Turmoil for some apartment owners who need to refinance as Fannie & Freddie Loan demand drops because of unpalatable terms.
From CRE Daily: Demand for Fannie & Freddie Loans Drops Despite Attractive Terms Multifamily deals are falling apart left and right as investors struggle to secure attractive financing. However, Freddie Mac (FMCC) and Fannie Mae (FNMA) offer active, viable options for savvy investors looking for better terms. Problem is, not too many investors seem interested. […]
New construction 420-unit Class A Multifamily sells for $269K per apartment in Miami Gardens
Harbor Group International (HGI) is back on the prowl in South Florida, scooping up yet another multifamily asset after a string of purchases last year. The Norfolk, Va.-based real estate investor paid $113 million for Oak Enclave Miami, a 420-unit property in Miami Gardens, Fla. In June, the seller, Resia, formerly known as AHS Residential, […]
South Florida Is Sitting Pretty Heading Into 2023
South Florida Is Sitting Pretty Heading Into 2023 Despite a year of economic tail whips, South Florida’s growth continued in 2022 More than anything, 2022 was characterized by an acute case of whiplash. It started off at the tail end of the longest continuous era of low-cost capital, the loosening of supply chain issues, and […]
Florida condo market braces for impact of new Surfside-inspired safety law
Florida condo market braces for impact of new Surfside-inspired safety law Stricter inspections and reserve funding mandates could have “a significant chilling effect” in the Sunshine State and beyond as more associations are forced to sell older properties. Published Oct. 21, 2022 By Robyn Griggs Lawrence, IndustryDive The Florida Condo Safety Act was signed into […]
RAM buys new construction apartments at $324K and $301 per unit in Little Havana
Rental Asset Management (RAM) is expanding its Little Havana fiefdom, paying $31.1 million for a nearly finished residential tower next door to a similar building it bought earlier this year, property records show. The 14-story property, located at 590 W Flagler Street, two blocks west of the Miami River, will feature 96 units. Construction began […]
Miami Rent Report: December 2022
Miami Rent Report: December 2022 By Apartment List Welcome to the Apartment List December 2022 Rent Report for Miami, FL. Currently, the overall median rent in the city stands at $1,940, after falling 0.6% last month. Prices remain up 9.6% year-over-year. Read on to learn more about what’s been happening in the Miami rental market […]
Apartment List National Rent Report – Rents returning to pre covid growth rates
Apartment List National Rent Report By: Apartment List Research Team November 29, 2022 Overview Welcome to the December 2022 Apartment List National Rent Report. Our national index fell by 1 percent over the course of November, marking the third straight month-over-month decline, and the largest single month dip in the history of our index, going […]
Rent Control – 2022 NMHC Midterm Election Report – Orlando voted for RENT CONTROL
2022 NMHC Midterm Election Report by NMHC November 17, 2022 The dust is still settling from the midterm elections. But with election results finally in focus, the apartment industry should take note of various changes that are coming to Congress, governorships and state legislatures—many of which will have a direct impact on our industry. […]
Boca Raton 297 unit new construction complex secures $108.5M or $365K per unit
Lincoln Property Company refinanced its newly acquired multifamily property in Boca Raton, Fla., with $108.5 million, property records show. The 11-acre property, Amalta Broken Sound Apartments, holds 297 units, including six villas, where monthly rents range between $2,874 and $11,878, per Apartments.com. The complex is at 5400 Broken Sound Boulevard NW, adjacent to Yamato Road […]
43 Story tower on just 8,428sf lot built in 2021 – part of new Miami Worldcenter
The Moinian Group scored $185 million from Square Mile Capital Management to refinance its residential property inside Miami Worldcenter, the mega-development in the heart of the Magic CIty. The 43-story tower, Bezel Miami, features 434 units, which are nearly all leased. The 355,435-square-foot building hit 90 percent occupancy in September, said a representative for Moinian. […]