Tag Archives: multi-family

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

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

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).

The Longboat Key Resort wants to add a second hotel

LONGBOAT KEY – In most towns, if a resort wants to add hotel rooms it can do so by acquiring the proper building and occupancy permits. 

Facts

THE VOTE

Longboat decision On May 12, the elections offices in Sarasota and Manatee counties will count the mail-in ballots they received in a Longboat Key referendum about replacing potential residential units with hotel rooms at The Resort at Longboat Key. 

For more information, Longboat voters in Sarasota County should call that elections office at (941) 861-8600 or go to sarasotavotes.com. Longboat voters in Manatee should call that elections office at (941) 861-8600 or go to votemanatee.com.

On Longboat Key, however, adding “tourism units” becomes a more complicated endeavor in which public opinion becomes the determining factor.

Ocean Properties, the owner of The Resort at Longboat Key, wants to build a second hotel with 259 guest rooms at its Islandside property on the south end of the key.

To do so, it must get the consent of the townspeople.

“In order to increase density, we have to hold a referendum,” Town Manager Dave Bullock said.

On March 12, 1984, Longboat’s electorate approved an amendment to the town charter. It states that, whatever densities (units per acre) were allowed on a property by the town’s comprehensive land use plan as of that date “shall not be increased without the referendum approval of the electors of Longboat Key.”

The Resort at Longboat Key Club consists of two areas: Islandside, a golf course community with houses, condos, a gulf-front hotel and amenities for club members; and Harbourside, a golf course community also called Bay Isles on Sarasota Bay with homes, a tennis center and other facilities for club members.


To view the entire article, click here <—LBR looking to add second hotel

USF Alumni Association Names Nutter to 2014 Fast 56 Rankings

USF Alumni Association Names Nutter to 2014 Fast 56 Rankings.

NAI Tampa Bay Closes 200 Unit Hidden Oaks Apartments

NAI Tampa Bay Closes 200 Unit Hidden Oaks Apartments

Sean Dreznin joins NAI Tampa Bay

Sean Dreznin joins NAI Tampa Bay

Nai Tampa Bay

The Multi-Family team of John Burpee and Sean Lance are proud to announce the sale of the 200 unit Hidden Oaks Apartments located at 1121 Druid street Clearwater; Fl. NAI Tampa Bay represented the seller of the asset to a buyer for $8,500,000 or $42,500 per unit. The Buyer is California investment firm and plans a major rehab to the property over the next several months.

This transaction puts NAI Tampa Bay’s multifamily team over $200 million in closings year to date with an additional $124 million under contract that are expected to close by the end of the year. John Burpee, NAI Tampa Bay’s CEO and lead multifamily broker stated” This closing represents a true statement to the strength of the multifamily market and the appetite of investors for well positioned deals. All of our clients are asking us to present more deals and the market is flush with capital chasing value add as well as stabilized cash flowing assets”.”

John Burpee, President of NAI Tampa Bay, stated that this sale is a testament of the power of NAI’s Global network capability and how our firm is helping lenders dispose of REO assets. Our firm was able to provide the special servicers an opinion of value, advise them on receivership services, management of the asset and ultimately sell the asset to a client in our local database prior to the lender taking title.

NAI Tampa Bay is part of NAI Global, the world’s largest managed commercial brokerage network with more than 375 offices and 8,000 associates in 55 countries. To learn more, visit http://www.NAITampaBay.com
– See more at: http://www.tampabaynewswire.com/2013/11/04/nai-tampa-bay-closes-200-unit-hidden-oaks-apartments-16783#sthash.DgIXl1Pt.dpuf

8 multi-family units for sale in Palmetto, FL ** Make Offer

8 multi-family units for sale in Palmetto, FL ** Make Offer

photo 2

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2 Blocks from US 41

Concrete block construction

Central A/C

Tenants pay all utilities

INVESTMENT SUMMARY

Price: $385,000
Year Built: 1981
Units: 8
Price/Unit: $48,125
RSF: 7,776
Price/RSF: $49.51
Lot Size: 44,600 sf
Floors: 1
Cap Rate: 10.08%
Market Cap Rate: 10.49%
GRM: 6.2
Market GRM: 6.1

Herald Tribune Business Weekly Press Release

Herald Tribune Business Weekly Press Release

NAI Manasota - Sean Dreznin

NAI Manasota, based in Lakewood Ranch, has added hired two commercial real estate specialists, Sean Dreznin and Richard Sellers….

