Tag Archives: multi-family

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

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

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 <——