Tag Archives: multifamily

Landmark building in Burns Court, Sarasota sells for $245 PSF.

Pic via Sean Dreznin

I am proud to announce the sale of the Dolphin Bldg.  This 10,912 SF mixed-use property consists of 17-units.  10 residential units and 7 retail spaces which are home to some of the most dynamic local businesses such as the Burns Court Cafe, Srq Spot (Dog Grooming), Two Barbers (opening soon) & Sarasota One Realty.

This landmark property changed hands at approx $245 PSF and the new buyers intend to improve the property and capture the charm character of this building and reinvigorate its pulse!  Can’t wait to see the results!

Sean Dreznin at Ian Black Real Estate is a specialist in investment style commercial real estate, including multi-family, retail and cash flowing properties. 

Florida will need 669,000 more apartments by 2030, according to a new study. 

Read the full article:
https://goo.gl/1scHrj

Demographic Shift, Investor Demand Reshaping Broward’s Apartment Market which shows similarities to Pinellas & Sarasota counties.


Pic credit – Jason Ludwig

PUBLISHED: JUL 17, 2017

Broward County multifamily housing and retail is undergoing a remarkable transformation as millennials and empty nesters are embracing urban living and young professionals seek similar experiences in suburban settings.

Having been built out for some time, much of the development in Broward has shifted from gated communities in western suburbs to multifamily housing in the urban core. About 4,000 condominium and apartment units in 20 blocks of Fort Lauderdale are set to come online in the next few years. 

Most of the new properties will resemble The Manor at Flagler Village, a mixed-use complex with residential units between 700 and 1,350 square feet. Rents range from $1,826 to$2,921 per month, about 30 percent higher than other nearby Class A buildings. The retail component, which is managed by Franklin Street, occupies the first floor and includes popular restaurants such as The Brass Tap, a craft brewery and Mellow Mushroom. Other service-based retailers range from a dentist office and fitness center to nail and hair salons. Nearby is a Fresh Market grocery store, a museum and parks. These amenities appeal to millennials. 

Young adults are looking for the best apartment spaces available regardless of unit size. Millennials care more about the fact that there’s a restaurant that they like in the lobby and Wi-Fi access throughout the entire building.

Their interests are altering the retail environment. Traditional retail is being replaced with service-oriented businesses where people can eat, have a drink, get their nails done or meet with a financial advisor.

Baby boomers want similar amenities. Many retirees are selling their four-bedroom houses in the suburbs and moving into an apartment where they don’t have to worry about things like lawn care. They can travel for pleasure or to visit grandchildren and want the freedom that comes from not owning a home. 

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As part of the population move to the downtown core, more people are doing something unusual in South Florida: they are giving up their cars. With easy access to ride-sharing programs, consumers are taking the money budgeted for a vehicle and putting it toward rent instead. 

Broward municipalities such as Coral Springs and Plantation are following suit. An urban core is emerging in Coral Springs centered around a new downtown city hall that is under construction and over 300 apartments have been built. One is Bainbridge at Coral Springs, a five-story development with top-of-the-line amenities and rents $300-$700 a month less than in downtown Fort Lauderdale.

Properties like that attract young professionals. Millennials that have small children prefer neighborhoods with A-rated schools. While some couples have started families, they are still active and want to go out and socialize with their friends in places like those in downtown Fort Lauderdale.

They’re attracted to places such as Plantation Walk, which will go up on the site of the former Plantation Fashion Mall. Plans call for 700 rental apartments, 200,000 square feet of retail and a Class-A office tower. It appeals to young people who don’t want to travel 25-plus minutes to downtown Fort Lauderdale for work or fun. They would prefer a short walk or ride to their office and to have restaurants, bars and shopping close to home.

Multifamily investors have noticed the trend and started to grow their portfolios. Demand has so outstripped supply that an investor that would normally purchase a Class A or Class B property in an established area is going out of their comfort zone and buying a Class C property in an emerging neighborhood.

