Tag Archives: sean dreznin

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. 

Thanks 

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

Image result for rosemary district sarasota

 

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.”

050r_citysidesrq_rgp-0517

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.

ISq5t37w2v9fjt1000000000

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

This City Is Like the Disney for Retirees

 

img_3266

Picture looking West out towards the Gulf of Mexico and Sarasota Bay.

By Jennifer LeClaire
Published: June 27, 2017

Beyond being known for its beaches, Sarasota is a community rich with live theater, concerts, ballet, opera, galleries and museums. According to a study that examined 182 regions in the country, Sarasota’s arts and cultural industry accounts for more than $180 million in spending, which is more than the entire state of Nebraska. As such, the arts industry has a huge impact on the area’s economy.

GlobeSt.com caught up with Jag Grewal, partner at Ian Black Real Estate in Sarasota, to discuss recent activity among the region’s top arts organizations, and what it means for its commercial real estate market in part one of this exclusive interview. Stay tuned for part two, in which Grewal will discuss the impact of expansion on the area’s commercial real estate.

GlobeSt.com: I understand Sarasota has a reputation as an arts community. Can you tell me a little about the strength of this sector in the market?

Grewal: Sarasota is a mecca for arts organizations. In fact, on the Tampa Bay Business Journal’s annual list of top cultural nonprofits based on 2015 revenues, five of the top fifteen were organizations in Sarasota. When compared with other Florida counties in the study, Sarasota County generates the highest amount of cultural spending per capita.

This spending supports 4,579 full-time equivalent jobs—the national median is 1,533—generates $134.4 million in household income to local residents, and delivers $20.1 million in local and state government revenue. This is big business in our area, and activity we’re seeing from the arts organizations that are expanding are helping to shape the commercial real estate market and the future of our city.

GlobeSt.com: Which organizations are you seeing have the biggest influence right now?

Grewal: Several prominent organizations are expanding. Our firm recently represented The Asolo Reparatory Theatre in purchasing a 5,000-square-foot building on just under half an acre next to its existing location to expand its footprint. And we’re representing The Players Centre for Performing Arts, which has its long-time property on the market and is working on raising money to build a new $30-million theater complex in Lakewood Ranch.

We also worked with Florida Studio Theatre on its recent all-cash purchase of a 2,200-square-foot building in the downtown area, which is a testament to the strength of the downtown commercial real estate market. These are just a few examples of the flurry of activity we’re seeing among these organizations.

 

PART 2 —————————————————————————-

img_2267

 

It’s not the big city—but it’s a cultural city. And it’s attracting investors in droves.
According to a study that examined 182 regions in the country, Sarasota’s arts and cultural industry accounts for more than $180 million in spending, which is more than the entire state of Nebraska. As such, the arts industry has a huge impact on the area’s economy.

GlobeSt.com caught up with Jag Grewal, partner at Ian Black Real Estate in Sarasota, to discuss how this is impacting the commercial real estate market in part two of this exclusive interview.

You can still read part one: The Arts’ Impact on Sarasota Real Estate.
Globest.com: What kind of impact are art organization expansions having on commercial real estate in the area?
Grewal: These arts organizations touch many aspects of Sarasota’s economy. They have a lot of purchasing power and the ability to invest.
We’re seeing this influence activity among restaurants that want locations near these performing arts centers, because they attract large numbers of people. In addition, a vibrant, thriving downtown will ultimately help attract more businesses to the area.
These expansions are also impacting the housing market, as larger theater productions require bigger casts and crews. For example, the Sarasota Opera House recently purchased 38 apartment units in the Rosemary District to house performers. Also, the Florida Studio Theatre is expanding its planned housing with the development of
the Kretzmer Artist Housing Project, which will house up to 20 visiting artists, interns and apprentices throughout the theater’s season.
GlobeSt.com: What kind of long-term outcomes do you expect to see, as a result of the activity that’s happening now?
Grewal: Sarasota is going to be like Disney for retirees. People will be able to see a different show every day of the week, and have plenty of restaurants and other entertainment venues in a walkable area.
We have 1,200 apartments coming on line downtown and expect a melting pot of people who live here yearround and those who rent apartments a few months of the year. More people will want to come visit us.

img_0260-1

CLICK HERE <—- for full article and others

 

Plans submitted for shopping center revitalization in Sarasota, FL

towncountrybeallsweb

Picture via Gator Investments website
Town and Country Plaza at Beneva and Fruitville roads in Sarasota.

SARASOTA — Benderson Development Co. filed redevelopment plans with Sarasota city officials on April 28 for the Town and Country Plaza shopping center at the northwest Corner of Beneva and Fruitville roads.

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

Sarasota Sky Bar & Club to open Friday

1927-image-google1927-ringling-lease-image1
The nightclub is slated to open in the Charles Ringling building on the east end of downtown this weekend.
by: Alex Mahadevan News Innovation Editor

Following some delays, downtown Sarasota’s newest nightclub will open this weekend in the historic Charles Ringling building.

Sarasota Sky Bar & Club will open at 4 p.m. Friday, Sept. 23, at 1927 Ringling Boulevard, which is adjacent to McCurdy’s Comedy Theatre. The club will feature 1960s-themed local band Robin and the Retros starting at 8 p.m., with a $5 cover to get in, said co-owner Tony Tannus.

Democracy, a reggae band, will play during the same hours Saturday.

“We have to mix it up,” said Tannus, who said he wants to focus on bringing in a mature crowd to the non-smoking building. “I’m not bringing in 20 year olds to bounce around.”

Tannus, who also co-owns the Meadows Village Pub & Grill, said the 7,000-square-foot size of the interior, and its history, attracted him to the property. Charles Ringling, John Ringling’s brother, constructed the two-story building in 1926.

“His office is still up there,” Tannus said.

 

Sean Dreznin & Jag Grewal from Ian Black Real Estate handled both sides of the transaction.

Sarasota Sky Bar & Club set to open

Nightclub will occupy Charles Ringling Building in downtown Sarasota.

1927 Ringling image
Business partners, Tony and Marie Tannus, and Alex Hagush have leased the Charles Ringling Building for Sarasota Sky Bar & Club. The building on Ringling Blvd. in Sarasota was built in 1926 and has been home to several nightclubs over the years. // Photo via Ian Black Real Estate

Following a delay earlier this month, the owners of Sarasota Sky Bar & Club say they’re ready to open Friday with a performance by high-energy area dance band Robin & The Retros. Longtime local reggae group Democracy will be playing on Saturday.

Both performances are scheduled for 8 to 11 p.m. with doors opening at 4 p.m. There will be a $5 cover charge for each evening and management has stated that “at this time we will not be offering parking nor valet services to our patrons and will be advising them to utilize available public parking in the vicinity.”

Sarasota Sky Bar & Club, a smoke-free establishment aiming to attract people in their 30s to 60s, occupies the historic Charles Ringling Building in downtown Sarasota. 8 p.m. Friday and Saturday, Sarasota Sky Bar & Club, 1927 Ringling Blvd., Sarasota; $5;  sarasotasky.club

Sean Dreznin from Ian Black Real Estate handled both sides of the transaction.

Sarasota Sky Bar & Club opening in downtown Charles Ringling Building