by admin | Jun 12, 2015 | Market Data, Tampa Apartment Sales
Pollack Shores Real Estate Group will “invest significant capital” in Lexington Park at Westchase, teeing it up for a potential condo conversion at some point in the future.
Source: www.bizjournals.com
Continued strong demand for quality Class A apartments in very strong and supply constrained submarkets. This 2002 built community traded for $64,500,000, which translates to $161,250 per unit or $138 per square foot. Average unit size is 1,169 square feet with average rents estimated at $1,307 per month or nearly $1.12 per square foot.
Vertica Partners’ most recent listing is A Class A fractured condominium property in the adjacent Carrollwood submarket is a very similar opportunity for investors looking for quality assets.
Contact T. Sean Lance at 813-240-1888 or sean@verticapartners.com for more information.
by admin | Jun 12, 2015 | Market Data
The Downtown Improvement District voted Tuesday to ask the city of Sarasota to implement a task force to expand the DID north.
Source: www.yourobserver.com
The Rosemary District is fast becoming the hottest redevelopment play in Southwest Florida. Adjacent to a thriving downtown core, the Rosemary District as truly an unpolished gem hiding in plain sight. The district is already seeing significant investment in less than one year since an overlay district was put in place to attract future development and investment.
Sarasota Flats is the newest apartment development project from a joint venture between Framework Group headed by Phillip Smith and Vertica Partners founded by T. Sean Lance and Max Boehmer.
This project will feature 228 units on 3 acres and is positioned directly off Fruitville Road between Lemon Street and Central. This project will further enhance the district and community at-large and will be something that neighbors and community leaders will be proud to showcase.
by admin | Jun 12, 2015 | Market Data
On Thursday, City Council members approved a plan to do just that, creating a new community redevelopment area, or CRA, for 964 acres bordered by the Hillsborough River on the east, Columbus Drive on the north, Armenia Avenue on the west and Kennedy Boulevard on the south.
Meeting as Tampa’s community redevelopment agency, council members unanimously approved the plan after an officer of the West Tampa Chamber of Commerc
Source: www.tampabay.com
New Community Redevelopment Area (CRA) approved for West Tampa just outside the downtown core is going to dramatically change the landscape of the area providing continued growth and redevelopment.
by admin | Jun 12, 2015 | Market Data
New construction is expected to exceed $1 trillion this year
Source: forwardflorida.com
New construction is expected to exceed $1 trillion this year…what an incredible stat to contemplate. Florida, and its unique demographic trends with a huge migration influx, continues to lead the way and multifamily sits atop of all asset classes. Higher density for new development and construction including rental apartments, condominiums, townhomes, attached villas and the like prove more desirable options close to walkable infill locations rich with lifestyle amenities, restaurants, shopping and activities.
by admin | Jun 9, 2015 | Market Data
Less than halfway through 2015, Fannie Mae and Freddie Mac are approaching their $30 billion annual lending limit. Because these government-sponsored entities are by far the biggest multifamily lenders, reaching the limit so early in the year would alter the industry’s capital sources for the rest of 2015 and potentially early 2016.
Source: www.propertymanagementinsider.com
Less than halfway through 2015, Fannie Mae and Freddie Mac are approaching their $30 billion annual lending limit which could have a dramatic effect on property valuations with reduced liquidity in the marketplace. This could also have an effect on values going into 2016 as well.
by admin | Jun 9, 2015 | Market Data
U.S. apartment rental rates jumped 6.5% in May 2015
Source: www.propertymanagementinsider.com
U.S. apartment rental rates continue to show great strength rising 6.5% in May 2015, a high for this cycle
