate income families located in Orlando, and for the renovation of 115 units at the property over the next two years. Read more.
9/14 Mill Creek Residential Starts Construction on 350-Unit Luxury High-Rise Apartment Community in Orlando
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announces the start of construction on Modera by Mill Creek, Central. The community is projected to debut in the fall of 2018 as a mixed-use residential and retail community in the Downtown Orlando area. Read more.
Bay Area
8/31 136-Unit Community in Tampa Metro Area Sells for $8.6M
Marcus & Millichap has recently announced the $8.6 million sale of a 112,552-square-foot multifamily community known as Ridgestone Apartments in Hudson, a suburb of Tampa. Read more.
Tri-City Area
9/15 Connect Bradenton Submits Sole Proposal to Transform Old Jail building into Housing
Manatee County’s Old Jail building could be transformed into multifamily housing and potentially some commercial space after the county received one response to its proposal to turn the vacant building into housing. Read more.
8/29 400-unit Apartment Community Sells for $75M
A California company has bought ParkCrest Landings, a 400-unit multifamily community in Bradenton, for $75 million, the company said. The community at 5725 1st Ave. E. in Bradenton, has 67 acres, including 9 acres of lakes and 40 acres of nature preserves along a tributary of the Manatee River. Read more.
Southeast
9/12 Richman Signature Properties Announces Two Property Openings in South Florida this Fall
Richman Signature Properties, a leader in luxury apartment communities, announced fall openings for two new properties that are reimagining rental living in South Florida. Azura in Kendall is set to welcome its first residents on Sept. 1, and Portico in Sunrise will open Nov. 1. Read more.
9/7 Developer Plans Apartment Tower After Buying Downtown Miami Site
The Meyers Group paid $4.7 million for a vacant site in downtown Miami and has proposed an apartment building there. KMA USA Real Property Investments, managed by Menzel Amin Avendano, Karina Amin Avendano, and Maria Del Rosario Amin Avendano, sold the 22,500-square-foot site at 525 and 533 N.W. 2nd Ave. to the Coral Gables-based developer led by Chairman and CEO Stuart I. Meyers. The price equated to $209 per square foot. Read more.
9/6 145-unit Apartment Community Planned for Pompano Beach
A Coral Gables-based developer plans to build an eight-story, 145-unit apartment building in Pompano Beach. An affiliate of The Meyers Group bought the .8-acre site at the southeast corner of Northeast Fourth Street and Northeast 20th Avenue for $5 million. The seller was 225 North Federal Highway LLC, a company managed by Scott Brenner, president of Brenner Real Estate Group. Read more.
What's New Nationally
Benchmarks and Big Data: How to Build Better Budgets
Anyone who’s ever created a budget knows that you need good benchmarks for revenue and operating expenses. Market data from a large sample size can be invaluable, which is precisely what the National Apartment Association’s 2016 Survey of Operating Income & Expenses (IES) provides.
APTly Spoken Blog — Overtime Rule Threatens Our Most Important Asset: Customer Service
Every day, my staff walks past a poster I hung over a decade ago. It says: "If You Don’t Take Care of the Customer, Someone Else Will." For me, it’s not a cliché. It’s part of what I learned growing up an Irish Catholic kid in South Boston: how you decide to treat people is a simple but determinative driver of your own success.
Take Your Seat at the Head of the Class: 2017 NAA Student Housing Conference & Exposition Registration Now Open
Everything student housing insiders need to succeed is at the 10th annual 2017 NAA Student Housing Conference & Exposition, Feb. 14-15, 2017, at the Hyatt Regency in Chicago.