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Investment Groups have Ferocious Appetite for Apartments in Central Florida

Highly favorable demographic trends, Influx of new investors targeting lower yields, and added competition among buyers are driving up pricing.

After a pause due to the uncertainty around the COVID-19 pandemic in the middle of 2020, transaction activity is ramping up significantly for multifamily investments in Tampa, Orlando and across Central Florida. There is phenomenal interest from well-known, national investment groups and local investors entering the market.

Investment activity in the Tampa area spiked during the fourth quarter of 2020, jumping 80 percent from the third quarter. Record transaction volume is projected for the year to come, with activity expected to be largely focused on newer apartment properties.

An influx of new and very well-capitalized investment groups is fueling a dramatic upward shift in pricing. Cap rates in Central Florida are dropping 25 to 50 basis points for all product types: value-add, newer properties, and properties that are going through their initial lease-up. In recent years, many developers waited for properties to get near 90 percent occupancy before marketing them. Today, developers are starting the valuation and marketing process much earlier and often are getting unsolicited offers when they are 50 percent, 60 percent, or 70 percent leased. New properties that traded in the low 4s six months ago will trade for mid to high 3s this year.

There is very little pushback on where pricing is heading for well-designed assets in the best submarkets of Tampa, St. Petersburg and Orlando. We are also seeing a clear resurgence of investor interest in the submarkets in Orlando that are more dependent on the parks and tourism.

A big factor fueling the sales at the top end of the market has been new development. For newer, garden-style properties in Tampa, we recently experienced an 8 percent increase in less than one year. The average sale price was $214,000 in the first three quarters of 2020 compared to $231,000 in the last two quarters (Q4 2020 and Q1 2021).

Additionally, the development pipeline is robust. Developers are bringing new projects online to meet increasing renter demand, which should lead to ongoing, strong investment activity.

Many of the buyers that are making the best offers on top properties are well-known investment groups. Some have been active in Florida for years; however, a growing number are coming to Florida for the first time after building a large portfolio of multifamily properties in other markets across the United States. In addition, we also see growing interest in this market from investors in Europe, Latin America and Israel. There are often multiple offers on assets, and many properties are not even making it to the formal listing process before bids come in and a buyer is selected.

Why are apartments so hot and why Central Florida?
Since the multifamily sector has outperformed many other commercial real estate sectors during the pandemic, investors are chasing apartment deals. Central Florida is particularly sought after due to its healthy market fundamentals and influx of new residents. People are moving out of costly, densely populated urban areas, a trend triggered by COVID-19, and into more affordable cities like Tampa and Orlando.

According to a recent report by Redfin, Orlando had a net inflow of 61,000 residents in 2020, the third-highest city nationally, only behind Phoenix and Dallas. Tampa came in fourth with 47,000 new residents.

These migration trends and solid demographics are helping keep vacancies low while asking rents are ticking higher across Central Florida. While investors were active across several segments of the multifamily market in 2020, activity was more pronounced among newer projects, and that trend is expected to continue.

 

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NorthMarq’s Tampa office continues expansion with addition of Cody Mizelle to production staff

TAMPA, FLORIDA (March 4, 2021) — NorthMarq’s Tampa office announced the promotion of Cody Mizelle to vice president. In his new role, Mizelle will be responsible for the origination and placement of debt and equity capital for commercial real estate projects. Mizelle will join NorthMarq’s Associate Producer program, which launched in 2013 and focuses on bringing a new generation of talent to the ranks of producers. Program participants benefit from oversight and training from in-house financing experts. Mizelle will serve under the tutelage of Lee Weaver, managing director.

“Cody has worked hard since joining our Tampa office in 2017 and has been a vital component of our production team. He is a conscientious team player, whose tireless work ethic has gained him the favor of our most prestigious clients,” said Weaver. “NorthMarq’s Associate Producer program is a great opportunity for Cody to continue to network and hone his mortgage banking skills alongside his peers from other NorthMarq offices. The support the Associate Producers get from the mentorships, as well as the entire NorthMarq organization, is a proven formula for success that will benefit not only Cody, but our entire Tampa office. Cody has an expertise in multifamily and structuring JV equity.”

