Sarasota Sky Bar & Club opening in downtown Charles Ringling Building

By Wade Tatangelo , Herald-Tribune / Thursday, August 25, 2016   Tony and Marie Tannus, and business partner Alex Hagush, have leased the Charles Ringling Building and are currently renovating…

Source: Sarasota Sky Bar & Club opening in downtown Charles Ringling Building

Sarasota Sky Bar & Club opening in downtown Charles Ringling Building

Siesta Key Vacation Rental 8-unit Opportunity

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…

Source: Siesta Key Vacation Rental 8-unit Opportunity

Tampa, Orlando & Southwest Florida Multi-Family 2016 Q1 Report & Update

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

Johnson/Weld in 2016 — Take 2 minutes and watch the video… It will put a new perspective on who to choose for President.

Now is the time…

  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…

Source: Now is the time…

Jesse Graff is Awesome!!

Entertainment district at UTC is unveiled

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

Sarasota OKs Vengroff’s affordable housing project

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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Apartment REITs Continue Their Selling Spree

Story via NREIOnline

Apartment REITs Continue Their Selling Spree

Bendix Anderson

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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