In Broward County, much of the buyer interest is coming from out-of-area investors working with local conduits. When Franklin Street recently marketed 167 units in downtown Plantation, we garnered about 17 written offers in two weeks, half of them from investors in New York, Philadelphia, New Jersey and Canada.

Outsiders are active in Florida for two reasons: The first is cap rate compression. Investors are seeing deals at 1 to 2 percent, and at zero percent in some cases in New York. Florida cap rates are also being squeezed, but they are still at 5-6 percent.
Second, Florida offers significant tax benefits. Out-of-state investors can re-capitalize their portfolios, sell their properties at a premium, come down here, and trump everybody at the local market level.

Today’s investors are not looking for immediate cash. Many are buying properties in neighborhoods that they think are up and coming. These buyers expect that their apartments or mixed-use buildings will be smack in the middle of a redevelopment play five to 10 years down the line. Given current trends, they are likely to be right.

 

Credit:

HERNANDO PEREZ AND DAN DRATCH

Source:

Southeast Real Estate Business

URL:

http://rebusinessonline.com/

SOLD – 54-unit apartment complex in Sarasota, FL

We are pleased to announce the closing of a 54-unit multifamily property located at 3400 Tyne Lane in Sarasota, FL. 

The sale had multiple offers from both local and out-of-town investors. The final price approached $95,000/unit. 

The sale is a testament to the continued strength of the Sarasota/Bradenton apartment market in spite of new construction in the area.

If you are considering buying or selling, don’t hestitate to contact us to discuss your options.

Sean Dreznin — Srqcre@gmail.com

George Kruse — gwkruse@gmail.com

Sarasota Ponders Future of Rosemary District near Downtown

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BY JACOB OGLES SRQ DAILY FRESHLY SQUEEZED CONTENT EVERY MORNING THURSDAY JUN 8, 2017

A special district designed to spur development in the Rosemary District has been so successful Sarasota officials expect to reach a goal on new residential units more than a year earlier than expected. Now, city commissioners have started to explore whether to allow construction at up to three times the normal density to occur on more properties in the area.

“The Rosemary District has the potential and, I firmly believe, could be the most exciting, diverse, inclusive neighborhood in Sarasota, and perhaps the state of Florida,” says Howard Davis, director of the Rosemary District Planning Initiative. Davis and other leaders in the Rosemary spoke to city commissioners Monday night about a hope to continue the redevelopment renaissance happening north of Fruitville Road.

But while city commissioners say the success of an overlay district in spurring development certainly proved successful, they also want to explore whether needs like the opening of parks and creation of affordable housing will be met in the future. “The idea was to increase density by allowing smaller units and units that were more affordable—not attainable levels that we have been talking about, just affordable,” said Commissioner Jennifer Ahearn-Koch. “In my mind that has not happened.”

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The city in 2014 approved an overlay district where some developments could build up to 75 residential units per acre, while the normal zoning allows just 25 units per acre. That resulted in construction of rental housing like that found at CitySide Apartments. Officials elected then not to include requirements for affordable housing, in hopes market forces would keep prices of smaller units low.

The district ended up working faster than anticipated. While there were 386 units in the district when the overlay got approved, the city now calculates that 1,525 units have been built or have building permits or site plan approvals issued. The original plan for the district capped the entire area at 1,775 units, and set an expiration date for the district in December 2018. With nearly 86 percent capacity achieved already, commissioners on Monday voted to have the district terminate whenever the cap is reached. 

Bruce Weiner, developer for CitySide, says he would like to see development continue in the Rosemary. Site plan approval for the apartment complex’s second phase triggered the city looking at the district’s future. While Weiner notes he owns no more property and might benefit from being one of the only developments in the neighborhood with so high a density, he says continued development will benefit everyone in the area. “It’s really turning into a viable downtown neighborhood,” he says.

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City Commissioner Hagen Brody says he would like to see activity continue in the district. “I love what’s happening in Rosemary,” he says. But other commissioners say they want to make sure other needs get met.

Mayor Shelli Freeland Eddie says she’d like to see an affordable housing requirement implemented. The Sarasota Housing Authority owns three acres in the district, and officials there would like the ability to develop at higher densities. Eddie wants that need considered. Ahearn-Koch says the city needs to consider roadways, greenspace and a number of other issues now as the district matures.