Mizelle joined NorthMarq in 2017 as an investment analyst and arranged more than $600 million of financing for Tampa’s managing directors Weaver and Bob Hernandez. In his new role as vice president, Mizelle will work closely with NorthMarq’s lender network and will assist local, regional and national clients with the entire capital stack for commercial real estate transactions.

Prior to joining NorthMarq, Mizelle worked at Cardinal Bank and Vesta Equity where he was directly involved in negotiating, underwriting, structuring and closing debt, mezzanine, preferred equity and joint venture equity solutions across all major real estate asset classes. Mizelle earned a Bachelor of Science in Finance from Florida Atlantic University where he also competed as a Division I Collegiate Baseball Player. He passed Level 1 and 2 of the Chartered Financial Analyst examination and is active in the Bay Area Apartment Association, NMHC, Real Estate Investment Council (REIC), and the Mortgage Bankers Association of America (MBA).

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Tampa Q4 Multifamily Market Report: Investment Market Roars Back to Life to Close 2020

Highlights:

Tampa Multifamily market report snapshot for Q4 2020
  • The Tampa multifamily market remained relatively stable during the second half of 2020. The local vacancy rate ticked up as the pace of development pushed higher, but rents rose as the economy reopened and renter demand accelerated.
  • Apartment vacancy in Tampa ended 2020 at 5.3 percent. The rate inched up 20 basis points during the fourth quarter.
  • Asking rents reached $1,228 per month in the fourth quarter; for the full year, rents gained 4.1 percent.
  • Investment activity surged during the fourth quarter, pushing prices higher. The median price rose to $152,800 per unit, while sales of newer properties commanded more than $230,000 per unit.

Read the report

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Tampa Q2 Multifamily Market Report: Financial Jobs Bouncing Back Quickly

Highlights:

Tampa Multifamily market report snapshot for Q2 2020
  • The Tampa multifamily market posted strong performance during the first half of the year, even as the larger economy proved quite volatile. With businesses expected to continue to move into the Tampa area in the coming quarters, the local labor market should rebound quickly.
  • Apartment vacancy has been very steady, ending the second quarter at 4.8 percent, up just 10 basis points year over year.
  • Local asking rents have increased, reaching $1,195 per month at midyear, 3.7 percent higher than one year ago.
  • Following an active year of new construction in 2019, deliveries slowed during the first half of this year. Approximately 525 units have come online in the first two quarters of the year, although more projects are expected to work through the development pipeline in the second half.
  • As expected, sales velocity in Tampa in 2020 has lagged levels from recent years, but activity picked up beginning in June. The average price was approximately $140,000 per unit, while cap rates averaged 4.8 percent for properties with value-add potential.

Read the report

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NorthMarq expands multifamily investment sales team in Central and South Florida

MINNEAPOLIS, MINNESOTA (April 7, 2020) — NorthMarq announces the expansion of its investment sales capabilities in Florida with the addition of Errol Blumer, an experienced multifamily, land and joint-venture equity adviser, and Justin Hofford, a commercial real estate veteran with experience in multifamily dispositions and CRE valuation. Both brokers join Luis Elorza, managing director – Investment Sales to provide acquisition, disposition, and advisory services to owners of multifamily investment properties across Central and South Florida and across the southeast U.S.

NorthMarq has grown its investment sales capabilities into ten existing debt and equity offices in the last 18 months, with the Central/South Florida team the most recent addition. Elorza, Blumer, and Hofford will advise clients in collaboration with the company’s debt and equity professionals in Jacksonville, Miami, Orlando, and Tampa, and partner with Jason Nettles, managing director – Investment Sales, and Megan Thompson, senior vice president – investment sales, who joined the company’s Atlanta office; together, both teams offer expertise for the southeast U.S.

“We’ve seen great success when we partner the right investment sales people with our existing debt and equity colleagues. This team combined with our other Investment Sales colleages have created a powerful platform to serve clients across the country,” said Trevor Koskovich, president-Investment Sales.

In his new role as senior vice president – Investment Sales, Blumer will be responsible for managing the disposition of multihousing properties and land for development throughout South Florida, while also arranging and sourcing Joint Venture Equity and Capital for acquisition and development projects. Throughout his more than 10-year career, he has been involved in the transaction of almost $2 billion of multifamily and commercial assets —including land for development and other capital markets activities such as joint-venture equity raises and debt financing.

