First Quarter 2015 - JBM® – Institutional Multifamily Advisors

Transcription

THE JBM® FLORIDA MULTIFAMILY BROKERAGE OVERVIEW
JBM® Executive Team Contacts:
Multifamily Housing Investment Market Trends & Highlights
Jamie B. May
CURRENT TRENDS
Chairman & CEO
Despite record-breaking prices and record low cap rates, the sales velocity of apartment complexes is up
7% through 2014 compared to 2013. Total sales volume was $112 billion with an average price per unit
of $121,739 (up 6.1%). Couple these sales figures with a 12 basis point decrease in average overall cap
rates to 6.1%, and the multifamily industry is as healthy as it has been in years. The most significant cap
rate declines have been seen in the widest points of the property spectrum: core assets and value-add
deals. Cap rates are expected to stabilize as the new inventory in major markets continues to be delivered
and it’s full impact is yet to be realized. Interestingly, the apartment asset purchaser profile has shifted. In
2013, 20% of the buyers were public companies and REITs. In 2014, that percentage has decreased to 9%,
possibly signaling the stabilizing return potential expected in coming years.
Direct: 813.812.5000
Cell: 813.331.5000
JBM@JBM.com
Edward Yang
Principal & Executive Director
Direct: 407.456.8000
Cell: 917.579.2096
Edward.Yang@JBM.com
Eric Hoening, MAI, MRICS
Director of Valuation
& Advisory Services
Direct: 813.812.5001
Cell: 813.629.6329
Eric.Hoening@JBM.com
The most attractive regions in country for the apartment market, each for different reasons are the MidAtlantic, Pacific, and Southeast regions. Concern over government cut-backs and limited new supply continues to tighten the overall apartment market in the Mid-Atlantic region. Overall home ownership costs
in the Pacific region all but forces much of the populace into rental housing. Finally, the Southeast region
offers investors the opportunity increase holdings at relatively “affordable” prices compared to the country
as a whole (average price per unit of $86,476 versus $122,503). These regions are expected to see value
increases of up to 5% over the next 12 months.
Value-add players continue to see significant returns particularly as 1980s and 1990s vintage assets are
ripe for an influx of capital. Continued value-add activity is expected through 2015 as value-add buyers
are gaining steam and efficiencies with similar strategies on like-kind assets that expand portfolios and
extend brands.
Jonathan Barclay
The urban development trend has resulted in a variety of property types being developed in urban locales. High-rises, mid-rises, mixed-use with hotels, retail and restaurants, have all risen in the shadow of
America’s skyscrapers. The reason: the target resident profile wants a true “live, work and play” lifestyle.
Housing, employment and entertainment venues are expected to be outside the front door. Millennials are
pushing their relocation to the suburbs off for years, and in some markets, for good.
Direct: 813.812.5002
Cell: 813.493.9444
Jonathan.Barclay@JBM.com
MARKET FORECAST
Associate Director
Executive Support
Claudia Raines
Scheduling & CA’s
Direct: 813.812.5003
Cell: 813.732.0435
Claudia.Raines@JBM.com
Call 813.812.5000
Office locations in
Tampa, Orlando & Naples
1
First Quarter 2015
JBM.com
Another Demographic Bubble. As the baby boomer generation continues to age, their children, the Millennials, are becoming the focus of the multifamily housing industry. This population of young adults
(ages 20-34) is actually larger than the baby boomers. Similar to the growth of baby boomer generation
of the 1970s and 1980s and subsequent multifamily development, a similar trend has been experienced
in recent years and is expected to continue into the foreseeable futures as their children “come of age.”
Housing Market Stabilizing. Always a barometer of the economy, the housing market appears to be
returning to “normalcy” following the epic collapse of the industry in the late 2000s. Following the
collapse, single family home development was halted for years. Considering the continued population
growth, there is now a significant shortfall in supply. Still, the anemic growth in disposable income for
American households is making a full blown housing market recovery a cautionary tale, still largely
dependent on aggressive, albeit legal, lending practices.
Capital Flows. Debt underwriting standards have become less rigorous in recent years. CMBS issuance
has steadily increased since 2009, with economists concerned about the inclusion of lesser quality
properties and properties in secondary markets. Still, this concern is mitigated by the overall increases
in value of most real estate sectors in most markets. Couple this with the activity of well backed institutional players including insurance companies, REITs, private equity funds and international investors
and there appears to be enough checks and balances to avoid an “echo” of the crisis that crippled the
real estate industry in the late 2000s.
Multifamily...It’s All We DoTM
First Quarter 2015
RECENT TRANSACTION ACTIVITY
RiverSong
AVAILABLE
Summary
››502 Total Units
››Bradenton, FL
››Completed in 1984/1987
››Price: TBD by Market
AVAILABLE
AVAILABLE
UNDER CONTRACT
Summary
2
JBM.com
NEGOTIATING PSA
››41 Units
››Winter Springs, FL
››Completed in 2009
Courtyards on
the River
UNDER CONTRACT
Summary
››251 Units
››Riverview, FL
Summary
››311 Units
››Jupiter, FL
Tuskawillia
Park Condos
Summary
Summary
TGM Floresta
AVAILABLE
››397 Units
››Fort Myers, FL
››146 Units
››Naples, FL
Springs at
Bloomingdale
Forestwood
Summary
Summary
››180 units (560 Beds)
››Tampa, FL
Berkshire Reserve
AVAILABLE
Summary
››179 Units
››Bradenton, FL
Collegiate Hall
Solana Vista and
Palm Cove
››296 Units
››Tampa, FL
UNDER CONTRACT
Candleglow
Summary
››152 Units
››Brooksville, FL
UNDER CONTRACT
First Quarter 2015
RECENT TRANSACTION ACTIVITY
Cypress Falls
SOLD
Summary
››355 Units
››Tampa/Brandon, FL
››Completed in 1984/1985
››Sold March, 2015
SOLD
Summary
SOLD
Summary
SOLD
Summary
Summary
››282 Units
››Naples, FL
››Currently U/C
››Sold August, 2014
3
JBM.com
Coastal Village
SOLD
››200 Units, 800 Beds
››Sold February, 2015
University Club
SOLD
Summary
››296 Units
››Sold January, 2015
Orchid Run
Development Site
SOLD
››304 Units
››St. Petersburg, FL
Summary
››182 Units
››Clearwater, FL
Madison
Brantley Pines
Avondale by
the Lakes
Summary
››243 Units
››Venice, FL
Landmark at
Savoy Square
SOLD
Summary
››357 Units
››Palm Harbor, FL
Monterrey
Blackhawk
Portfolio
››536 Units
››Tampa, FL
››Sold December, 2014
SOLD
Summer Palms
Summary
››340 Units
››Riverview, FL
››Sold August, 2014
SOLD
First Quarter 2015
TAMPA MARKET HIGHLIGHTS
››Despite adding 7,916 units to the supply since 2012, vacancy rates in the Tampa
from 3.1% to 3.5%. Interestingly, even with the projected additions to the supply
in 2015 (4,945 units), rent is forecasted to grow at 3.9%, the highest level since
the market peak in 2006.
area continued to decline settling at 5.1% by year-end 2014, which is below
the national vacancy of 5.2%. This is the first time since 2006 that the Tampa
area vacancy has been below that of the nation. The metro vacancy is 380 basis
points below its peak of 8.9% in 2009.
››The average asking rent in the market has experienced a steady increase since
2009. In 2014, the average asking rent was $963 well above the previous peak
in 2006 ($869). Forecasts are for the area to hit the $1,000 average asking rental
rate benchmark in 2015. The market has traditionally been below the U.S. average as a function of the lower cost of living of the region.