CLICK HERE <—– for full article and others

Recent Apartment Sales on the Gulf Coast of Florida (Sarasota, Bradenton, St. Petersburg, Tampa, Clearwater, etc) 2017 YTD

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Picture representative of properties shown below – via S Dreznin

Contact Sean Dreznin at (941) 961-8199 or at srqcre@gmail.com to update any data or sales.

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Villa Vacilia Apartments in St. Petersburg, FL

SOLD May 2017

$990,000

9-units

$110,000 per unit (blocks from the beach)

Property Details:

9250 Blind Pass Rd
Saint Petersburg Beach, FL 33706

The property consists of one, two story building located on .41 acres of land. The building was constructed of concrete block and features a unique carport feature on the first floor of the building.

The unit mix consists of 6 1Bdr/1Bath apartments at 640 square feet, 2-2Bdr/1Bath apartments at 950 square feet, and 1- 2Bdr/1Bath unit at 1024 square feet. Residents of Villa Vacilia enjoy centralized heating and air as well as rentable storage units outside of their unit. The roof over the property was recently replaced in 2014, and rents are significantly below market for the surrounding area.

There is an ability to upgrade interior units and increase rents. The property enjoys significant additional income through renting storage space and carports which have little to no maintenance expense.

  • Year built:1974
    Units:9
    Square Footage:14,716 Sq Ft
    Lot Size:0.41+/-
    CAP Rate:6.51%

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North Tampa Portfolio

SOLD May 2017

$2,833,000

84-units

$33,726 per unit

Property Details:

– Currently 95% Occupied with Immediate Rent Upside
– Over 90% of the Units Have Ceramic Tile Throughout
– Two-Property Portfolio Located Within a Half-Mile of Each Other in North Tampa
– Value-Add Opportunity with Strong Cash Flow Potential Through Management Efficiency
– Located in the Densely Populated University Area Submarket
– Minutes From Three Major Employers in the Area, The University of South Florida, Busch Gardens and James A. Haley Veteran’s Hospital

Year built:1969
Units:84
Lot Size:1.34+/-

Unit Mix:

    • Units:16
    •   |  1Bdr 1Bath (Casita Bella)
    •   |  500 +/- Sq Ft
    • Units:44
    •   |  1Bdr 1Bath (Villa Amor)
    •   |  650 +/- Sq Ft
    • Units:24
    •   |  2Bdr 1Bath (Villa Amor)
    •   |  850 +/- Sq Ft

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 Oak Bend Apartments in Tampa, FL

1550 University Woods Pl
Tampa, FL 33612

SOLD January 2017

$6,700,000

112 units

$59,821 per unit

Property Details:

Oak Bend Apartments is a 112-unit garden style apartment community located in Tampa, Florida. The property consists of 15 residential buildings and 1 leasing office building spread across approximately 6.31 acres of land. The residential buildings are all wood frame with a pitched roof and each was constructed in 1986.

The unit mix at Oak Bend consists of 104 2Bdr-2Bath apartments (972 SF) and 8 2Bdr-2.5Bath apartments (1,268 SF). Each apartment home comes with two master-size bedrooms with large walk-in closets and private bathrooms, a large kitchen pantry, and valet trash service. Some of the apartments have beautifully renovated kitchens.

The community amenities include a swimming pool and sundeck area, brand new laundry facility, coffee cafe with Wi-Fi, and a remodeled fitness center. Presently over 30% of the units at the property have been completely renovated and 20% have been partially renovated, leaving significant room for rental upside and added value through the completion of the rehab projects.

Unit Mix:

    • Units:104
    •   |  2 Bed 2 Bath
    •   |  972 +/- Sq Ft
    • Units:8
    •   |  2 Bed 2 Bath, Townhome
    •   |  1,268 +/- Sq Ft

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Ringling College Apartments in Sarasota, FL

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1052 Indian Beach Dr, Sarasota, FL

SOLD May 2017

$2,195,000

26 units

$84,423

18 – 2Bdrm/1Bath

7 – 1 Bdrm/1 Bath units

1 – 3 Bdrm/3 Bath

Located directly across from Ringling College of Art, Design & Technology, this complex presented the buyer with a strong opportunity to capitalize on an under-served market with rents substantially below market.

