Tag Archives: apartments

A 26-unit apartment complex near the Ringling College of Art & Design in Sarasota, FL has been sold for $2.195 million.

 

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Developer Harvey Vengroff sold the Indian Beach Apartments, which includes a 16-unit, two-story apartment building, a three-bedroom house, a one-bed house with pool, four one-bed cottages and two two-bed duplexes.  Sean Dreznin handled the sale of the property.

Vengroff’s West 32nd LLC sold the complex to Ixora LLC, a Sarasota company headed by Malcolm Stevenson.

“As we expand throughout Florida, the time was right for us to sell this property,” said Vengroff, whose One Stop Housing provides affordable housing in Sarasota and Manatee counties. “This is a great property with upside potential, and we expect the complex to continue to be an important part of the community.”

The complex, on Indian Beach Drive just west of North Tamiami Trail, is 100 percent occupied with a consistent waiting list, according to a news release.

“The multifamily market is extremely dynamic in Sarasota right now, and as a result we saw a good amount of activity with this property,” said Sean Dreznin, a sales associate at Ian Black Real Estate who represented the seller. “We expect this trend to continue as multifamily properties continue to be a desired asset.”

Vengroff is seeking city approval to build a 368-unit affordable housing rental complex on Fruitville Road east of downtown.

George Kruse of Ian Black also represented Vengroff in the sale of the apartment complex.

Click here for complete article <——————

Contact us here for more properties like this or to discuss your property!

BET YOU DIDN’T KNOW THIS ABOUT THE FAMOUS ST. ARMANDS CIRCLE

Bet You Didn’t Know THIS About the Famous St. Armands Circle

Posted on BLVD’s website on June 6th

Set amidst a tropical paradise, St. Armands is an enchanting circle of fine shops and gourmet restaurants. Renowned as a market place with a continental flavor, it is a charming and graceful synthesis of past and present.

Lush tropical plantings, and contemporary architectural design skillfully contribute to an international atmosphere of friendly warmth and timeless style. Relax in the restaurants, explore the shops – from trinkets to treasures, gourmet snacks to candlelight feasts, you’ll find it all on St. Armand’s Circle.

However, becoming the thriving cultural destination it is today did not come without struggle. Here are a few little known facts about the history of St. Armand’s Circle:

In 1893, Charles St. Amand, A Frenchman and first resident of the island, purchased for $21.71 three tracts of land totaling 131.89 acres. In later land deeds, his name was misspelled “St. Armand” and this spelling has persisted to the present day.

Visionary circus magnate John Ringling purchased the St. Armands Key property in 1917 and planned a development which included residential lots and a shopping center laid out in a circle. As no bridge to the key had yet been built, Ringling engaged an old paddle-wheel steamboat, the “Success,” to service as a work boat. Circus elephants were used to haul the huge timbers from which the bridge and causeway were built.

One year later, amid much pomp and ceremony, both the John Ringling Causeway and Ringling Estates development opened to the public, with John Ringling himself leading a parade across the causeway and his Circus Band playing from a bandstand in the center of the Circle.

As the nationwide depression worsened, land sales in Florida and on St. Armands stopped completely. In 1928, the City of Sarasota accepted the causeway as a gift, which Ringling himself could no longer afford to maintain. Gradually, the wooden causeway began to rot, the Circle bandstand sagged, and the native vegetation covered the carefully planned streets and sidewalks.

During the 1940’s, several courageous investors opened restaurants and a service station on the Circle but not until 1953 did business once again resume on St. Armands. By 1955 a number of stores had opened.

Today, more than 130 stores on St. Armands Circle pamper customers from all areas of the United States and many foreign countries.

The St. Armands Circle experience is indeed a memorable one. Explore and enjoy a day of European style shopping with a gourmet lunch in a cozy cafe. Those who admire St. Armands sophisticated style and luxury will also notice that there is a new addition to that tradition of Sarasota excellence. Just a short drive from St. Armands Circle, in the heart of the Rosemary District, is BLVD Sarasota, downtown’s newest and most impressive address.