Prior to joining NorthMarq, Blumer spent almost three years as a member of the South Florida Institutional Multifamily Capital Markets team with Cushman & Wakefield, and has also served at Avison Young and ARA Newmark (formerly ARA), where he contributed and assisted in capital markets activities related to multihousing and commercial asset dispositions. He has also worked on the acquisitons’ teams at privately-held SunCap Opportunity fund and GreenSprings Properties.

Hofford, senior investment sales associate, will focus on multifamily dispositions and acquisitions in Tampa and Southwest Florida. With a twenty-year career in the commercial real estate industry, he was most recently engaged in multifamily dispositions, valuation and market analysis at JBM Multifamily Institutional Advisors. Previously, he was with Cushman & Wakefield’s Valuation and Advisory group, where he consistently ranked as a top producer in Florida.

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Tampa Q4 Market Report: After an Active Year, Deliveries Slow and Vacancy Dips in Fourth Quarter

Highlights:

Tampa 4Q2019 market snapshot
  • The Tampa multifamily market closed 2019 on an upswing. Both new supply and demand growth were strong during the past year, a trend that is likely to continue in 2020.
  • Vacancy dipped in the fourth quarter, reaching 4.8 percent. While the rate improved in the final few months of the year, vacancy rose 20 basis points in 2019.
  • Asking rents in Tampa rose 4.8 percent in 2019, ending the year at $1,180 per month. The pace of rent growth slowed slightly in the fourth quarter.
  • Projects totaling approximately 5,000 units were delivered in 2019. Completions are forecast to slow to approximately 4,200 units in 2020. Development has been active for the past few years as builders have stepped up activity to meet renter demand.
  • The Tampa multifamily investment market strengthened in 2019, with sales velocity picking up, prices rising, and cap rates compressing. The median price reached $136,900 per unit, while cap rates compressed to an average of 5.1 percent.

Read the report

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NorthMarq adds Investment Sales experts in Los Angeles and central Florida

Teams join existing Debt and Equity offices in coast-to-coast
platform expansion

MINNEAPOLIS (JAN. 16, 2020) – NorthMarq continues its expansion of Investment Sales with new teams joining existing NorthMarq debt and equity offices in Los Angeles and central Florida. With these two additions, the company’s investment sales platform extends across the U.S., covering nine offices in eight states.

“Our goal when we started this business was to offer investment sales coast-to-coast; the additions in Southern California and Florida truly achieve that for us. We look to continue this business expansion as we move through 2020,” said Jeffrey Weidell, chief executive officer, NorthMarq. “We are pleased that our new business is bringing added value to new and existing clients.”

The company’s investment sales business started in April 2018 when Trevor Koskovich joined the company as president of Investment Sales, and integrated his team with the existing Phoenix office. He is responsible for recruiting additional investment sales professionals to the platform.

“Each new office brings a new level of success to clients and our company,” said Koskovich. “The synergy among the professionals has been remarkable and is a testament to our plan to ensure a cultural fit with our new recruits.”

The two new teams bring seasoned veterans in commercial real estate, capital markets, and advisory services.

  • Los Angeles: Bryan Schellinger joins the company as managing director-Investment Sales, bringing nearly 10 years of investment sales with $1 billion in transaction history, most recently with Marcus & Millichap. Steven Goldstein, associate vice president-Investment Sales, also joins NorthMarq from Marcus & Millichap and has worked with Bryan for the last two years. The Los Angeles team will collaborate with the recently opened debt and equity office managed by Ory Schwartz, as well as coordinate client services throughout Southern California with teams in Newport Beach and San Diego.
  • Central and southwest Florida: Investment sales leader Luis Elorza joins the company as managing director, bringing more than 20 years of investment banking, corporate finance and investment sales experience, most recently with Cushman & Wakefield where he and his team closed over $4.5 billion in multifamily transactions since 2005. Covering Florida from NorthMarq’s Tampa office, Elorza will collaborate with Jason Nettles, managing director-Investment Sales, and Megan Thompson, senior vice president-Investment Sales, in the company’s Atlanta office, and with NorthMarq’s debt & equity offices across the southeast U.S.

NorthMarq’s nine investment sales offices stretch from Southern California to the East Coast.

