Tag Archives: apts 4 sale

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.

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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
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Square George Kruse

Commercial Investment Sales Advisor

george@ian-black.com

(C) 941.321.6393
(O) 941.321.6393
(F) 941.906.8228
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Multifamily community sells for $6.6M

May 11, 2017

TAMPA — Investors Alan Soroory and Bobby Soroory sold Montierra Apartment Homes in Tampa for $6.6 million or $68,750 per unit.

Montierra Apartment Homes is a 96-unit, garden-style apartment community near University of South Florida. The property was built in 1970 and sits on over five acres of land. It has over 81,000 rentable square feet.

According to a press release, they invested over $1 million since acquisition of the property for repositioning.

“We acquired the asset at the bottom of the cycle in 2009,” says Bobby Soroory in a statement. “At the time, the asset was more than 50% vacant and required significant capital expenditures throughout the property. Our repositioning program was able to bring the asset’s performance back to it’s full potential and subsequently create significant cash flows through our hands-on management approach.”

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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