Homes my clients rented

Homes my clients rented

Sunday, September 8, 2013

408-Unit Multifamily Portfolio Sale in Broward


DEERFIELD BEACH, FL - The Boca Raton office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Quiet Waters at Coquina Lakes (200 units) in Deerfield Beach and The Fairways of Carolina (208 units) in Margate. Quiet Waters at Coquina Lakes, built in 1995, was 95% occupied at the time of sale; The Fairways of Carolina, built in 1993, was 96% occupied at the time of sale.

The Boca Raton-based transaction team of Principals Avery Klann, Hampton Beebe and Richard Donnellan represented a pension fund advisor in the sale.  San Diego, CA-based Fairfield Residential, among the most experienced multifamily real estate operating companies in the United States, was selected as the buyer. 
The properties have been institutionally owned by the same owner for the past 12 years, and select units have been renovated over the last two years in order to achieve rental premiums.

“The acquisition represents a tremendous opportunity to gain significant market share within the strong performing northwestern area of Broward County (Fort Lauderdale MSA). Both garden-style apartment communities are well-positioned, offering excellent value-add opportunities, top-quality concrete block construction and stabilized long term historical occupancy,” said Avery Klann, lead advisor on the transaction.
Quiet Waters at Coquina Lakes features 20% townhome units and is located only one mile from Quiet Waters Park, a 427-acre park which includes five lakes, miniature golf, camp sites, swimming, bike trails, fishing, water skiing and picnic areas. Amenities include a renovated clubhouse (2005), gated entry with coded directory, business center, pool with heated spa, playground, fitness center, indoor air-conditioned racquetball court, lighted tennis court, detached garages and carports, car care area and valet trash.

The Fairways of Carolina is beautifully landscaped and adjacent to the Carolina Golf Club, which provides golf course and lake views. The current owner replaced the roof in 2006 and has completed upgrades on 36 units (17%) over the last two years, including new granite-look laminate countertops, new cabinet door fronts, stainless steel appliances, new carpeting, six-paneled interior doors throughout, new kitchen/bath/entry lighting and plumbing fixtures, new ceiling fans, faux wood blinds throughout, white vinyl verticals and decorative track lighting in dining rooms.
“With a large average unit size of 1,037 square feet, these Class “A” properties are in demand by families looking for a convenient location close to employment, shopping and entertainment options in Broward County,” remarked Richard Donnellan.

Wednesday, April 3, 2013

Neighborhood Reniassance Restores 70 Units in Greenacres

By Willie Howard PB Post
Palm Beach County officials and the nonprofit housing group Neighborhood Renaissance will dedicate the Mathis Place apartment complex at 10:30 a.m. Thursday. The former foreclosed apartment complex east of Greenacres was bought and renovated using $1 million from a federal Neighborhood Stabilization Program grant. Mathis Place is one of 70 foreclosed apartments and homes redeveloped by Neighborhood Renaissance using the federal grant money administered by Palm Beach County’s Department of Economic Sustainability. The apartment complex is at 4509 Mathis St. — west of Davis Road and south of Lake Worth Road. The two-bedroom, two-bath apartments are available to tenants who meet income guidelines.

More info on Neighborhood Reniassance


Tuesday, April 2, 2013

TRG's Focus on Delray Beach

Palm Beach Post-

The Related Group’s land grab to build more condos and apartments in Florida has spilled into Delray Beach, where the Miami-based developer plans two new apartment buildings.
Jorge Perez Chair of THR
“Delray is the most livable small town, with great restaurants and shops. And people will pay for that,” said Jorge Perez, Related Group chairman.
Plans are to build two apartment buildings, a block south of Atlantic Avenue, downtown Delray’s lively dining and entertainment street.
The apartments will be across the railroad tracks from each other. Informally dubbed South of Atlantic, or SofA, 1 and 2, the four-story properties will have amenities that can be accessed by residents of each building, according to Uri Man, Related Group vice president of development.
SofA1, for instance, will consist of 117 units and will feature a pool, fitness room and club room. SofA2 will have 55 apartments and a shallow pool with chairs in the pool. A bike-sharing program is planned.
Prices will be about $1,300 for a studio and about $2,300 a month for a two-bedroom unit, although about 10 percent of the units will be lower priced to allow for “workforce housing” for such residents as firefighters or teachers.
“We think Delray Beach is a phenomenal location on so many levels,” Man said. “Atlantic Avenue is second only to Lincoln Road on South Beach in terms of vibrancy.”
Man added that the apartments are an opportunity “to define an area that needs development,” noting the Related apartments could be a catalyst to revive a part of the city that has not seen growth.
Man sees the area becoming an artsy community, particularly with the popularity of the nearby Kevro’s Arts Bar on S.E. 2nd Avenue. To help drive interest in the area, Related plans to feature art displays on the ground floors of the apartment buildings.
Construction on the apartments is expected to begin before the end of the year and will take about 14 months to complete, Man said.
Perez said although the properties will be apartments, a switch to a condo isn’t out of the question: “We always build to standards to convert to a condo.”
Perez is no stranger to Palm Beach County. Related Group has built several condominiums in West Palm Beach, Boca Raton and Boynton Beach. And Related recently took ownership of the unsold units in the downtown Boynton Beach condo formerly known as the Promenade. It has been renamed Casa Costa.
Although Perez plans new condos in Miami-Dade County, he’s also building rental apartments throughout Florida. Related expects years of rental demand due to decreased homeownership and apartment interest from “Echo Boomers,” the 15 to 29-year-old children of Baby Boomers.
Several Related Group apartments are under construction. Among them are six apartment projects, located in Plantation, Doral (in Miami-Dade County), Fort Lauderdale and Tampa. In addition to Delray Beach, new projects also are planned for Davie and Pembroke Pines and more for Doral, too.
In total, the apartment pipeline totals nearly 4,000 apartments in Florida and there could be more outside the state: Related plans a new project in Atlanta, too.