Sold by Sean Dreznin & George Kruse of Ian Black Real Estate

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Gardenwood Apartments in Bradenton, FL

Image result for ("gardenwood apartments") bradenton, fl sold

3223 W. Third St, Bradenton

55-units

SOLD June 2017

$3,000,000

$54,546 per unit

built in 1980, rents studio, one- and two-bedroom apartments

Wood frame, one-story buildings

Located just North of Desoto Square Mall.

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Oakridge Apartments in Palmetto, Fl

Image result for oakridge apartments palmetto fl

501 W. 14th St, Palmetto

144-units (Duplexes)

SOLD June 2017

$7,000,000

$48,611 per unit

all two-bedroom and one bathroom, average 620 square feet and rent for $625 per month. The complex was built in 1967

$5.6 million was seller financed

 

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The Bungalows on 50th in St. Petersburg, FL

2595 50th Avenue North in St. Petersburg, Florida

SOLD May 2017

$472,500

12-units

$39,375 per unit

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Holly & Pleasant Oaks Apartments

SOLD June 2017

$2,217,600

56-units

$39,600 per unit

13609-13613 North 20th Street in Tampa

The Holly property features 20, one-bedroom/one bath units with 550 rentable square feet and 14 two-bedroom/two-bath units with 600-650 rentable square feet in a total of 17 one-story buildings. The buildings were constructed in 1972 and are concrete block with a pitched roof.

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Thomas Street Apartments in Fort Myers, FL

2930 Thomas Street

SOLD June 1027

$1,225,000

32-units

$38,281 per unit

“Thomas Street offered a strong value-add opportunity for the buyer, who intends to reposition the asset through furthered strategic renovations.  It was this upside that enabled us to close within approximately 99% of the list price

 

 

Contact Sean Dreznin at (941) 961-8199 or at srqcre@gmail.com to update any data or sales.

 

 

 

 

What to Look for in a Multifamily Investment Property

Presented by Sean Dreznin

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MULTIFAMILY INVESTING TIPS

via 100units.com

How to Find a Profitable Apartment Building Investment

Investing in multifamily properties is extremely rewarding and profitable for many reasons. Not only is the rental market currently very strong, but the potential to earn money is much greater in multifamily properties than single family properties. However like all real estate investments, the success of your multifamily investment property will depend heavily on a number of factors.

Before you start your search, here is what you need to look for in a multifamily investment property:

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Location – Where your apartment building is located will greatly affect the performance of your investment. Find information on local employment rates, per capita incomes, crimes rates, and types of crime. Knowing your potential renter demographics will allow you to determine whether the property will be a good investment.

Cash Flow – Like any smart investor, you want the largest possible profit margin for your rental properties. Don’t rely on the advertised or published capitalization rate and instead, conduct your own property analysis to make an educated decision.

Capital Improvements – One of the things you should also look for is capital improvement opportunities. Look for easy, low-cost replacements or improvements that will quickly boost the value of your property and earn you a better ROI.

Price – Of course, even if you find a property that has great location and cash flow, the success of your investment will depend on your initial purchase price. Make sure you do your research or consult a multifamily expert to avoid overpaying on your multifamily investment property.

 

As an experienced multifamily sales agent, apartment owner and former property manager, I know that buying apartment buildings can be a challenging process. Our team of multifamily property investment advisors are experienced in providing investors like you with the confidence and peace of mind that only comes from working with highly-driven and passionate multifamily property investment advisors. If you are interested in acquiring an apartment building on the West Coast of Florida from Naples North to Tampa or Central Florida from Lakewood Ranch to Orlando, contact us today and allow us to tell you exactly how we can help you secure a profitable property at the right price.

 

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The remodeled El Patio Apartments near the bayfront in Bradenton. A classic building with character!

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
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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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