››Net absorption figures are strong in the market with 5,900 units absorbed in
2014. The three year total from 2012 to 2014 is a staggering 12,934 units absorbed. Clearly, these figures along with the growth in rental rates have sparked
additional interest in the market. Forecasts indicate an additional 10,210 units
are to be added to the inventory by the end of 2017 with vacancy rates maintaining a level between 5.0% and 5.8%.
››The Tampa metro’s unemployment rate settled at 6.0% at year-end 2014, slightly
above the state rate of 5.8%. Still, there has been a steady decline in the unemployment rate and the market has added an impressive 56,846 jobs over the
past 24 months.
››The Tampa area’s rent growth has historically lagged the nation. Still, positive
growth figures have been posted since 2010 with recent years seeing growth
SUBMARKETS BY OCCUPANCY
Submarket
Occupancy
Effective
Rents
1
Hernando County
98.00%
$914
2
North Pinellas
96.68%
$1,015
3
Temple Terrace
96.15%
$843
4
Pinellas Park/
Seminole
96.14%
$934
5
Sulphur Springs
95.83%
$818
6
North Hillsborough
95.52%
$998
7
University North
95.40%
$873
8
Hillsborough County/
Other
95.26%
$1,040
9
MacDill Air
Force Base
BROOKSVILLE
50
$1,429
11 Largo
95.06%
$910
12 Brandon/Plant City
94.92%
$966
13 Pasco County
94.85%
$918
14 Pinellas Beaches
94.59%
$762
DUNEDIN
15 Clearwater
94.56%
$994
CLEARWATER
BEACH
16 Westshore
94.37%
$1,003
17 Central
St. Petersburg
94.20%
$983
93.67%
$307
Source: AXIOMetrics 4Q2014
JBM.com
98
ZEPHERHILLS
54
TARPON
SPRINGS
PALM HARBOR
INDIAN ROCKS
BEACH
SEMINOLE
14
REDINGTON
SHORES
CLEARWATER
275
11
4
PINELLAS
PARK
TREASURE
ISLAND
TAMPA
17
18
92
8
7
16 INTERNATIONAL
TAMPA 5
15
39
275
6 CARROLLWOOD
OLDSMAR
ST PETERSBURG/
CLEARWATER
INTERNATIONAL
LARGO
LUTZ
2
ST. PETERSBURG
BEACH
4
75
LAND O’ LAKES
NEW PORT
RICHEY
95.18%
19 University South
13
19
10 Central Tampa
$1,038
DADE CITY
52
$970
93.99%
LACOOCHEE
HUDSON
95.25%
18 North St. Petersburg
1
SPRING
HILL
THONOTOSASSA
3
19
PLANT
CITY
12
10
9
4
TEMPLE
TERRACE
BRANDON
60
RIVERVIEW
TAMPA BAY
75
APOLLO BEACH
ST. PETERSBURG
RUSKIN
SUN CITY
CENTER
8
TOP FIVE SUBMARKETS
BY OCCUPANCY
LA
First Quarter 2015
Y-O-Y Effective Rent Growth
201
8
201
9
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
U.S. Vacancy
Metro Y-O-Y Effective
Rent Growth
U.S. Y-O-Y Effective
Rent Growth
U.S. Vacancy
Rent Growth
Rent Growth
Metro New Supply
Vacancy Rate
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Metro Vacancy
Metro Vacancy
Effective Rent
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
201
6
201
7
Tampa Metro Apartment Market Trends
12,000
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
201
6
201
7
201
4
201
5
201
2
201
3
201
0
201
1
200
8
200
9
200
6
200
7
200
4
200
5
200
2
200
3
200
0
200
1
Vacancy Rate
200
8
200
9
200
6
200
7
200
0
200
1
Tampa Metro Apartment Vacancy & Rent Trends
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Number of Units
201
0
201
1
201
2
201
3
201
4
201
5
Tampa Metro Apartment Vacancy & Rent Trends
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
200
2
200
3
200
4
200
5
Vacancy Rate
TAMPA MARKET HIGHLIGHTS
Metro Net Absorption
Metro Vacancy
U.S. Vacancy
Tampa Monthly Employment
s
new job
56,846
Source: Florida Department of Economic Opportunity
5
JBM.com
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
Total Employment
Unemployment Rate
1,290,000
1,280,000
1,270,000
1,260,000
1,250,000
1,240,000
1,230,000
1,220,000
1,210,000
1,200,000
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Employment
FL Unemployent Rate
Metro
Unemployment Rate
Linear
(total employment)
First Quarter 2015
125
5
99
19
133
76
68
10
Q
28
3
27
86
4
12
117
121
6
Q
21
140
101 90
23 87 94
Q
128
9
7
135
41
55
50
83
62
28
Q
3019
2 29
59
53 98
65
4
27
74
45120
7
10
57
Dale Mabry Hwy
Q
Q
60
8
way
ell Cause
ney Campb
Q Court
11 39
16
32
10
34
11
123 26124
25
6 14
QQ
126
275
Q
92
24
Q
Ulmerton
Rd
110
24
1547
5 89136
Q
60
Bryan Dairy Rd
Q
11
Q
7861
127
41
63
75
41
Busch Blvd 102
275
33
100
91
dy
Gan
Blvd
43
12
5
4
41
129 3
Q
QQ
Q Q Q
69
Q
Q
Q
60
40
106
119
84
13
96
105
2
111 20 114
4 116 1516 21
2028
25
17
20
1 64 138
19
9 34
18
16
70
118
23
137 26
33
112
51
103 5277
29
4222 48 81
31 6
97
88 25
95
58 79
122 18 1
1
688
104
8
301
38
15
E Bay Dr
66
113
85
30
14
24
12 44
Veterans
Expy
19
109
82
Q
49 80
W Linebaugh Ave
7
22
36
13
72
134
4673
35
9
67
132
27
56
17
54
275
21
32
37
60
23
22
26
107139
131
19 93
41
Park Blvd
2
Ty
ro
ne
19
Bl
vd
595
Central Ave
4th St
Q
75
71
75
Q
Q Q
3
130 8 14 35
14113
17 18
275
CONSTRUCTION PIPELINE
In Lease Up/Under Construction .................... 8,735 Total Units
PLANNED/PROPOSED PIPELINE ............................................................ 16,992 Total Units
INSTITUTIONAL GRADE 1990 & NEWER ......................................
University Club - Tampa, FL
6
JBM.com
46,876 Total Units
TAMPA BAY
115
31
108
First Quarter 2015
ORLANDO MARKET HIGHLIGHTS
››Year end vacancy in the Orlando metro market was 4.9%, one of the lowest in the
of 4.8% was posted, one of the largest growth rates in the state. Couple this
with the substantial increase in supply, and the overall strength of the market
is evident.
state. This vacancy rate was posted along with an increase in inventory of 5,543
units. The metro area has been one of the most active in the state adding 10,701
units over the past three years with an additional 11,726 units forecasted to be
added by the end of the 2017.
››Average asking rent has surpassed the 2006 peak and currently stands at $981.
In 2015, the average asking rent is expected to pass the $1,000 benchmark at
$1,020. Asking rent has steadily increased since the crash in 2009 when the rate
was $794.
››The metro area realized the strongest net absorption in the state with 7,247
units absorbed in 2014. Forecasts are for the absorption to keep up with the additions to the inventory with vacancy generally in the 5.0% to 5.5% range into
the foreseeable future.
››The Orlando metro’s unemployment rate has been below the state for the last 24
months and currently sites at 5.5%, 30 basis points below the state at 5.8%. The
strength of the unemployment rate clearly stems from the amount of jobs created over the past two years. The metro area added 84,338 jobs over the past 24
months and represents one of the strongest employment metro area in the state.
