Single-Family Rental Companies Cash in on Wall Street
Single-Family Rental Companies Cash in on Wall Street
Source: nreionline.com
Driven by high occupancies and growing rents, single family rental companies are cashing in on the rental market.
Lennar Purchases Second Orlando Multifamily Site
Cushman & Wakefield announced today that it has assisted Lennar Multifamily Communities in the purchase of approximately 13.54 acres of land near the Mall at Millenia. Senior Director Jay Ballard and Director Ken Delvillar of Cushman & Wakefield’s Multifamily Advisory Group represented Lennar in the transaction with an unnamed seller
| Florida RealEstateRama
Source: florida.realestaterama.com
These 18 Cities Will See the Most Economic Growth Next Year
With the oil boom fading, Florida’s retirement communities are poised to rise to the top
Source: www.bloomberg.com
Tax confusion creates ‘serious financial headache’ for South Florida condo developers
IRS tax rules require developers to pay up on projects they’re still building. That new burden on a cooling market could slow down the pace of new construction.
Source: www.miamiherald.com
This could be a devastating burden for developers that could have significant ripple effects for condominium projects. If a developer completes 50 percent of construction in a project’s first year and sells 50 percent of its units, the company would be expected to pay tax on 25 percent of its projected profits for the entire tower. But the developer won’t actually see the cash-flow needed to pay the tax until the building is finished, which could take several years.
Multifamily Developers Counting on Demand Through 2017
Two years from now, in 2017, developers are expected to complete 161,000 new apartments, according to projections by Reis. That’s a lot less than the 197,000 new apartments anticipated to come on line in 2016 and the whopping 230,000 new units expected this year. It’s still a lot, however. Just to compare, the average number of new apartments produced in a year over the last few cycles is just 120,000. (Those totals don’t include the more than 100,000 units of affordable housing built every year through government programs.)
“It seems like the floodgates have opened,” says Severino. “The new supply under construction completely outstrips the demand from demographics.”
But by 2017, the apartments that opened in 2015 and 2016 will have left some slack in the apartment markets. The percentage of vacant apartments in the U.S. will be 5.5 percent, up from close to 4.0 now, according to a projection by Reis.
Source: nreionline.com
There is an ongoing and unsettled debate regarding supply concerns in certain markets in the United States.
According to REIS, developers are expected to complete 161,000 new apartments in 2017, 197,000 new apartments in 2016 and 230,000 new units expected this year. But by 2017, they are forecasting the percentage of vacant apartments in the U.S. will be 5.5 percent, up from close to 4.0 now.
Each metro will have to be closely evaluated, but the big question remains of how many luxury apartments can each market and submarket can absorb without having a dramatic effect on occupancy and rents.
Lightning Owner Wants to Build to Last, in Tampa and on Ice
In five years, Jeff Vinik has turned the Tampa Bay Lightning around, but he is continuing to push with plans to develop the area round the team’s arena.
Source: www.nytimes.com
Is Jeff Vinik one of Tampa’s biggest fans? It’s hard to argue otherwise these days. The $1 billion development planned by Vinik’s Strategic Property Partners, backed by Bill Gates’ Cascade Investment LLC, is going to be a game changer for Tampa. Vertica Partners own T. Sean Lance was the broker of record who represented the group on the strategic acquisition of the vacant land surrounding Amelie Arena setting the stage for one of the most ambitious and dynamic projects in Tampa Bay history.