Dreznin is a commercial property management professional who owned and operated a professional services management company for several years. He will work with NAI’s Commercial Investment Sales & Special Asset Services group.

Click here for full article <——

NAR issues “cautionary” advice in its Commercial Real Estate numbers

The National Association of Realtors issued predictions for four major sectors of commercial real estate this week. According the report, national office vacancies are expected to increase from 16.1% in 2009 to over 20% in 2010 with rents falling about 7% this year and 0.8% next year.

Retail vacancies, which were just under 10% in 2008, are projected to rise to 12.1% in 2009 and 15.8% in 2010. Rents are expected to fall 2.1% in 2009 and 1.5% in 2010. Industrial vacancies are expected to increase to 11.9% in 2009 and 12.6% in 2010 with rents falling 3.4% this year and 4% in 2010. Multi Family is expected to fare the best; vacancy is expect to increased to 6.8% this year and 6.7% in 2010 from 5.7% in 2008 with rents slightly growing this year and next.

If these predictions are accurate or close to accurate, there will be more pain in commercial real estate, and we are nowhere near a bottom — especially in office and retail. Loan delinquencies have been increasing in both segments in early 2009 and they could spike over the next two years.

Going forward, overweight multi-family, which continues to benefit from lower home ownership rates and less new supply. Invest in retail and office selectively; only companies that have a handle on their debt maturities over the next couple of years which will help them withstand a prolonged downturn.

Article found on Seeking Alpha (Click here for site) and written by By Greg Sukenik

It’s Now a Renter’s Market* *(in some areas)

Across the U.S., desperate landlords are coming up with novel ways to attract new tenants and retain old ones

seans fans

Amy Gips loves her one-bedroom apartment in a swank Manhattan building that features a gym, golf simulator, yoga studio, and massage rooms. But she no longer feels she can justify paying $4,400 a month in rent, especially now that her ex-boyfriend has moved out.

A week ago, just as the 27-year-old associate at a private equity fund was planning her next move, a letter arrived from the property management company. The rent for the 750-square-foot Chelsea apartment with floor-to-ceiling windows overlooking Madison Square Park was reduced $900, or about 20%. It changed her calculus, though she hasn’t given up on the idea of shopping around for something under $3,000 a month, with one or two months of free rent thrown in.

For years, rising rents in Manhattan were thought to be as inevitable as baseball at Yankee Stadium. But times change, and in New York, landlords are scrambling to hold on to renters who have been hit by the economic downturn.

That means renters who, like Gips, are still in good financial shape now have the whiphand. “I was thinking that the rent was so high that there was no way I’d consider staying,” says Gips. “Now that they’ve offered the reduction on their own, I kind of feel I should do a bit of negotiation.”

Avoiding Empty Apartments

During the six months since the financial crisis began in earnest, control of the Manhattan rental market has switched to the tenants, who no longer have to pay broker fees (traditionally about 15%) and who can get up to three free months of rent and even gym memberships thrown in just for signing on the dotted line. The power shift might not be as dramatic in other parts of the country, but rents are getting more affordable from Charlotte to San Francisco. And landlords everywhere are getting more creative (and desperate) to hold down vacancies and prevent turnover.

• Landlords figure it’s better to take a hit by offering a month or two of free rent and other freebies than to carry empty apartments that aren’t generating income.

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It’s a nationwide phenomenon, according to Victor Calanog, research director at real estate data firm Reis. Half of apartment buildings reduced rents in the fourth quarter of last year and the first quarter of this year — the highest percentage since Reis began tracking apartment data in 1980. (By comparison, only 17% of buildings reduced rents in 2007.) And average asking rents fell 0.6%, to $1,046, in the U.S. in the first quarter, compared with the previous quarter, the largest drop since Reis began collecting quarterly data in 1999. And average effective rents, which include free months and other landlord incentives, fell 1.1%, to $984.

Effective rents fell in 64 of 79 markets that Reis tracks. Effective rents in San Francisco dropped 2.8% in the first quarter of this year, compared with the previous quarter — the nation’s largest quarterly decline. Rents fell 2.6% in New York City (all five boroughs), 1.3% in Charlotte, 2.5% in San Jose, 0.9% in San Antonio, 0.9% in Cleveland, 1.2% in Chicago, and 2.3% on Long Island. Only a few markets, such as Houston and Dallas, showed increases, Calanog says.

For Full Article written by Prashant Gopal via Yahoo Finance & Business Week, click HERE <—–