››The metro area experienced a significant increase in rent growth in 2014. Fol-
lowing declines in 2007 through 2009 and a relatively flat year in 2010, a steady
growth in the 3.3% to 3.8% range has been realized. In 2014, a growth rate
Submarket
1
Lake County
Occupancy
97.06%
DAYTONA BEACH
Effective
Rents
SOUTH DAYTONA BEACH
$933
PORT ORANGE
15
1
2
3
4
5
Orange County/Other
Far South/
Lake Buena Vista
Southeast/
Airport/436/15
Maitland/Winter Park
96.17%
$1,174
95.82%
$1,171
95.80%
$1,021
95.61%
95.56%
$1,008
7
Northwest/441
95.46%
$724
Northeast/436/551
95
$1,120
Far North
95.42%
44
LEESBURG
SANFORD
1
APOPKA
2
$997
Osceola County/Other
95.40%
$1,119
10 South Central/527/441
95.38%
$1,000
11 Kissimmee/Osceola
95.31%
$970
12 Southwest/435
95.00%
$998
West Altamonte
Springs
East Altamonte/
14
Casselberry
13
94.84%
LOCKHART
BREVARD COUNTY
GAME REFUGE
6
1
LONGWOOD
14
CASSELBERRY
SEMINOL RANCH
CONSERVATION AREA
5 WINTER PARK 8
TITUSVILLE
50
27
10
12
ORLANDO
95
3
33
CONWAY
417
ORLANDO
INTERNATIONAL
AIRPORT
KISSIMMEE
$934
$972
13
7
OCOEE
528
4
2
CAPE CANAVERAL
BUENA VENTURA LAKES
1
95
ST CLOUD
RIVER LAKES
CONSERVATION AREA
92
9
27
27
HAINES
CITY
570
MERRITT
ISLAND
11
4
94.90%
ORLANDO SANFORD
INTERNATIONAL
AIRPORT
4
50
9
NEW SMYRNA BEACH
EDGEWATER
EUSTIS
6
8
DE LAND
19
192
LAKELAND
MELBOURNE
9
A1A
WINTER
HAVEN
PLAM BAY
441
17
LAKE WALES
17
27
60
YEEHAW
JUNCTION
98
TOP FIVE SUBMARKETS
BY OCCUPANCY
7
JBM.com
AVON PARK AIR
FORCE RANGE
95
VERO BEAC
First Quarter 2015
ORLANDO MARKET HIGHLIGHTS
8%
6%
4%
2%
8%
6%
4%
2%
Metro Vacancy
201
6
201
7
201
4
201
5
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
201
8
201
9
201
0
201
1
201
2
201
3
200
8
200
9
200
6
200
7
200
4
200
5
200
2
200
3
200
0
200
1
0%
Orlando Metro Apartment Market Trends
12%
10,000
10%
8,000
8%
6,000
6%
4,000
4%
2,000
2%
0
0%
U.S. Vacancy
Metro Mo.
Effective Rent
U.S. Mo.
Effective Rent
Metro New Supply
Metro Vacancy
U.S. Vacancy
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
Number of Units
Rent Growth
Effective Rent
Vacancy Rate
10%
12,000
Rent Growth
201
6
201
7
Orlando Metro Apartment Vacancy & Rent Trends
12%
U.S. Vacancy
201
8
201
9
201
0
201
1
201
2
201
3
201
4
201
5
200
8
200
9
200
6
200
7
200
0
200
1
200
2
200
3
200
4
200
5
0%
Metro Vacancy
Vacancy Rate
Vacancy Rate
10%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Orlando Metro Apartment Vacancy & Rent Trends
12%
Orlando Monthly Employment
bs
new jo
84,338
8
JBM.com
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
Total Employment
Unemployment Rate
1,160,000
1,150,000
1,140,000
1,130,000
1,120,000
1,110,000
1,100,000
1,090,000
1,080,000
1,070,000
1,060,000
1,050,000
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Employment
FL Unemployent Rate
Metro
Unemployment Rate
Linear
(total employment)
First Quarter 2015
60
23
32
93
3 76
89 13 74 110
158 11 72
22
135 43
45
34
44
16
7
23
12 116
5
414
s
da ’
F lori
28
r
Tu
117
69
np
ik e
122
26 95
36
52
28 123
3730
11
18
417
36
4
29
17
136
26
33
15
68
11
95
61
38
9
63
3
ORLANDO
137
131
58
113
91
82
24
8 53
51 85
19
12 4
37
4
39 7
143
1 8
54 26
31
157 9
33
13 126 18 15 50 103
96
3464 9
1
20
97160 134
3
24 56 94
91
13
34
1
27
59
161
86
78 100
30
408
6 48
80
146 23 127
35
2 47
152
104
39
138
9865102
99 77 112
115
25
114
87
159
27 5 46 20 24
41
130
21
139
10
22
148
6
31
27
21 66
121149 119
132 16
108 21
156
14
2
120
162
32
528
154
150 163
16
19
8
105
Martin Anderson Beachline Expy
4
19 18
15
38
29 153
17142 17
81
35
429
75
73
33147
145
12
118
151
5 2
400
128
84
79
109 22
107
25
155
55 62
57 92
67 40
49 31
14129
6
10
14
1A
28
10
25
125
133101
95
124
70
83
91
4
71
30 144111
42 90
106
PLANNED/PROPOSED PIPELINE ............................................................ 14,577 Total Units
56,140 Total Units
Place on Millenia Blvd - Orlando, FL
9
JBM.com
404
First Quarter 2015
WEST PALM BEACH MARKET HIGHLIGHTS
››The West Palm Beach market has experienced a steady decline in vacancy since
2008 and is currently 4.4%. Undoubtedly, this decline is a function of the limited
supply added to the market since 2008, in the middle of The Great Recession.
From 2008 through 2012, only 2,176 have been added. This averages 435 units
per year or approximately 1.0 to 1.5 new communities per year for 5 years.
indicative of a market trying to re-stabilize. In 2014, growth was 6.5% and out
performing national indices. Forecasted rates are tempered averaging 3.8%
through 2019.
››Consistent with the Southeast Florida metros, the West Palm Beach market has
an average asking rental rate above that of the nation at $1,337 and has seen
steady increases since coming out of the recession in 2010. Aggregate growth of
$40 to $50 is forecasted for coming years.
››Despite the limited supply added supply, net absorption figures were generally
strong with only one year being negative (2011). Considering the negative 5,932
absorption figure of 2006, it is clear there was an abundance of units available
for absorption. This 2006 figure also points to the lack of development activity
that followed. With a soft market, developers focused their attention elsewhere
and waited for the market to stabilize before targeting sites in the market again.
››The West Palm Beach metro area has a relatively small workforce with much
››Coming out the recession, the market posted rent growth of 4.4% followed by
a modest 2.1%. This is a function of the limited additions to the supply and
of the employment being located in the larger metro areas of the region in Fort
Lauderdale and Miami. Still, the area has an unemployment rate below the state
at 5.60% and has added 21,847 new jobs over the past 24 months. This is a notable statistic considering the overall size of the market with total employment
of just over 300,000.
