Market Report
APARTMENT MOVES
Northeast Florida
Houston, TX-based The Morgan Group arranged financing of $146 million on behalf of its affiliated investment partnerships. The proceeds were obtained from bank, agency and insurance company loans with terms ranging from five to ten years, collateralized by five apartment properties in Texas, Florida and North Carolina.
The Florida properties are The Village at Lake Lily in Maitland and Arelia James Island Apts. in Jacksonville, Florida, which were financed by FNMA and Metropolitan Life.
Manhattan-based ABC Properties and Michaelson Real Estate Partners have acquired the 693-unit Londontowne Apartments in Jacksonville.The property has been rebranded as Canterbury Gardens and will undergo a multi-million dollar renovation. Canterbury, the largest and most significant residential property in the western Jacksonville submarket, has convenient access to Interstate 295 as well as superb accessibility from several of the area’s major transportation corridors including Interstate 95, Interstate 295 and Interstate 10. Built from 1967-1973, the Property consists of 693 units at an average of 899 square feet per unit. The property includes just under one mile of frontage along a tributary of the St Johns River and provides residents with a full amenity package including sparkling pools, a fitness center, playgrounds, a laundry facility, and a nature trail.
Central Florida
AIMCO sold the 336-unit Reflections Apts. in Casselberry to Reflections Property LL, LLC for an undisclosed price. Jay Ballard, Ken Delvillar, and Lindsey Pfaender of Cushman & Wakefield handled the transaction. The LLC is an entity of Philadelphia-based Goldoller Real Estate Investments.
Ground was broken December 6 on the Steel House Apts., a $40 million, four-story luxury development featuring 328 one- and two-bedroom units. Developed by Atlanta-based Pollack Shores Real Estate Group, it is expected to be open by fall 2012, and entirely complete by February 2013.
"We are right at the northern end of downtown Orlando, directly adjacent to the future SunRail," said Pollack Shores managing director of development Michael Blair. "That’s a commuter rail line that will link parts of metro Orlando, and is expected to start service in the next several years. And we’re only two blocks north of Lynx Central Station, the central transit bus area for metro Orlando."
The Steel House Apartments is also adjacent to the Urban Trail, a pedestrian way that ribbons through Orlando, and beckons to walkers, runners and bikers. The development of the Steel House Apartments allows for a 25-foot-wide easement along the western edge of the property, to provide a segment of the trail connecting to the new apartments, Blair says.
Yet another geographic advantage possessed by the site is that it is located at Colonial Dr. and Orange Ave., which city officials see as the northern gateway into downtown Orlando and its central business district.
The community is being built on a redeveloped brownfield that previously was home to small commercial-industrial buildings and single-family homes, Blair says. "There was some environmental work occurring as we purchased the property, and since then we’ve put it into the brownfield program and continued with a very manageable remediation. That challenge we knew about going in."
Blair estimates an economic impact of $64 million over several years.
Bay Area
The original developer of the 187-unit Fredericksburg Apts. in Tampa sold the property to a Tampa LLC for $4.48 million, or $23,957 per unit. The community commanded a sales price of $4.48 million.
Casey Babb, CCIM, Francesco Carriera, and Michael Regan of Marcus & Millichap represented both parties in the transaction. Fredericksburg Apartments was built in 1968. Babb noted that, "The property is in need of a major rehab and the buyer was able to secure seller financing equal to 90 percent of the purchase price, in exchange for a written commitment to invest a minimum of $500,000 into the property within the first six months of ownership."
Marcus & Millichap also arranged the sale of Armenia Village Condominiums, a 70-unit apartment property located in Tampa. Armenia Tampa LLC sold the property, built in 1985, was sold to a private investor, from Lafayette, Louisiana for $2.05 million, or $34.02 per square foot. Casey Babb, CCIM, Luis Baez, Still Hunter III, and Evan P. Kristol handled the transaction.
Metro 510, a 120-unit workforce housing property in downtown Tampa, Fla., has made its debut, flaunting a design by Urban Studio Architects that successfully blends the contemporary with the historic.