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NorthMarq’s Tampa office presents grant to Brevard Rescue Mission

TAMPA, FLORIDA (December 26, 2019) – NorthMarq’s Tampa regional office recently presented Brevard Rescue Mission with a $5,000 grant. Brevard Rescue Mission (BRM) works to permanently break the cycle of homelessness in families by providing homeless mothers with children access to housing, health care, transportation, education, nutrition, job training, and life skills in a safe, Christ-centered residential setting.

“Brevard Rescue Mission is motivated to reduce the cycle of homelessness,” said Bob Hernandez, managing director of the Tampa office. “Since its founding in 2008, BRM has improved and transformed the lives of families and individuals. As the homelessness crisis in America continues, it’s important to see community-based organizations rising to the challenge.”

BRM recently celebrated the expansion of its services through the opening of the Life Transformation Center. Located just southwest of Cape Canaveral at the intersection of U.S. Interstate 1 and Eau Gallie Boulevard, the property will serve eight additional families, and offer services to non-resident families.

The Tampa office’s grant is part of NorthMarq’s larger initiative to support organizations addressing homelessness and affordable housing. NorthMarq awarded grants to 12 organizations in 11 different cities across the country. Check out the story here.

Meredith Sutton, (right) representing NorthMarq, presents the grant to Brevard Founder/CEO Stacia Glavas.
NorthMarq’s grant supports the organization’s family room.
A placard next to the hanging wall clock recognizes NorthMarq.
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Lee Weaver provides expert insight in Student Housing Business

Strong Fundamentals Fuel Lending Climate

While some concerns about oversupply loom, low interest rates and demand are bolstering loan activity in the student housing sector.

Like much of the commercial real estate industry, lending for the student housing sector is seeing favorable terms and low rates, thanks mostly to low Treasury rates. Aside from traditional lenders, institutional investors, foreign capital and equity funds continue to co-invest in the space, fueling options for student housing owners and developers. Looming in the distance however, are concerns from some quarters about oversupplied markets and stressed CMBS loans.

Read the full story, including analysis and a 2020 outlook from Lee Weaver.

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Lee Weaver promoted to Managing Director of NorthMarq’s Tampa regional office

TAMPA, FLORIDA (January 7, 2019) – The Tampa regional office of NorthMarq announces the promotion of Lee Weaver to managing director. In his new role, Weaver will co-manage the day-to-day operations of the Tampa office with managing director Bob Hernandez as it provides a complete range of commercial real estate financing options through its nationwide network of lending partners.

“Lee is a consistent force in NorthMarq’s Tampa regional office,” said Hernandez. “While his reputation as a student housing expert precedes him, Lee is extremely fluent in all aspects of the business. If Lee’s next 20-years at NorthMarq are anything like his first, our office, clients and nationwide team will be in good hands.”

Jeff Erxleben, executive vice president/regional manager agrees, “With 20+ years of finance and real estate experience, Lee has been integral to the continued success of the Tampa team.”

Weaver joined NorthMarq Capital in 2003 when the company acquired the mortgage banking division of Legg Mason Real Estate Services, where he was employed for six years. During the course of his tenure, Weaver originated and placed commercial loans valued from $3 million to $200 million with lending sources that include life insurance companies, pension funds, Fannie Mae, Freddie Mac and FHA. He also has a strong track record arranging joint venture equity, preferred equity and mezzanine financing with a focus on student housing.

Along with his yearly production volume, Weaver has provided his expertise through insights published in various industry publications including, Student Housing Business, Multifamily Executive, MBA Newslink and Senior Housing Business. Additionally, Weaver was also the recipient of Student Housing Business’ “Most Creative Financing” Innovator Award.

Weaver is active in the National Apartment Association, the Bay Area Apartment Association, the Real Estate Investment Council and the Mortgage Bankers Association of America. He has served on the Producers’ Council for NorthMarq Capital in recognition of being in the Top 10 percent of producers nationwide. He is also involved in various charitable and community organizations including The Spring, Joshua House and the International Justice Mission.

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Robert Hernandez featured in Southeast Real Estate Business 2018 Lender Insights

Robert Hernandez, senior vice president/managing director of NorthMarq Capital’s Tampa regional office, recently provided his thoughts regarding what lies ahead in the coming year for Southeast Real Estate Business’ 2018 Lender Insights section of its February 2018 issue.