Submarket
1
Palm Beach County/
Other
Occupancy
Asking
Rents
97.19%
$1,500
2 North Palm Beach
96.63%
$1,374
3 Boca Raton West
95.88%
$1,592
STUART
78
HOBE SOUND
76
1
95
JUPITER
2
710
4 Century Village
95.83%
$1,092
Green Acres City/
Palm Spgs/Lake Worth
95.82%
$1,198
6
29
Boynton Beach/
Delray Beach
95.44%
$1,391
7
West Palm Beach/
LEHIGH
Palm Beach
95.20%
$1,274
94.42%
$1,924
5
82
RIVIERA
BEACH
27
700
98
WEST PALM
BEACH
PALM BEACH
INTERNATIONAL
AIRPORT
1
LAKE WORTH
5
ACRES
8 Boca Raton East
7
4
441
BOYNTON
BEACH
6
IMMOKALEE
27
3
NITA
INGS
DELRAY
BEACH
BOCA
RATON
8
SUNRISE
75
595
TOP FIVE SUBMARKETS
BY OCCUPANCY
75
FLORIDA TUR
NP
IK E
DEERFIELD
BEACH
POMPANO
BEACH
FORT LAUDERDALE
FORT LAUDERDALE
INTERNATIONAL
AIRPORT
HALLANDALE BEACH
41
10
JBM.com
TM
Multifamily...It’s All We INTERNATIONAL
DoMIAMI
AIRPORT
MIAMI
First Quarter 2015
West Palm Beach Metro Apartment Vacancy & Rent Trends
15%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
10%
5%
0%
-5%
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
201
6
201
7
201
8
201
9
-10%
Effective Rent
201
8
201
9
Metro Y-O-Y
Effective Rent Growth
U.S. Y-O-Y
U.S. Vacancy
Metro Mo.
Effective Rent
U.S. Mo.
Effective Rent
Metro New Supply
Vacancy Rate
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
U.S. Vacancy
Metro Vacancy
201
6
201
7
201
4
201
5
201
0
201
1
201
2
201
3
200
8
200
9
200
6
200
7
West Palm Beach Metro Apartment Market Trends
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
-8,000
$1,700
$1,600
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
Metro Vacancy
Metro Vacancy
U.S. Vacancy
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
Number of Units
200
2
200
3
200
4
200
5
West Palm Beach Metro Apartment Vacancy & Rent Trends
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
200
0
200
1
Vacancy Rate
200
0
200
1
200
2
200
3
200
4
Vacancy Rate
WEST PALM BEACH MARKET HIGHLIGHTS
Employment
305,000
300,000
new
21.847
295,000
jobs
290,000
280,000
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
285,000
11
JBM.com
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
Total Employment
Unemployment Rate
West Palm Beach Monthly Employment
310,000
FL Unemployent Rate
Metro
Unemployment Rate
Linear
(total employment)
First Quarter 2015
Q8 43
710
7
4
7
56
Q
39
17
20
8
30
WEST PALM BEACH
6
Q
46
811
47
33
5
1
44
42
23
95
QQ
25 3
6 12 9
6
8
1
98
57
32
3852
2
24
28
18
51
7
Florida Turnpike
721
41
9
Q2
809
35
12
Q
34
1
45
26
27
Q
9 1 40
Q
15 5
36 48
2
3
10
31
3
2229
55
49 5
53
4 16
19
95
54
10
14
1
11
QQ
QQ
1311
50 10 4
113713
PLANNED/PROPOSED PIPELINE .............................................................. 3,328 Total Units
12
JBM.com
19,501 Total Units
First Quarter 2015
JACKSONVILLE MARKET HIGHLIGHTS
››Jacksonville metro vacancy rates have experienced a steady decline since peak-
national and most state metro area averages. The 1.8% growth rate posted in
2014 was the lowest in any major metro market in the state.
ing in 2009 in the throes of The Great Recession. In 2014, the vacancy rate was
6.3%, a far cry from the 10.8% posted in 2009. The steady decline in the vacancy
is partly due to the controlled inventory where only 174 units were added in 2011
and 507 units in 2012. This is a fraction of units added to major markets such as
Orlando, Miami and Tampa. In 2013 and 2014, a total of 4,080 units were added
and absorption largely kept up with the supply and the vacancy rate settled at
the aforementioned 6.3% rate.
››Average asking rent in the Jacksonville market has seen modest increase since
2009. The asking rent is well below the national average which is a function of
the relatively low cost of living in the area. The current average asking rent in the
market is $883 compared to the national average of $1,147. The $1,000 average
asking rent benchmark is not expected to be reached in the market until 2019,
five years hence.
››Jacksonville was one of the only markets to post a negative absorption rate in
››The Jacksonville metro area has experienced a steady increase in employment
recent years. In 2011, a negative absorption of 830 was experienced. Still, in
2012, the market strengthened with a positive 2,637 units absorbed followed
by 2013 when 2,646 units were absorbed. Additions to supply are reasonable
and as such, absorption projections remain positive into the foreseeable future.
with few fluctuations outside the linear trend. In addition, the unemployment
rate has outperformed the state as a whole until recently when both the state
and metro area posted a 5.8% rate in November 2014. The metro area has added
46,829 new jobs over the past 24 months. This is a positive statistic for the metro
area that had seemed to lose steam in economic growth to larger metro areas
such as Orlando and Fort Lauderdale.
››Similar to other metro areas, the Jacksonville market saw declines in rent growth
in 2007 through 2009. In recent years, rent growth has been positive albeit below
Submarket
Occupancy
1 Clay County
97.05%
$952
2 Ocean Beaches
94.83%
$1,051
Southside/
Bay Meadows
94.57%
$908
4 Atlantic Beach
95.61%
$831
94.76%
$901
93.49%
$1,115
3
Southeast
Jacksonville
Northwest
6
Jacksonville
Orange Park/
7
Clay County
5
FERNANDINA
BEACH
15
17
CALLAHAN
92.35%
$807
8 East Jacksonville
94.17%
$982
Southside/
University Blvd
94.88%
$970
10 Jacksonville Heights
93.22%
$761
11 Lake Shore
92.89%
$704
9
TOP FIVE SUBMARKETS
BY OCCUPANCY
Effective
Rents
95
JACKSONVILLE
INTERNATIONAL
AIRPORT
23
OCEANWAY
301
295
MACCLENNY
BALDWIN
12
6
14
JACKSONVILLE
9
11
13
10 JACKSONVILLE
NAS
10
ORANGE PARK
7
88.25%
8
JACKSONVILLE
EXECUTIVE AT
CRAIG AIRPORT
$777
93.31%
91.93%
$693
15 Nassau County
95.30%
$1,106
NEPTUNE BEACH
2
3
PONTE VEDRA
A1A
FRUIT COVE
1
$599
14 Greater Arlington
4
BEACH
13
13 San Jose
NAVAL STATION
MAYPORT
ATLANTIC BEACH
JACKSONVILLE
5
LAKESIDE
12 Jacksonville North
AMELIA CITY
NASSAUVILLE
HIBERNIA
1
GREEN COVE
95
SPRINGS
STARKE
ST. AUGUSTINE
ST. AUGUSTINE
BEACH
KEYSTONE
HEIGHTS
CRESCENT
BEACH
100
PATATKA
13
JBM.com
20
HASTINGS
FORT
MATANZAS
First Quarter 2015
JACKSONVILLE MARKET HIGHLIGHTS
Jacksonville Metro Apartment Vacancy & Rent Trends
6%
4%
2%
201
8
201
9
201
6
201
7
Jacksonville Metro Apartment Vacancy & Rent Trends
12%
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
Vacancy Rate
10%
8%
6%
4%
2%
201
6
201
7
201
4
201
5
201
8
201
9
201
0
201
1
201
2
201
3
200
8
200
9
200
6
200
7
200
4
200
5
200
2
200
3
200
0
200
1
0%
Jacksonville Metro Apartment Market Trends
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
-1,000
-2,000
Metro Vacancy
U.S. Vacancy
Metro Y-O-Y
U.S. Y-O-Y
Metro Vacancy
Effective Rent
200
2
200
3
200
4
200
5
200
0
200
1
200
6
200
7
200
8
200
9
0%
201
0
201
1
201
2
201
3
201
4
201
5
Vacancy Rate
8%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
10%
12%
U.S. Vacancy
Metro Mo.
