Multifamily Florida - Summer 2010 - (Page 23)
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About 48 percent of renters in the Jacksonville area cannot afford a two-bedroom fair market value rental unit, according to data released in April from the National Low Income Housing Coalition. The data, from the coalition’s annual Out of Reach Report, shows the income an individual must earn in every metropolitan statistical area and county to afford a modest market-rate rental home. The report also provides local wage and income data. In the Jacksonville area, an individual must earn an annual median income of $36,120 to afford a two-bedroom rental unit at $903. The estimate median renter household income in Jacksonville is $37,474. The percentage of renters in Jacksonville who cannot afford a two-bedroom unit is actually far less than the 59 percent of renters throughout the state who cannot afford a two-bedroom market rate unit at $1,055. Renters in the state must earn $42,201 annually in order to afford a two-bedroom unit. The estimated median renter household income in the state is $34,616.
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The vacancy rate in Central Florida is 9.9%, down from 10.5% last September, but average monthly rents have fallen from $823 in September 2009 to $810 in March, according to Charlotte-based RealData. According to New York-based Integra Realty Resources, fewer than 1000 multifamily units are in the pipeline for new construction for 2010, down from more than 2000 a year ago and nearly 3700 two years ago.
Blue Valley Inc. of West Palm Beach sold the 229-unit Magnolia Point Apts. on the Southside to an investment group, LN Development, for $4 million in cash. Blue Valley took back the apartment community in June 2008. The last sale of the property was for $9.25 million in December 2004. The class “C” community was about 70 percent occupied at the time of the closing. Brian Moulder of Southeast Apartment Partners represented both the buyer and the seller in the deal.
Venterra, a Houston-based investment firm, bought the 232unit Blanding Place Apts. in Orange Park for $12 million, or $49.10 per square foot, A court-appointed receiver sold the 24-year-old community, which was 81.9 percent occupied at the time of the sale. Walchle Lear Multifamily Advisors of Jacksonville represented both the receiver and the buyer.
Atlantic Housing Partners plans to break ground in September on three workforce housing projects, beginning with the $11 million, 94-unit first phase of Town Parke Apts. in Winter Springs. Atlantic Housing Partners is also seeking aprovals for the 56-unit, $7 million Howell Branch Cove in unincorporated Seminole County and the $13 million, 130-unit Fountains at San Remo Court in unincorporated Osceola County. The developer is working to secure $11.5 million in financing for the projects from Florida Housing Finance Corp.—funds which come from the federal stimulus bill, also known as the American Recovery and Reinvestment Act. Each project will include units that rent for $300 permonth for very low-income families, standard units at $750, and highend units at $1200. CPG Construction LLLP is the general contractor. CPG is also the general contractor on another workforce housing project being developed in southeast Orlando: the $16.3 million Fountains at Pershing Park.
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Table of Contents for the Digital Edition of Multifamily Florida - Summer 2010
Multifamily Florida - Summer 2010
From Fixer-Upper to Fabulous
Setting the Sales Stage
FAA Education Conference Preview
2010 Charity Challenge
In the News
Product/Service Council Directory
Index to Advertisers
Multifamily Florida - Summer 2010