Tag Archives: apartments

Multi-Family Complex Sold for $445,000

A Chicago couple recently purchased the four-unit multi-family complex located at 2027 Fiesta Drive, Sarasota, for $445,000.

By 941 CEO Staff 2/23/2017 at 2:32pm

A Chicago couple recently purchased the four-unit multi-family complex located at 2027 Fiesta Drive, Sarasota, for $445,000.

The property includes two single-story duplexes totaling 3,012 square feet on a .3-acre parcel.

Sean Dreznin, a sales agent with the commercial real estate firm Ian Black Real Estate, represented both the buyers, Eric and Shelley Swanson, and the seller, Beverly Meadows, in the transaction.

Dreznin focuses his real estate practice on the sale of investment and multi-family properties between St. Petersburg and Naples.

Real estate finance expert joins Ian Black Real Estate team

via Tampa Bay Newswire

george-kruse-hi-res-240x300

George Kruse brings with him more than 20 years of real estate finance experience

SARASOTA, Fla. (Dec. 21, 2016) – Real estate finance executive George Kruse has joined the Ian Black Real Estate (IBRE) team as a Sales Associate in the firm’s Sarasota office. Kruse brings with him more than 20 years of experience on both the debt and equity sides of commercial investments. In addition to his role as a commercial broker, he will provide the IBRE team with guidance in value creation, financing opportunities and an understanding of the present debt and equity environments.

Kruse is also a Senior Managing Director at Osprey Capital, a Tampa-based commercial real estate finance company, specializing in the financing of value-add investment opportunities.

“We’re thrilled to welcome George to the team,” said Ian Black, partner at Ian Black Real Estate. “His experience on the financing side of the industry is a valuable add-on to our existing skill set and will go a long way in providing our clients with the highest level of service available.”

Leveraging Kruse’s expertise in the finance industry will allow the IBRE team to better assess opportunities for clients and maximize their investment potential.

Previously, Kruse spent more than seven years as the sole managing director of Vesta Equity, LLC, a private real estate investment fund based in Sarasota. Under his leadership, Vesta made over $200 million in small balance senior and equity investments nationwide. He also oversaw both the lending and investment divisions and structured the fund’s capital deployment strategies.

Prior to that, he served as an Investment Officer at CapitalSource Finance in both the New York and Orlando offices. At CapitalSource, Kruse was directly involved in over $600 million in commercial loan and hypothecation line transactions.

Kruse earned his bachelor’s degree in finance and management from the University of Florida and his Master of Business Administration from Columbia Business School. He recently obtained his Florida Real Estate license.

“It’s an honor to join the Ian Black team and put my experience in real estate finance to use in this side of the industry,” said Kruse. “I’m looking forward to starting my career as a commercial sales associate and working alongside such a strong team of brokers in the Sarasota market.”

Kruse is currently on the Advisory Board for the University of Florida’s Masters of Science in Real Estate (MSRE) program, as well as the Board of the Columbia University Club of Sarasota. He is a member of the International Council of Shopping Centers (ICSC) and the Sarasota Commercial Investment Division (CID), and is regularly asked to moderate and sit on panels about private commercial financing.

About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

Click here for original press release

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.

For complete article, CLICK HERE <—

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.
Click here for complete article

Vengroff apartment project: “Not going to happen”


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.”

For complete article, Click Here 

Millennials angry at the cost of Fla. housing

   
 Pics by Sean Dreznin

MANATEE COUNTY – April 4, 2016 – As a representative for one of the largest developers in Southwest Florida talked about how the free market affects rental prices, 20- and 30-somethings in the audience fumed.


Richard Bedford, vice president of planning for Schroeder-Manatee Ranch, said the free market was largely to blame for high rents and home prices in Sarasota and Manatee counties.

He said his company is building 2,037 affordable units in Sarasota and 500 in Manatee over the next 10 years mainly because local governments gave his company financial incentives to do so. He said more government incentives and higher wages could answer the cost-of-living problem.
“Why doesn’t the School Board or hospital pay you more? Aren’t you worth it? It always comes back on me,” Bedford said.
That prompted several people to shout comments and questions, such as:
“Are you pushing for a $15 minimum wage?”



“You’re pricing out the people who are from here!”



It was a sample of the frustrations thousands of residents in Sarasota and Manatee counties feel about the local cost of housing.



The housing panel was part of Millennial Con – a three-day conference aimed at getting the region’s young professionals ages 18-40 engaged in local government.
 Millennial Con was sponsored by the Manatee Millennial Movement and Manatee County Neighborhood Services. Saturday was Millennial Con’s main event, with about 70 people gathering to hear panels and workshops about everything from financial stability to government engagement.
The housing panel discussion was the most anticipated and animated talk of the day.