Effective Rent
U.S. Mo.
Effective Rent
Metro New Supply
Number of Units
10%
8%
6%
4%
2%
Vacancy Rate
12%
Metro Vacancy
U.S. Vacancy
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
0%
Jacksonville Monthly Employment
new
46,829
jobs
14
JBM.com
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
Total Employment
Unemployment Rate
700,000
690,000
680,000
670,000
660,000
650,000
640,000
630,000
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Employment
FL Unemployent Rate
Metro
Unemployment Rate
Linear
(total employment)
First Quarter 2015
JACKSONVILLE
45
46
50
d Blvd
oo
Wonderw
16
Q QQ
QQ
36
23
Q
W Beaver St
y
and
3 12
1
27
Q
42
Arlington Expy
Q
34
ilip
Ph
52
wy
sH
4835
22 31
5 32
19
21
11 26
41 9
47
51
2
2
56
10
40 4
5
5444
30
4
9
Atlantic
Blvd
43
Beach Blvd 13
Q QQ
Q
1424
20 8
18
d
Butler Blv
39
25
Q QQ
6 55
11
3
3
2 1
7
17
Henry H Buckm
57
28 1
53
6
d
Blv
Q
Q
15
10
5
38
m
Nor
7
4 7
Q
an Bridge
6
Park Ave
g
din
n
Bla
d
Blv
12
Q
8
37
49
33
29
INSTITUTIONAL GRADE 1990 & NEWER .................................. 19,708 Total Units
15
JBM.com
First Quarter 2015
SOUTHWEST FLORIDA MARKET HIGHLIGHTS
››The Southwest Florida metro area reported a vacancy of 3.4% in 2014. This is
crash in 2007. The recession years of 2007, 2008 and 2009 saw negative growth.
Even as the market stabilized in 2011 and 2012, growth was 5.3% and 5.5%,
respectively. The growth in rents was a function of limited additions to the supply and opportunistic rental housing owners able to capitalize on the immediate
increase in demand as a function of the record foreclosure rate of the region.
the low point in a significant downward trend since vacancy peaked in 2008 at
13.4%. That peak vacancy was followed by a development slowdown that saw
the metro area add only 1,674 units in four years, which average 419 units per
year or about 1.5 new communities per year. Considering the size of the metro
area which extends from Manatee County through Collier County; this is a palpable lack of activity for such a large area. That lack of development activity
ultimately resulted in vacancy rates that declined to below national levels in the
3.4% to 4.4% range beginning 2012.
››Not surprising, the Southwest Florida market has an average asking rental rate
well below the national average. Steady increases have been realized in the
market since 2009, albeit at a modest rate. With the additions to the supply occurring, the overall inventory will have more Class “A”, core assets in place to
continue to boost the average asking rental rates in coming years. However, the
rates are still expected to lag the national and regional averages.
››This market was hit incredibly hard by the recession. In 2007, a negative net
absorption of 9,573 units was realized. A rebound was felt in the following years
when a total 14,151 units were absorbed in 2008 and 2009. Unfortunately, this
is a function of record high home foreclosures in the region and a corresponding increase in demand for rental housing. In 2014, the market appears to have
reached a state of equilibrium with new inventory and net absorption figures
resulting in vacancy rates in the 3.5% to 4.5% range.
››The Southwest Florida metro area has a relatively large workforce despite lack-
ing any major industry, outside of of tourism. The area encompasses a vast area
extending from Manatee County (Bradenton) south to Naples. The unemployment rate has outperformed the state and has settled at 5.6% as of November
2014. The metro area has added 54,259 new jobs over the past 24 months. This
growth is largely due to the expansion of existing companies and the attractiveness of the area’s relatively low cost of living.
››The rent growth figures of the Southwest Florida market illustrate the effects of
the recession. Significant growth occurred in 2005 and 2006 leading up to the
Submarket
Occupancy
1 Collier County
97.56%
$1,120
2 Sarasota
96.89%
$1,155
3 Manatee
96.82%
$1,068
4 Southern Lee County
96.36%
$1,069
5 Fort Myers
95.24%
$860
41
Effective
Rents
275
HOLMES
BEACH
37
75
62
3
BRADENTON
LONGBOAT
KEY
SIESTA
KEY
64
66
SARASOTA-BRADENTON
INT’L AIRPORT
SARASOTA
2
75
VENICE
ARCADIA
72
o
xic
Gulf of M e
JBM.com
70
41
VENICE
MUNICIPAL
AIRPORT
PORT
CHARLOTTE
PUNTA
GORDA
31
75
FORT
MYERS
PINE
ISLAND
CAPE 5
CORAL
CHARLOTTE
HARBOR
CAPTIVA
41
SANIBEL
FORT
MYERS
BEACH
80
27
82
SOUTHWEST FLORIDA
INT’L AIRPORT
IMMOKALEE
BONITA
SPRINGS
4
75
NORTH
NAPLES NAPLES
TOP FIVE SUBMARKETS
BY OCCUPANCY
16
OKEECHOBEE
27
17
70
75
1
41
First Quarter 2015
Sothwest Florida Apartment Vacancy & Rent Trends
5%
0%
-5%
U.S. Vacancy
Metro Y-O-Y
U.S. Y-O-Y
5,000
0
-5,000
-10,000
Metro Mo.
Effective Rent
U.S. Mo.