When asked about NorthMarq’s lending strategy for 2018 and any new lines of business opportunities the company was pursuing, Hernandez said, “We’ve been very successful the past couple years in doing the whole capital stack: debt, preferred equity, mezzanine financing and joint venture equity. We’ve been focusing on that for ground-up construction or for substantial rehab the past couple years.” Read the rest of Robert’s insights here.

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NorthMarq’s Lee Weaver featured in Student Housing Business regarding new on-campus program

Lee Weaver, senior vice president/senior director of NorthMarq Capital’s Tampa-based regional office, was featured in Student Housing Business. In the article, found in the December 2016 edition, Weaver announced a new student housing initiative from NorthMarq Capital.

NorthMarq, in partnership with one of its correspondent lenders, has launched an on-campus program for universities and related developers who want to borrow to build new housing. The program will also consider off-campus properties with a university relationship. That program lends up to 100 percent of construction costs for properties that have some level of university involvement. The school needs to have a BBB+ credit rating or better. The program, says Weaver, has allowed developers to access a capital stack that otherwise would not be available. “It is a very attractive program for those doing work with universities, and it’s attractive to a university because it creates more flexibility and allows for off balance sheet accounting,” he said. NorthMarq recently closed a $78 million deal at UNLV and has several other deals in the program in underwriting/processing.

Check out the full coverage here…

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NorthMarq Capital Wins Award for Most Creative Financing for $58 Million Student Housing Transaction in Oviedo, Fla.

TAMPA – Lee Weaver, senior vice president/senior director and Bill Hardman, vice president of NorthMarq Capital’s Florida-based offices recently earned an Innovator Award from Student Housing Business Magazine in the category of Most Creative Financing for their work on the NorthView Student Housing on the University of Central Florida campus.

The Innovator Awards, the student housing industry’s only awards program, recognize excellence in on- and off-campus student housing. More than 900 leading industry professionals attended the sixth annual InterFace Student Housing Conference gala award ceremony where the Innovator Awards were presented.

The seven-story, 340,271-sq.-ft. property, located in Oviedo, Fla., contains 600 beds within 180 units and 782 total parking spaces (696 in a controlled access garage). Financing for the $58 million transaction is based on a 15-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through a tax exempt private placement bond structure.

The development also includes 40,000 sq.ft. of faith based commercial space. Half of the space will be occupied by the Hillel Foundation for Jewish Campus Life and the other half by the Newman Catholic Student Center. Both organizations are the largest of their kind in the county and will serve the nearly 6,000 Jewish students and 13,000 Catholic students that make the UCF campus one of the largest Jewish and Catholic student bodies in the country.

“Student centers are key components of the organizations providing dedicated space for students to gather, socialize and study with like-minded Jewish and Catholic students,” said Weaver.

Other unique aspects of the property include:

  • The donation of the site for the improvements by a Florida philanthropist, as well as the transfer of the fee simple title of the land through a charitable gift.
  • The property benefits from a 60-year ground lease, after which the improvements will revert to the UCF Foundation and Hillel Foundation for Jewish Campus Life.
  • Bifurcated ownership structure.
  • Real estate tax exemption due to non-profit ownership.
  • The property is managed by the experienced UCF Housing System and is incorporated into their inventory.

With so many factors to take into consideration, finding the proper lending source “required a remarkable amount of time and resources,” said Weaver who gave credit to the efforts put forth by his counterpart, Bill Hardman. “Many traditional lending sources simply weren’t able to accommodate the complexities of the deal.”

Common amenities include: two courtyards for social events and gatherings; secure parking; high-speed video game room; 24-hour fitness center; resort style pool with water volleyball; lap swimming area and Swedish sauna; sky deck with tiki-hut; outdoor sand volleyball; life-sized chess board; computer lab; café; convenience store; high-speed wireless internet through-out the building; community centers and a Cabana room.

Unit amenities include: fully furnished apartments with custom furniture; hardwood-style flooring in living areas and carpeted bedrooms; nine foot ceilings in living areas; beautifully decorated rooms with a 60’ flat screen TV; full sized kitchen with granite countertops; side-by-side refrigerator; customized beds with drawers and shelving; individual walk-in closets; bathrooms with granite countertops and walk-in showers; unit keycard entry and extended cable.

 

About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit northmarqcap.wpengine.com.

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