Economic Fears Chill LA’s Office Leasing
Unease over 40-year-high inflation and rising interest rates have dampened office activity in Los Angeles, second quarter data shows. Savills’ report on the past three months found “deals falling out of contract by the end of the quarter (mostly from the technology sector) and other active requirements now on hold.” Total office leasing for the […]
Premium Sells 194 unit New Little Havana Apartment Complex for $92M, $474K per unit
A newly built apartment complex in Miami’s Little Havana traded hands between two local companies. Premium Development, which built the 194-unit First Apartments at 700 SW First Street, sold the mid-rise building to Lloyd Jones for $92 million, both companies announced. Premium broke ground on the site in March 2020 and completed it in the […]
Forest Development and RPC Land $270M For Luxury Condo Near West Palm
Forest Development and Dan Kodsi’s Royal Palm Companies scored one of South Florida’s largest construction loans this year, $269 million, for a luxury condo project north of West Palm Beach, Fla. The waterfront development, dubbed Nautilus 220, will feature 330 units across two 24-story towers with amenities, including a marina. The ground floor will offer […]
Why we avoid California – Court Upholds Law Requiring Landlords Pay Rent To Evicted Tenants
A federal appeals court in California has upheld a law requiring landlords to pay one month of rent to evicted tenants, according to reports. The San Francisco Chronicle reported that the court has upheld a California law requiring a property owner who legally evicts a tenant to pay one month of the tenant’s rent in […]
Financial Giant Citadel Moving Global HQ to Miami
Financial power house Citadel is moving its corporate global headquarters from Chicago to Miami, the firm announced. The company, led and founded by Ken Griffin, is the latest financial firm to land in the Magic City in wake of the pandemic. “Miami is a vibrant, growing metropolis that embodies the American Dream – embracing the […]
South Florida Home Prices Climb 1.7% in May Despite Interest Rate Hikes, Miami Apartment Rent up 41% YoY
Despite rising interest rates and fears of a coming recession, South Florida’s housing market remained resilient in May. The number of single-family and condominium sales dropped overall, compared with the previous month, but prices grew by at least 1.7 percent for property types across Miami-Dade, Palm Beach and Broward counties, according to the latest report […]
Redfin Reports Miami and Tampa Are the Most Popular Destinations For Relocating Homebuyers
Homebuyer migration remained at an all-time high in April and May, with 32.3% of Redfin.com users nationwide looking to move to a different metro area, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. While that’s unchanged from the record set in the first quarter, it’s up from about 26% before […]
JSB Capital Group Buys Broward Multifamily 420 unit Complex for $150M
Frankforter Group sold a Broward County multifamily complex for $150 million, property records show. The 11-acre development, The Pacific Point Apartments, contains 420 apartments across 21 three-story buildings. Monthly rental rates range between $1,858 and $2,682, according to Apartments.com. The property — which the Baltimore-based company renamed VIVA Luxury Apartments — is at 3700 Pacific […]
JDS Nabs $86M To Begin Massive Mixed-Use Brickell Project
JDS Development Group‘s massive mixed-use project in Miami’s Brickell district is getting underway after the company secured financing. The New York-based developer scored $86 million in acquisition and early-stage construction financing for 1 Southside Park, the firm announced. SEE ALSO: Fed’s Biggest Interest Rate Hike in Decades Removes Some Uncertainty Facing CRE The 64-story development […]
Multifamily Rent Growth Continues To Defy Gravity
Multifamily rent growth continued its strong run in May even as year-over-year rent growth decelerated slightly to 13.9 percent. However, demand remains robust and regionally broad-based, according to Yardi Matrix in its May multifamily report. “Multifamily rents continue to defy gravity, increasing a robust $19 in May to a U.S. average of $1,680,” the report […]