Effective Rent
Metro Vacancy
U.S. Vacancy
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
-15,000
U.S. Vacancy
Metro New Supply
Vacancy Rate
10,000
16%
14%
12%
10%
8%
6%
4%
2%
0%
Metro Vacancy
Effective Rent
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
201
6
201
7
201
4
201
5
201
2
201
3
201
0
201
1
200
8
200
9
Southwest Florida Apartment Market Trends
15,000
Metro Vacancy
201
6
201
7
201
4
201
5
201
2
201
3
201
0
201
1
200
8
200
9
200
6
200
7
200
6
200
7
200
4
200
5
200
2
200
3
Southwest Florida Apartment Vacancy & Rent Trends
200
0
200
1
Vacancy Rate
200
4
200
5
200
2
200
3
-10%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Number of Units
15%
10%
200
0
200
1
Vacancy Rate
16%
14%
12%
10%
8%
6%
4%
2%
0%
SOUTHWEST FLORIDA MARKET HIGHLIGHTS
Southwest Florida Monthly Employment
bs
new jo
54,259
17
JBM.com
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
Total Employment
Unemployment Rate
830,000
820,000
810,000
800,000
790,000
780,000
770,000
760,000
750,000
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Employment
FL Unemployent Rate
Metro
Unemployment Rate
Linear
(total employment)
First Quarter 2015
75
275
3
SOUTHWEST FLORIDA
19
Q635 7 Q7 44
32
10
40 9
43
18
Q145Q4 11
1119 220
27 Q
5
13
5
41
4
2
1 10
9
36
4
23
75
75
12
41
24
25
41
l
rai
iT
iam
m
Ta
75
33
13
6 6 42
Q3
28
39
26
37 30
Q814 31
41
1
Q
8 12
12
22
16
Q9
38
21
7
8
5
17 3 34
11
10 15
29
46
Q
Q
41
75
Q2
18
JBM.com
14,208 Total Units
19
JBM.com
Gallery at Mills Park
Azure
Bella
Carlyle at Crosstown
Altis at Sheridan Village
Altis at Coconut Creek
Art Avenue
Citra at Windermere
Victoria Park
Sierra Grande at Naples
Seagrass
Verano
Arelia James Island
ARIUM Grande Lakes
Venue
Mirador at River City
Stovall at River City
Modera Pembroke Pines, Phase I
Crescent Bayshore
Crowntree Lakes
Elan 33 West
NoHo Flats
Sea Isle Resort
Four at Deerwood
Retreat at Windermere
Place on Millenia
Andros Isle
Enclave at Wiregrass
Victoria Manor
Pierhouse at Channelside
Flats at 4200
Mar-15
Mar-15
Feb-15
Feb-15
Feb-15
Jan-15
Jan-15
Jan-15
Jan-15
Jan-15
Jan-15
Dec-14
Dec-14
Nov-14
Nov-14
Nov-14
Nov-14
Oct-14
Oct-14
Oct-14
Oct-14
Sep-14
Sep-14
Aug-14
Jul-14
Jul-14
Jun-14
May-14
Apr-14
Feb-14
Jan-14
St. Petersburg
Kissimmee
Tampa
Pembroke Pines
Coconut Creek
Orlando
Windermere
Davenport
Naples
Jacksonville
Kissimmee
Jacksonville
Orlando
Orlando
Jacksonville
Jacksonville
Pembroke Pines
Tampa
Orlando
Davie
Tampa
Orlando
Jacksonville
Windermere
Orlando
Daytona Beach
Wesley Chapel
Lakeland
Tampa
Tampa
Orlando
City
Candleglow- Brooksville, FL - Under Contract
Property
Closing
Date
2014
2010
2009
2014
2014
2014
2014
2009
2014
2013
2008
2009
2005
2005
2008
2009
2013
2014
2008
2014
2014
2014
2013
2013
2007
2012
2005
2006
2013
2013
2014
Year
Built
308
432
300
300
270
300
360
348
273
396
384
270
306
306
276
276
422
367
352
376
311
356
313
332
371
360
312
352
356
314
310
Units
320,614
473,416
310,446
327,768
290,978
294,872
418,890
394,476
310,482
408,420
418,248
272,664
331,122
331,122
308,976
308,976
503,179
366,584
382,344
391,843
260,623
314,438
295,678
351,184
408,471
360,384
363,284
383,212
383,306
226,800
285,200
Rentable
SF
1,041
1,096
1,035
1,093
1,078
983
1,164
1,134
1,137
1,031
1,089
1,010
1,082
1,082
1,119
1,119
1,192
998
1,086
1,042
838
883
936
1,058
1,101
1,001
1,164
1,089
1,077
720
920
Avg
SF
$175,325
$138,889
$137,467
$258,800
$228,769
$156,833
$170,833
$133,776
$162,088
$143,182
$126,953
$140,370
$141,503
$141,503
$112,319
$112,319
$226,427
$303,815
$128,877
$209,614
$184,084
$163,202
$159,425
$162,651
$135,000
$136,111
$115,705
$107,000
$214,888
$149,538
$ / Unit
$168
$127
$133
$237
$212
$160
$147
$118
$143
$139
$117
$139
$131
$131
$100
$100
$190
$304
$119
$201
$220
$185
$169
$154
$123
$136
$99
$98
$200
$207
Sale
$ / SF
$1,294
$1,149
$1,099
$1,811
$1,643
$1,117
$1,374
$1,213
$1,206
$1,133
$993
$1,120
$1,140
$1,161
$1,082
$1,072
$1,707
$2,326
$1,070
$1,755
$1,620
$1,261
$1,239
$1,215
$1,082
$1,163
$1,039
$1,043
$1,733
$762
$1,554
Eff
Rent
Majestic of Baldwin Park - Orlando, FL - Sold
$54,000,000
$60,000,000
$41,240,000
$77,640,000
$61,767,600
$47,050,000
$61,500,000
$46,554,000
$44,250,000
$56,700,000
$48,750,000
$37,900,000
$43,300,000
$43,300,000
$31,000,000
$31,000,000
$95,552,000
$111,500,000
$45,364,651
$78,815,000
$57,250,000
$58,100,000
$49,900,000
$54,000,000
$50,085,000
$49,000,000
$36,100,000
$37,664,000
$76,500,000
$46,955,000
Unavailable
Sale Price
YEAR 2005 CONSTRUCTION AND NEWER
Hines Interests
Investors Realty
JMG Realty
Altman Companies
Altman Companies
Rohdie Group
Ram Real Estate
PAC Land Development
13th Floor Investments, LLC
Mesa Capital Partners
Waterton Residential
Morgan Group
Panther Properties
Panther Properties
Cortland Partners
Corland Partners
Mill Creek Residential
Crescent Resources
Equity Residential
AVR Realty
Pollack Shores
Epoch Properties
Lennar Corporation
Debartolo Development
UDR
DeBartolo Devleopment
Sentinel
Panther Properties
Related Group
Edwards Communities
Debartolo Development
Seller
Private
Private
Institutional
Private
Private
Private
Institutional
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Institutional
Private
Private
Private
Institutional
Private
Institutional
Private
Institutional
Private
Private
Private
Private
Seller Type
First Quarter 2015
Property
Vinings at Delray Beach
Westlake
Sabal Palm at Carrollwood
Pembroke Pines
Coastal Village
Park at Knightsbridge
Regal Pointe
Village at Alafaya Club
Cypress Lake at Waterford
Tuscany Villas
Tuscany
Elmhurst Village
Pemberly Palms
Woodberry Woods
Alexandria and Parc Vue
The Pointe at South Florida
Verandahs of Brighton Bay
Sabal Chase
Mission Club
Brandon Crossing
Enders Place at Baldwin Park
Landmark at West Place
Citrus Falls
Summer Palms
Reflections
TGM Palm Aire
Village at Park Road
Village at East Lake
Village at Lake Ned
Bay Breeze Villas
Commander Place
Arden Villas
College Court
Osprey Links at Hunter's Creek
Reserve at Ormond Beach
Ridge Club
Heritage Estates
West Park Village
Saddlebrook Village
Gateway Lakes
Key Vista
ARIUM San Remo