Here are a couple of businesses located on St. Armands Circle;

Tropical Shores Popcorn

Crazy Shirts

Settimi’s Gelato

 

Sarasota, FL Apartment Complex For Sale – 54-units – UNDER CONTRACT in less then 7 business days!!

CLICK HERE for detailed information and Offering Memorandum

Ian Black Real Estate is pleased to present a turnkey duplex villa complex in Sarasota, FL.

The Saulstars Court rental community is a 54-unit property; each unit a separate condo with its own deed.

The complex is designed to feel like a community for its tenants and almost all units (47 of 54) have an attached garage to further give the sense of a home-like setting. All units have washer/dryer hook-ups and most units also include screened lanais and other features to enhance the units for the tenants. Presently 34 of the 54 units (63%) are renovated, including 22 units with new floors, kitchens and appliances. The complex itself offers tenants an outdoor pool/deck, an indoor heated pool and a large multi-purpose community building that would allow a new owner numerous possibilities for expanded use.

This investment is being offered at an attractive price to the right buyer.

The property is priced at tax assessed value, which is below current offerings and minimizes risk of an increased tax basis for the new owner. At only $85,000 per large duplex unit, the per unit offering is at or below sales comparables in the greater Sarasota market.

Any investor focused on yield should be excited by the possibilities at Saulstar.

Even with excess management/labor costs, the property cash flows over $260,000 based on last year’s rents. Considering current rents and a modest adjustment to management, although still run at 20% of revenue (a number that could be substantially trimmed by the right owner), the yield on ask price increases to 6.5% with rental rates well below market at less than $1.00 psf. Basic proforma adjustments substantially increase the yield to an unlevered 7.7% on purchase. Any investor looking to push rents to even a reasonable $1.20 psf would enjoy outsized yields exceeding 9% on this well-located multifamily property.

CLICK HERE for detailed information and Offering Memorandum

CONTACT BROKER

Square Sean Dreznin

Commercial Real Estate Sales Associate

sean@ian-black.com

(C) 941.961.8199
(O) 941.961.8199
(F) 941.906.8228
Linkedin small
Square George Kruse

Commercial Investment Sales Advisor

george@ian-black.com

(C) 941.321.6393
(O) 941.321.6393
(F) 941.906.8228
Linkedin small

5-Unit Multifamily opportunity in Sarasota, FL

DJI_0063

CLICK HERE FOR Detailed Offering Memorandum

Price: $624,000
Number of Units: 5
Building Size: 4,025 SF
Property Type: Multi-Family
Lot Size: 25,543 SF
Year Built: 1983

 

  • Reasonable increases to market rent increases yield over 7%
  • Newly renovated units provide turn-key investment opportunity
  • SFR tenant pays all utilities; 4-plex tenants pay electric and cable
  • Property includes a 4-plex and a single family home
  • Close proximity to A-Rated Schools including Riverview High School and Phillippi Shores Elementary
  • Located near Publix, shopping, restaurants and most importantly, Siesta Key Beach!

Description

This is an opportunity to acquire five renovated apartments/rental units in the central submarket of Ridgewood Heights in Sarasota, FL. The property is an infill four-plex plus one adjacent single family home in a predominantly residential neighborhood.

The property’s proximity to top-rated schools, secondary schools, retail and employment bases make these units attractive rentals to a wide variety of potential future tenants. The current owner has handled most deferred maintenance including new roofs, painting, fencing and a new a/c for the SFR all within the past two years.

With rents near market, renovations performed and expenses stabilized, this is truly a turnkey opportunity and perfect for out-of-market investors and 1031 exchanges.

Location

Located just North of the intersection of Proctor and Swift, this property sits on the West side of Swift Road. The property’s tenants enjoy close proximity to numerous retail centers and A-rated schools. Its location affords ease of commute for employment via US 41 and I-75. The quiet, centrally-located neighborhood is ideal for both families and young professionals alike.

Contact

Sean Dreznin at sean@ian-black.com

or

George Kruse at george@ian-black.com

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

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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