A $25 million development and rehabilitation project developed by Sage Partners, Metro 510 sits beside and visually incorporates the 98-year-old former St. Paul A.M.E. Church, a vacated 14,000-square-foot brick structure designed in the Gothic Revival style in 1914.
"It being an urban site ... it evolved that the church was going to be the indoor play space for the children because it’s a workforce housing project and we really didn’t have room for the children in the families to play," said Richard Zingale, a founding partner of Urban Studio. "So the site limitations helped open up all the opportunities and the possibility for the church to be used as an indoor playground, as well as the typical fitness center, office and meeting room."
Southeast Florida
Dallas-based Archon Group sold the 149-unit Fountains at Delray Beach and 148-unit Water’s Edge Apts. to Acumen Real Estate of Aventura, FL. Water's Edge sold for $16.75 million ($113,176 per unit), and The Fountains fetched $19.25 million ($129,194 per unit). Each property was 94.6% occupied at the time of sale. ARA’s Boca Raton-based sales team of Avery Klann, Hampton Beebe, and Marc deBaptiste represented the seller.
Southwest Florida
Dallas-based Behringer Harvard sold the 408-unit The Palms of Monterrey in Fort Myers, to Newton, MA-based Churchill Forge Properties. Amenities include a clubhouse with a business center, a fitness center with a racquetball facility, a lighted tennis court, a playground, two heated pools and a poolside hot tub. The Palms at Monterey was built in 2001.
Fantini & Gorga has arranged a $9.2 million first mortgage financing on 156 units in a 161-unit condominium project in Naples, FL for a New England-based borrower. The community is called The Belvedere at Quail Run.
"We were pleased to be able to provide attractively priced, fixed-rate, non-recourse financing for this asset," commented Joe Eddy, Managing Director at Fantini & Gorga, who placed the loan along with Tim O’Donnell, Principal, and Mark Whelan, Director. "The financing faced some challenges, since this is a ‘fractured condo’ in the Florida market, which is recovering from a fairly deep recession. But the quality of the property, along with excellent management and seasoned rent roll, gave us the opportunity to deliver a deal that met our client’s needs."
Make Member News a separate item. This normally runs in MF Florida but we might as well start putting it in E-Connect.
MEMBER NEWS
Ronnie S. Cole, 56, of Pensacola died Monday, Jan. 16, 2012. She was manager at the Sunrise Apartments, managed by Emmer Management Group, in Pensacola and a former ECAA Board member.
Said Angie Barrows, NW Florida Regional Manager of The Emmer Group: "It is with great sadness that we pass along the news of Ronnie Cole’s passing. Ronnie fought a long battle with cancer, but took great pleasure in knowing that in time she would be with God and now that time has come."
"Ronnie was a phenomenal woman with a loving heart, a contagious smile and a positive attitude. She blessed The Emmer Group for the last 14 years with her grace. We will miss her terribly.
"Please join us in sending your thoughts and prayers to Thomas and Ronnie’s family, including all her friends in Pensacola at Sunrise, Moorings and Fountains.
"In memory of a life so beautifully lived, a heart so deeply loved.
Your life was a blessing, your memory a treasure.
Rest In Peace Ronnie Cole."
Aaron Bosshardt of Bosshardt Realty Services in Gainesville plans to run for the Florida House of Representatives in 2012, representing District 21. Bosshardt Realty Services has been in business for 21 years, and serves as both a brokerage and property management company. The Community Association Management division represents more than 60 condominium and homeowners associations in Gainesville and Ocala.
Aaron was also named the Institute of Real Estate Management’s (IREM) Certified Property Manager of the year for 2011.
Shawn Wingate was named the new Regional Manager in Ft. Myers and Naples for Pinnacle Management Services.
Greensboro, NC-based Bell Partners Inc. has named new executives to direct the company’s marketing and risk management activities.
Kevin Thompson becomes Bell’s Senior Vice President for Marketing following almost 12 years with AvalonBay Communities Inc.