Avesta Rolling Hills
Park 9
Lansbrook Village (Bulk Condo)
San Rocco
The Brittany
Mayfair at Palmer Ranch
Preserve at Mobbly Bay
IMT Tuscany Bay
IMT Westchase
Bella Vita Place
Closing
Date
Mar-15
Mar-15
Feb-15
Feb-15
Jan-15
Jan-15
Jan-15
Jan-15
Dec-14
Dec-14
Dec-14
Dec-14
Nov-14
Nov-14
Oct-14
Oct-14
Oct-14
Sep-14
Sep-14
Sep-14
Sep-14
Sep-14
Sep-14
Aug-14
Jul-14
Jul-14
Jul-14
Jul-14
Jul-14
Jun-14
Jun-14
Jun-14
Jun-14
Jun-14
May-14
May-14
May-14
May-14
Apr-14
Apr-14
Apr-14
Apr-14
Apr-14
Mar-14
Mar-14
Feb-14
Jan-14
Jan-14
Jan-14
Jan-14
Jan-14
Jan-14
20
JBM.com
Plant City
Clermont
Winter Haven
Fort Myers
Orlando
Orlando
Tampa
Orlando
Ormond Beach
Orlando
Orlando
Tampa
Naples
Sarasota
Tampa
Coral Springs
Orlando
Orlando
Palm Harbor
Orlando
Fort Myers
Sarasota
Tampa
Tampa
Tampa
Orlando
City
Delray Beach
Sanford
Tampa
Pembroke Pines
Fort Myers
Riverview
Lake Mary
Orlando
Orlando
Brandon
Sarasota
Oviedo
Vero Beach
Brandon
Orlando
Tampa
St. Petersburg
Fort Pierce
Orlando
Brandon
Orlando
Orlando
Tampa
Riverview
Riverview
Sarasota
2000
2000
2000
2001
1996
1999
2004
1996
2003
1995
2004
2004
1999
1996
1999
1995
1995
1997
1998
1997
2001
2000
2001
2000
1998
1996
Year
Built
1996
2000
1995
1997
2004
1999
1997
1999
2001
1997
1996
2000
1997
1996
2001
2000
2002
2001
1996
1999
2003
2002
2003
2001
1996
1998
248
250
212
180
216
336
92
424
272
372
203
617
140
358
172
180
240
356
571
172
320
248
316
370
300
192
Units
228
379
432
300
200
228
284
228
316
248
386
313
200
348
672
336
381
340
279
200
220
342
273
340
290
286
257,000
257,818
221,736
217,280
217,800
386,400
124,752
502,420
307,616
335,388
236,495
758,688
126,432
346,542
154,800
328,000
260,040
350,800
657,747
161,228
332,024
272,692
339,865
402,538
290,964
211,680
Rentable
SF
264,756
372,348
419,040
400,320
277,000
227,692
294,800
327,120
310,312
230,868
419,206
316,428
213,400
308,600
736,404
331,536
353,306
329,092
265,868
218,899
269,698
342,000
301,129
388,420
264,000
298,226
1,036
1,031
1,046
1,207
1,008
1,150
1,356
1,185
1,131
902
1,165
1,230
903
968
900
1,822
1,084
985
1,152
937
1,038
1,100
1,076
1,088
970
1,103
Avg
SF
1,161
982
970
1,334
1,385
999
1,038
1,435
982
931
1,086
1,011
1,067
887
1,096
987
927
967
953
1,053
1,226
1,000
1,103
1,142
1,040
1,042
$21,774,194
$25,504,032
$14,744,000
$24,150,000
$14,800,000
$42,050,000
$12,250,000
$53,600,000
$25,300,000
$20,990,000
$18,335,000
$122,500,000
$9,450,018
$40,248,012
$3,500,000
$34,000,000
$10,900,000
$29,350,000
$58,500,000
$12,500,000
$15,385,000
$34,500,000
$33,750,000
$44,554,000
$33,727,000
$11,616,000
Sale Price
$40,500,000
$36,600,000
$51,500,000
$52,700,000
$32,000,000
$21,150,000
$31,000,000
$45,300,000
$43,968,000
$23,675,000
$48,700,000
$42,100,000
$10,150,000
$21,800,000
$104,635,349
$31,000,000
$50,292,000
$10,300,000
$31,595,000
$14,500,000
$30,170,360
$38,500,000
$35,250,000
$31,700,000
$11,500,000
$45,150,000
$87,799
$102,016
$69,547
$134,167
$68,519
$125,149
$133,152
$126,415
$93,015
$56,425
$90,320
$198,541
$67,500
$112,425
$20,349
$188,889
$45,417
$82,444
$102,452
$72,674
$48,078
$139,113
$106,804
$120,416
$112,423
$60,500
$ / Unit
$177,632
$96,570
$119,213
$175,667
$160,000
$92,763
$109,155
$198,684
$139,139
$95,464
$126,166
$134,505
$50,750
$62,644
$155,707
$92,262
$132,000
$30,294
$137,138
$72,500
$137,138
$112,573
$129,121
$93,235
$39,655
$157,867
$85
$99
$66
$111
$68
$109
$98
$107
$82
$63
$78
$161
$75
$116
$23
$104
$42
$84
$89
$78
$46
$127
$99
$111
$116
$55
Sale
$ / SF
$153
$98
$123
$132
$116
$93
$105
$138
$142
$103
$116
$133
$48
$71
$142
$94
$142
$31
$119
$66
$112
$113
$117
$82
$44
$151
YEAR 1995 TO 2004 CONSTRUCTION
$924
$987
$886
$1,019
$752
$981
$2,130
$1,253
$804
N/A
$1,218
$1,285
$798
$1,165
$756
$1,686
$780
$1,027
$1,109
$800
$627
$1,116
$1,019
$1,167
$1,026
$826
Eff
Rent
$1,515
$963
$994
$1,613
$2,140
$968
$1,041
$2,132
$1,075
$973
$1,096
$1,209
$708
$710
$1,008
$1,449
$1,118
$740
$961
$843
$1,599
$963
$1,086
$874
$666
$1,290
Alex Brown Realty
Alex Brown Realty
Alex Brown Realty
Landmark Apartment Trust
CED Capital Holdings
Equity Residential
Harrison Street Real Estate
Milestone Properties
Crowne Partners
SunAmerica/CED
Madison Capital Management
JP Morgan Chase
Equity Management
Archon Group
Carlisle Development Group
Gables Residential
Avesta
Pollack Partners
Waterton Associates
Mallah Investments
Wood Hudson
APD Developers
Archon Group
Archon Group
Eenhoorn Management
Seller
UBS Realty Investors LLC
Praedium Group
CAPREIT
AvalonBay Communities
Lely Development Corporation
NRG
AHG Group
American Campus Communities
Equity Residential
Jackson Square Properties
CMS Companies
Archon Group
Aspen Square Management
Equity Residential
EDR
Cornerstone Real Estate Adv
Cornerstone Group
Royal Atlantic Developers
Concord Management
Waypoint Residential
Brookfield Properties
Cornerstone Real Estate Adv
Grover Korlew
Sheltering Palms Foundation
TA Associates Realty
Private
Private
Private
Institutional
Private
Institutional
Private
Private
Private
Private
Private
Institutional
Private
Institutional
Private
Institutional
Private
Private
Private
Private
Private
Private
Private
Institutional
Institutional
Private
Seller Type
Institutional
Private
Private
Private
Private
Private
Private
Institutional
Institutional
Private
Private
Institutional
Private
Private
Institutional
Institutional
Institutional
Private
Private
Institutional
Private
Institutional
Institutional
Private
Private
Institutional
First Quarter 2015
21
JBM.com
Orlando
Cornerstone
Sienna Bay
Camden Bayside
Harbour Pointe
Sun Lake
Madison Carrington Place
Village Place
Cypress Shores
Sabal Club
Waterstone
Sabal Palm at Lake Buena Vista
Willow Lake
Preserve at Manatee Bay
Vista Verde
Falls of Tampa Bay
Heron Lake
Laurel Oaks
Andover Place I
The Vinyards
Sun Key
Indigo Plantation
Colonial Ridge
Camden Lakeside
Auvers Village
Sabal Park
Parke East
Bradenton Reserve
Lakeside at Greenboro
Silver Oaks
Park East
Island Walk
San Marco at Broken Sound
Oak Haven
Oak Forest
Hunter's Ridge at Walden Lake
Castle Woods
Harbor at Lake Howell
Park at Chelsea
Cricket Club