O’Dell, who has studied housing in Florida since the 1990s, said there are 44 so-called “affordable housing units” per 100 in Manatee County. But only 18 out of 100 housing units are both affordable and available.



“More than half of affordable housing unit sales are for investor owners or for people’s second homes,” O’Dell said. “So not only are there fewer affordable housing sales, they’re going to people who can afford more.”

O’Dell said what’s happening in Sarasota and Manatee counties is happening statewide and nationwide.
 

The Great Recession pushed more older people, who traditionally own homes, into the rental market, creating more competition.

There has been a 31 percent increase in renters in Florida from 2007 to 2014, while the number of homeowners dropped by about 8 percent.



And most of the new construction as a result of this rental demand is coming in the form of higher rent developments, O’Dell said.
Whiting Preston, who is behind the soon-to-be mixed-used development Lake Flores, suggested there may be affordable rentals, just not in the places millennials are looking for.
The audience groaned and some shouted “no.”

Bedford said the apartment complexes in Lakewood Ranch are full, and each new apartment development fills up at a dizzying pace.
 

But he and other developers don’t want to build too many too quickly because then there would be more competition among apartments.
He said it boils down to the bottom line.
If you make a ladder and someone will buy it for $20, why would you sell it for $10?” Bedford said.
Copyright © 2016 Mansfield News

Avalon apartments in Bradenton, sell… Again

  Apartments pictured are located in Manatee county but are not Avalon Square.

BY MATT M. JOHNSON via Bradenton Herald
BRADENTON — Perhaps giving an indicator of how hot the local multi-family market is, a New York company that bought the Avalon Square Apartments in October has flipped it for a $1.3 million profit.
Axonic Capital sold the 154-unit property on Feb. 8 for $9.8 million to a Los Angeles buyer who is already well-invested in the Manatee County apartment market.
The 3506 14th Street E. complex has bounced from owner to owner for the past few years, selling out of foreclosure in 2011 for less than half the $8.5 million Axonic paid last year. The complex is composed of 16 two-story buildings situated in a rectangle on 9.8 acres.
The new owner, Avalon Square Bradenton LLC, is a company managed by Chaim Freeman. The Los Angeles resident also heads a company that made the second-biggest multi-family property purchase in Manatee County last year. It purchased the Vista at Palma Sola Apartments, a 340-unit, multi-building complex on 75th Street West, for $43 million in December.
For complete article, Click Here <—

Young Sarasota Professionals weigh in on affordable housing

The program surveyed its membership and asked how much it can afford to pay to live in Sarasota.  

 Picture via Sean Dreznin
by: Jack Short Staff Writer

NEWS
SARASOTA FRIDAY, JAN. 29, 2016 22 hours ago

Sarasota Young Professionals weigh in on housing

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The program surveyed its membership and asked how much it can afford to pay to live in Sarasota.

by: Jack Short Staff Writer

About half of a group of young professionals surveyed recently are thinking of leaving Sarasota – because it doesn’t have enough affordable housing.
Young Professionals Group (YPG), a networking and advocacy organization run by the Greater Sarasota Area Chamber of Commerce, comprises approximately 450 young professionals in the Sarasota area. YPG surveyed its members about housing and, of the 100 that responded, almost half said they are considering leaving the area. 
According to Mimi Cirbusova, coordinator for YPG at the chamber, the survey is an initial step in a series of surveys on housing the group would like to produce.
“It is a good snapshot of 21 to 40 year-olds and what their housing needs are,” she said.
More than half of the respondents, 62%, said they need one- to two-bedroom apartments that cost less than $1,000 per month.
Nearly half, 46%, said they were thinking of leaving Sarasota now, and the majority of those respondents were the same people who indicated they needed housing that costs less than $1,000 per month.
“That indicates to me those are individuals who are service workers or people in entry level positions,” said Cirbusova.
Cirbusova said she believes the survey helps vindicate concerns about Sarasota’s aging population and its difficulty retaining young professionals. Data released by Sarasota County’s Planning and Development Services in September highlighted those difficulties as well.
“When members choose not to renew,” Cirbusova said, “I reach out to them and often their response is ‘I moved out of the area.’ That is something we’re concerned about.”
In upcoming surveys, the group will gather similar data about the Rosemary District, and also try to determine if there is a correlation between where people choose to live, in Sarasota, and their income.

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Owning versus Renting – The Onion

The Onion - Renting versus Owning

Multi-Family properties currently available on the Gulf Coast of Florida (7/22/15)

Multi-Family properties currently available on the Gulf Coast of Florida (7/22/15).