Also joining Bell Partners as Vice President for Risk Management is Sean Rogers, coming from the Brink’s Company after five years service. Rogers’ responsibilities at Bell will include insurance procurement and the management of risk throughout the firm, including loss prevention and safety, incident reporting and litigation management.
San Antonio–based Lynd Cos. has added Daniel Zunker as principal and president of Lynd's development division, Lynd Development Partners, as the company readies itself to expand development further in Florida, Texas, Arizona, and Colorado, as well as other locations in the Sunbelt region. Zunker comes to Lynd after more than seven years as a partner at his prior firm, San Antonio–based Embrey Partners. He says the opportunity to lead and expand the development effort for Lynd compelled him to make the move.
Scott Gilpatrick has spent almost a quarter of a century working in the apartment business for top 50 players like Boston-based Berkshire Property Advisors and College Park, Md.–based Sawyer Realty Holdings. Now, he’s moving to Madison Apartment Group, the multifamily operating arm of Philadelphia-based BPG Properties, where he’ll serve as a divisional vice president. In that role, he’ll oversee the operations of 28 of Madison's communities, totaling more than 8,000 apartment homes throughout the Southern United States.
Jeff Goldshine named president of Finlay Management
Multifamily Real Estate Portfolio includes Florida, Texas, New Hampshire
JACKSONVILLE, Fla. (January 17, 2012) –Multifamily industry veteran Jeffrey A. Goldshine, who has been responsible for the management of over 60,000 units in his 35-year career, has been appointed president of Finlay Management, Inc.
Immediate past president and company founder Chris Finlay made the announcement and will remain with the Jacksonville, Fla. based firm as chairman and CEO.
"The strength of our company rests with our people and our shared commitment to offer clients world class property management. Well known as a forward thinking leader, organization builder and positive motivator, Jeff will help us achieve this gold standard," stated Finlay. "His addition also underscores Finlay Management’s commitment to work tirelessly for our clients, build lasting relationships across the industry and continually create value for our clients and residents."
The Finlay Management portfolio includes multifamily communities in Florida, Texas and New Hampshire. Goldshine brings a solid, successful track record o f multifamily management results and organizational leadership to his new role.
Most recently, he served as president of Mission Residential Management based in Oakton Va. He was also senior vice president and director of management operations at CAPREIT, Inc. He joined the company in 1993 and during his tenure assumed operational and financial responsibilities for 80 communities nationwide.
Goldshine was chief operating officer at Stellar Realty Management and was also co-founder and president of Artery Property Management, Inc. based in Bethesda, Md. He began his career as a resident property manager with Arlen Realty, Inc., New York in 1975.
Goldshine has been a featured speaker, moderator and panelist on issues including technology, management, problem solving, human resources, product management and revenue management at local and national multifamily industry conferences. During his tenured career, he has pioneered the use of call center technology, resident background screening and a branded approach to marketing and advertising.
Goldshine holds a B.A. degree in political science from George Washington University (1974). He holds the Certified Property Manager (CPM) designation from the Institute of Real Estate Management.
Visit www. finlaymanagement.com for more information.
ABOUT FINLAY MANAGEMENT, INC.
Finlay Management is an experienced, specialized multifamily management firm with over 30 years in market-rate, senior and affordable housing. Proven management systems and procedures are national in scope, while each property is managed to successfully meet the needs of the local market. An aggressive, proactive property management philosophy provides corporate guidance and implementation tools to effectively address everything from personnel, resident recruitment and retention, accounting, regulatory compliance and marketing. The result is a quality-managed community with a caring customer service approach coupled with industry best practices in place to best maximize the financial performance of the asset. The Finlay portfolio includes communities in Florida, Texas and New Hampshire. Visit HYPERLINK "http://www.finlaymanagement.com" www.finlaymanagement.com for more information.
EDITORS NOTE: Jeff is always available as an expert source for stories on multifamily industry trends and issues. He can be contacted directly at (240) 426-2605 or at jgoldshine@finlaymanagement.com.