Country Club Park
Windsong Club
Park at Veneto
Park at Murano
Beacon Isles
Woodside Villas
Jan-15
Jan-15
Jan-15
Jan-15
Dec-14
Dec-14
Dec-14
Dec-14
Dec-14
Dec-14
Nov-14
Nov-14
Nov-14
Oct-14
Oct-14
Oct-14
Oct-14
Oct-14
Oct-14
Sep-14
Sep-14
Sep-14
Sep-14
Aug-14
Aug-14
Aug-14
Aug-14
Jul-14
Jul-14
Jul-14
Jun-14
Jun-14
May-14
Apr-14
Mar-14
Mar-14
Mar-14
Mar-14
Jan-14
Jan-14
Jan-14
Jan-14
Jan-14
Jan-14
Jan-14
St. Petersburg
Tampa
Bradenton
Lake Mary
Deland
West Palm Beach
Coconut Creek
Longwood
Orlando
Orlando
Lutz
Bradenton
Orlando
Tampa
Kissimmee
Tampa
Orlando
Kissimmee
Winter Park
Daytona Beach
Orlando
Brandon
Orlando
Tampa
Orlando
Bradenton
Melbourne
Orlando
Tampa
Tampa
Boca Raton
Immokalee
Ocoee
Plant City
Casselberry
Casselberry
Hudson
Orlando
Deland
Naples
Fort Myers
Fort Myers
Tampa
Fort Myers
City
Palm Harbor
Brandon
Venice
Clearwater
Orlando
Coconut Creek
Boynton Beach
Clearwater
Tampa
Tampa
Property
Cypress Falls
Sun Lake
Monterrey
Park at Gibraltar
Bella Cortina
Fishermans Landing
Advenir at La Costa
Bay Park
Carrollwood Palms
Carlyle at Waters
Closing
Date
Mar-15
Mar-15
Mar-15
Mar-15
Mar-15
Feb-15
Feb-15
Feb-15
Feb-15
Feb-15
1986
1986
1986
1986
1987
1986
1991
1986
1991
1988
1986
1985
1990
1986
1989
1986
1988
1986
1986
1989
1990
1986
1991
1990
1988
1986
1986
1990
1987
1986
1992
1993
1989
1990
1993
1990
1985
1994
1991
1993
1987
1989
1986
1986
1986
Year
Built
1985
1985
1986
1986
1986
1986
1986
1991
1986
1985
276
832
234
600
224
202
300
436
208
400
144
152
200
240
264
192
400
400
596
304
194
228
400
252
272
166
232
320
192
400
336
160
408
352
302
408
150
248
160
120
282
230
484
70
430
Units
357
88
243
207
304
268
328
228
204
392
262,246
622,232
206,400
533,628
200,688
190,792
317,444
521,483
287,592
370,568
107,600
147,040
187,600
165,600
237,000
192,240
353,145
327,444
514,584
304,720
199,960
168,168
397,000
204,555
234,224
129,314
244,080
306,298
157,648
402,304
522,034
137,530
373,328
304,688
319,672
434,840
229,000
228,344
142,192
117,008
250,517
190,660
349,506
54,968
317,550
Rentable
SF
277,045
100,180
184,791
202,036
244,960
228,300
305,580
229,860
161,390
287,261
950
748
882
889
896
945
1,058
1,196
1,383
927
747
967
938
690
898
1,001
883
819
862
1,002
1,031
729
993
812
975
779
1,052
957
821
1,006
1,554
860
915
866
1,059
1,066
1,527
921
889
975
887
882
722
785
738
Avg
SF
777
1,138
760
976
806
852
932
1,008
791
733
$23,250,000
$86,243,456
$21,115,000
$66,250,000
$14,300,000
$22,000,000
$44,250,000
$51,500,000
$10,400,000
$49,500,000
$11,100,000
$13,597,700
$22,200,000
$14,100,000
$25,300,000
$15,200,000
$40,100,000
$36,900,000
$57,700,000
$17,885,000
$14,200,000
$22,350,000
$50,650,000
$19,100,000
$19,500,000
$11,200,000
$16,650,000
$14,250,000
$12,400,000
$50,000,000
$80,300,000
$5,300,000
$27,070,000
$23,000,000
$17,700,000
$40,000,000
$7,650,000
$14,850,000
$8,900,000
$8,400,000
$15,800,000
$12,350,000
$29,873,800
$2,450,000
$31,550,000
Sale Price
$22,000,000
$8,750,000
$24,500,000
$19,300,000
$29,900,000
$33,200,000
$36,800,000
$29,850,000
$12,250,000
$26,194,195
$84,239
$103,658
$90,235
$110,417
$63,839
$108,911
$147,500
$118,119
$50,000
$123,750
$77,083
$89,459
$111,000
$58,750
$95,833
$79,167
$100,250
$92,250
$96,812
$58,832
$73,196
$98,026
$126,625
$75,794
$71,691
$67,470
$71,767
$44,531
$64,583
$125,000
$238,988
$33,125
$66,348
$65,341
$58,609
$98,039
$51,000
$59,879
$55,625
$70,000
$56,028
$53,696
$61,723
$35,000
$73,372
$ / Unit
$61,625
$99,432
$100,823
$93,237
$98,355
$123,881
$112,195
$130,921
$60,049
$66,822
$89
$139
$102
$124
$71
$115
$139
$99
$36
$134
$103
$92
$118
$85
$107
$79
$114
$113
$112
$59
$71
$133
$128
$93
$83
$87
$68
$47
$79
$124
$154
$39
$73
$75
$55
$92
$33
$65
$63
$72
$63
$65
$85
$45
$99
Sale
$ / SF
$79
$87
$133
$96
$122
$145
$120
$130
$76
$91
YEAR 1985 TO 1994 CONSTRUCTION
$836
$820
$915
$855
$933
$877
$1,095
$1,298
$1,284
$950
$1,023
$778
$922
$981
$742
$857
$858
$794
$877
$1,041
$770
$980
$890
$1,083
$881
$919
$918
$785
$676
$676
$1,076
$2,093
$727
$822
$771
$721
$1,096
$757
$737
$729
$829
$648
$638
$695
$587
Eff
Rent
$788
$1,003
$979
$949
$894
$1,156
$1,204
$1,140
$772
$673
Harbor Group
Camden Property Trust
MK Development
Harbor Group
Equus Capital Partners
TIAA-CREF
Associated Estates
Harris Group
Equity Residential
Michaelson Group
Berkshire Property Advisors
Karlin Real Estate
Adara Communities
Bell Partners
Bell Partners
Bell Partners
Bell Partners
Starwood Capital
Continental Property Services
Stanley Mohr
Equity Residential
IMT Capital
TIAA-CREF
Landmark Residential
ChrisKen Companies
Insula Capital
Ares Property Partners
UDR
Capri Capital Advisors
Barfield Bay Holdings
Lecesse Development
Cocke Finkelstein
SunAmerica/CED
LaSalle Investment Management
Cortland Realty Investments
SunAmerica/CED
Atlantic Housing
SunAmerica/CED
IMT Capital
IMT Capital
Related Companies
Eagle Property Capital
Robbins Property Associates
Seller
Pathfinder
Blackhawk Realty Advisors
Beachwold Residential
BH Equities
Karlin Real Estate
Fairfield Residential
Deutsche Asset & Wealth Management
Laramar Group
European Investment Management
Barfield Bay Properties
Institutional
Private
Private
Institutional
Private
Institutional
Institutional
Private
Private
Institutional
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Institutional
Institutional
Private
Institutional
Institutional
Private
Private
Private
Institutional
Private
Private
Private
Private
Private
Institutional
Private
Private
Private
Private
Private
Private
Private
Private
Private
Seller Type
Private
Private
Private
Private
Private
Private
Private
Private
Institutional
Private
First Quarter 2015
Multifamily...It’s All We Do.
TM
Tampa Office
Orlando Office
Naples Office
100 North Tampa Street
Suite 1620
Tampa, FL 33602
Tel: 1.813.812.5000
121 South Orange Avenue
North Tower, Suite 1500
Orlando, FL 32801
Tel: 1.407.456.8000
780 5th Avenue South
Suite 200
Naples, FL 34102
Tel: 1.239.430.0400
www.JBM.com

First Quarter 2015 - JBM® – Institutional Multifamily Advisors

Transcription

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