Siesta Key Vacation Rental 8-unit Opportunity SIESTA KEY DAILY RENTALS * * Most Desirable & Coveted Siesta Key Village Location * * Investor alert!! Vacation Rental demand is at an all-time Hig…
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Southwest Florida Occupancy: During Q1 2016, the Southwest Florida Region which is represented by the Sarasota/Bradenton and Fort Myers/Naples markets registered an average occupancy of 98.3% which…
Source: Tampa, Orlando & Southwest Florida Multi-Family 2016 Q1 Report & Update
If you’ve been considering selling your property… Now is the time… If you’ve been considering calling a professional commercial real estate company to discuss your op…
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By Maggie Menderski via Herald Tribune Canals run through the project that will be anchored by a luxury movie theater Entertainment row is taking on a whole new meaning in Sarasota. It may actually…
Source: Entertainment district at UTC is unveiled
Pic above by architect Nelson Roy
Via Herald Tribune
By Emily Le Coz
The City Commission on Monday cleared the way for Sarasota’s first large-scale affordable housing project, unanimously agreeing to change its long-range growth plan to accommodate the complex.
The comprehensive plan amendment reclassifies the property at 2211 Fruitville Road as part of the downtown core, allowing developer Harvey Vengroff to build a higher-density apartment complex than would otherwise be permitted. Vengroff plans to construct as many as 393 apartments in five, six-story buildings, with rents ranging from $650 to $950 per month.
It was the commission’s second such hearing on the matter. The first, on May 2, ended with Vengroff storming out of the meeting over his objections to a proposed city requirement that he submit to annual, municipal property inspections not required of other housing.
The city has since agreed to drop that requirement, as long as Vengroff provides it copies of the annual inspections an insurance company will perform as part of its coverage of the property.
Vengroff said after the meeting he was pleased with the city’s compromise and the commission’s unanimous decision, and looks forward to advancing the project to the next step.
If all goes well, he said, construction could start within the next year and a half.
Most commissioners praised Vengroff’s project, saying it will fulfill a desperate need for housing among residents who struggle to afford Sarasota’s typically high rents.
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Story via NREIOnline
Apartment REITs Continue Their Selling Spree
May 24, 2016
Apartment REITs continue to cash in on their highly-priced properties as they prune their portfolios.
“Since 2011, we have completed the sale of $2.4 billion of assets and expect total dispositions to approach nearly $3 billion by the end of 2016,” says Richard J. Campo, chairman and CEO of Camden Property Trust, a multifamily REIT that owns and operates approximately 158 communities throughout the country.
Top REITs like Camden continue to sell large portfolios of properties and trophy assets in primary markets. The largest three multifamily REITs are buying assets selectively, if they buy at all, mostly in strong secondary markets in prime metropolitan areas, and are selling significantly more than they buy.
Equity Residential: net seller
Take Equity Residential, which was the largest apartment REIT in U.S. with 109,540 apartments, according to the Top 50 Owners list released in April by the National Multifamily Housing Council (NMHC).
The REIT is likely to have significantly fewer apartments on next year’s list.
Equity Residential sold 23,262 apartments to affiliates of Starwood Capital Group for $5.365 billion in the first quarter. The price is much higher than Equity paid for the properties—the sale generated an economic gain of approximately $2.0 billion and an unlevered internal rate of return of 11.3 percent.
Equity Residential also cashed in by selling two properties in East Palo Alto, Calif., and New York City, for hundreds of millions of dollars more than it spent to buy them in 2010 and 2011. The REIT used the proceeds to retire $2 billion in debt and improve the company’s “already strong” credit metrics. Equity Residential also bought a handful of properties in places like Seattle, Los Angeles and Brooklyn, N.Y. recently, totaling $204.1 million.
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April 4, 2016 A limited for-sale inventory and inclement weather combined to suppress sales of existing single-family homes last month. While job growth continues to generate new housing demand, the limited available listings are precluding many prospective homebuyers from making purchases. The dip in February sales reinforces an uneven growth pattern in the single-family resale […]
Pictured above – New condo construction on Golden Gate Point – Pic by S. Dreznin
As the City Commission debated whether to require annual inspections for a proposed affordable housing complex, the property owner walked out of the hearing, proclaiming the project dead.
by: David Conway Deputy Managing Editor
After city staff, the Planning Board and the overwhelming majority of public commenters offered support for a proposed affordable housing project near downtown Sarasota, the City Commission failed to approve a request that would allow the plans to move forward.
As a result, property owner Harvey Vengroff says he will abandon his effort to construct a 393-unit apartment complex at 2211 Fruitville Road.
The commission’s ruling — or lack thereof — came after a two-hour discussion of a proposed comprehensive plan amendment that would allow for higher density on the nearly 8-acre site. Vengroff has said this proposal would be necessary to make his plans economically feasible. The amendment required a supermajority of four commissioners to gain approval.
The staff and planning board approval came with a series of requirements on the proposal, including caps on building height and unit size. Joe Barnett, the applicant representing Vengroff, said he learned of one additional proposed requirement when the meeting began: a stipulation that would allow city staff to inspect the entirety of the property annually. Staff said the requirement would ensure compliance with the U.S. Department of Housing and Urban Development’s safe and sanitary housing standards.
This turned out to be the sticking point for Vengroff and the commission. Although he said he was willing to allow inspections of the property’s external features, such as railings and stairways, he was unwilling to allow the city to conduct internal inspections.
“I do have a problem with you walking into someone’s apartment,” Vengroff said to the commission. “I don’t think that’s where we want to be.”
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