Thursday, February 7, 2013

West Palm woman rented out neighbor’s foreclosed home

By Sonja Isger
Palm Beach Post Staff Writer

A West Palm Beach woman is accused of commandeering her neighbor’s empty and foreclosed-upon home, renting it through Craigslist and collecting more than $13,000 in rent before the owner discovered the ruse and called the cops.
Nathalie Heil, 30, was booked into the Palm Beach County Jail on Friday. Facing charges of grand theft and fraud, she was released Saturday after posting $6,000 bond.
But Heil said she believes she has ownership of the house, stating that she filed what’s called “adverse possession” papers. The arcane Florida law, created hundreds of years ago, states that if a person claiming adverse possession stays in a home for seven years, paying taxes and caring for the property, they can take permanent ownership.
Andre De Palma Barbosa, the 23-year-old Brazilian now known as the “Boca Raton squatter,” used adverse possession to move into an empty foreclosed 7,000-square-foot mansion in Boca Raton in December.
As for Heil, she said the owner of the property at 314 Vallette Way abandoned the home more than six years ago.
She assumed that as soon as she filed her papers with the courts, the property was hers.
“Legally, I thought it was right,” she told the Palm Beach Post.
Heil said she’s received death threats since the story first ran on the Post’s website Tuesday afternoon.
“I’m freaking out,” she said. “I have a full-time job and I’m a single mom.”
wpb rent fraud
Nathalie Heil is accused of commandeering her neighbor’s empty and foreclosed-upon home at 314 Vallette Way in West Palm Beach, renting it through Craigslist, and collecting more than $13,000 in rent before the owner discovered the ruse and called the cops. (Jennifer Podis/The Palm Beach Post)
West Palm Beach police were tipped off to the situation Friday morning, when they got a call from Kelly Keefner, who manages the 314 Vallette Way property for her father-in-law, Juan Cedeno. Keefner told police the home is in foreclosure, and for that reason she had not checked on the property in the last eight months. She said when she stopped by in late January, the place looked lived-in.
Keefner returned to the home with her husband and met April Wehle, 24, and Talia Williams, 25, who said they had been renting the home for $1,500 a month since mid-June. The women said they found the place through a Craigslist ad placed by Heil, who lives next door at 312 Vallette Way.
The women told police they’d paid a total $13,500 in rent by check to Heil and spent another $500 to make various repairs, according to Heil’s arrest report. The home sits south of downtown and just blocks south of the Mango Promenade historic district, tucked between S. Dixie Highway and S. Olive Ave. south of Okeechobee Boulevard.
After confirming Cedeno’s ownership — the county property appraiser lists him as the owner of record since 2007 — police said they confronted Heil when she went to the home to collect rent. Heil told police she had gone to the county courthouse and “completed paperwork giving her possession of the residence.”
Police said they found no such paperwork, and property records name Cedeno as the owner.
After her arrest, Heil said she was told to “show up for court with the paperwork.”
“I legally subletted my house,” she said, noting that Wehle and Williams still live there.
“There’s three sides to every story,” she said.
People who rent property from Craigslist should be cautious, said West Palm Beach-based Realtor Laura Pearlman, who did not speak specifically about the Heil case.
“Craigslist, that’s like a haven for scam artists,” Pearlman said.
Pearlman said she had to file a report with police last year after someone used Craigslist to list without permission a five-bedroom property that was being advertised by her company. She urged prospective tenants to research a property before renting.
“Don’t give money to anyone unless you know it’s going to the owner or the property management company or a realtor,” she said.