Multifamily...It`s all we do. - JBM® – Institutional Multifamily Advisors

THE JBM FLORIDA MULTIFAMILY BROKERAGE QUARTERLY
Jamie B. May
Year End 2013
Multifamily housing investment market trends & highlights
Chairman & CEO
Current Trends
[email protected]
T: 813.812.5000
C: 813.331.5000
Following three years of robust revenue growth and occupancy gains, many investors have
begun to adjust expectations to sustainable operating assumptions. Core properties in
primary markets have maintained solid performance and perennially low cap rates as steady
economic expansion and employment gains supported the apartment sector. And, while in
abundance of equity capital remains available for leading markets, yields tend to be slim and
returns do not always pencil favorably. Investors seeking higher yields have more aggressively
targeted assets in secondary and tertiary markets where the recovery potential has not yet
been fully priced into deals. Valueadd strategies may offer stronger returns, but investors
must work harder and smarter to realize the upside potential in a crowded and competitive
marketplace. Sellers have been slow to bring properties to market, and pressured by a dearth
of available opportunities, the average cap rate for value-add investments recently dipped
significantly, signaling a recovery in non-premium assets.
Eddie Yang
Principal & Executive Director
[email protected]
T: 407.456.8000
C: 917.579.2096
Jonathan Barclay
Associate Director
[email protected]
T: 813.812.5002
C: 813.493.9444
Apartment transactions constituted about 30 percent of all commercial property sales,
increasing 37 percent to nearly $73.8 billion through the third quarter, with portfolio transactions driving much of the increase. The average cap rate fell 10 basis points to 6.0 percent;
while the average price per unit climbed 4.5 percent to just shy of $111,000. Investors made
a notable surge into Class B and C assets, with the sales volume for these properties rising
39 percent. Momentum for Class B/C product in primary metros lifted the median price per
unit 5.4 percent to $96,000 and reduced the cap rate 10 basis points to 6.3 percent. Class A
sales volume trended down across all market tiers except primary, where it climbed 15 percent.
However, the median price per Class A unit increased 11.1 percent to $135,000 with the cap
rate holding steady at 5.4 percent. Sales volume in secondary markets posted modest declines
while tertiary market activity surged to 32 percent of total sales, up from 21 percent in 2010.
Market Forecast
JBM
has listed,
marketed & sold
more than 101,000
units throughout
Florida.
Call 813.812.5000
Office locations in
Tampa, Orlando & Naples
www.JBM.com
Consumer Spending, Housing and Trade Propel Growth. Third quarter GDP posted 4.1
percent annualized growth, with a generous lift from inventory rebuilding, but also boosted
by consumer spending and double-digit gains by the residential sector for the fifth consecutive
quarter. Forward looking manufacturing surveys suggest the trade sector will be more
prominent this year, aided by easing global austerity and stronger demand. GDP growth is
forecast for the 3.0 percent range and the U.S. should add an estimated 2.7 million jobs in 2014.
Rising Immigration, Employment and Income Growth Drive Household Formations and
Apartment Demand. Household growth accelerated sharply to over 1 million in 2012,
still below long-run trends, but higher than the average created between 2007 and 2011.
The releasing of pent-up demand and renewed upswing in immigration trends underlie
estimates averaging between 1.2 and 1.4 million annually for the next several years, as U.S.
prospects for employment and wage growth brighten.
Tapering the Fed’s Quantitative Easing Policy Marks a Return to “Normal” Credit
Environment. Treasury rates remain very close to their 50-year low, and stand at less
than half of the long-term average. Without Fed intervention, interest rates will fluctuate
naturally in response to economic and capital market drivers and, though it will raise some
headwinds for investors in the near term, the positive economic trends will boost
commercial real estate performance.
Multifamily...It’s all we do.
Year End 2013
JBM GROUP RECENT TRANSACTION ACTIVITY
Aventine
UDR
Aventine
Tampa
at Naples
at&Naples
Orlando Portfolio
Summary
Summary
Marbrisa
Place
Marbrisa
on Millenia Boulevard
PREPARING
AVAILABLE
MATERIALS
» 1,386
» 350Units
Units
» Tampa
» Naples,
& Orlando,
FL
FL
» Completed
» Completed
in 1987–2007
in 2002
» Price:
» Price:
TBD
TBD
by by
Market
Market
Marbrisa
Island
Marbrisa
Walk
PREPARING
AVAILABLE
MATERIALS
» 338
» 350
Units
Units
» Orlando,
» Naples,FLFL
» Completed
» Completed
in 1991
in 2002
» Price:
» Price:
TBD
TBD
by by
Market
Market
PREPARING
AVAILABLE
MATERIALS
UNDER CONTRACT
UNDER
AVAILABLE
CONTRACT
Summary
Summary
SOLD
SOLD
» 100
» 83Units
Units
» Bradenton,
» Sanford,FL
FL
» Completed
in 1986
» Completed
in 2002
» Sold
December,
2013
» Sold
March, 2011
Toledo
Reef
Toledo
ClubClub
www.JBM.com
UNDER
SOLD
CONTRACT
AaronLakes
Lake
Arbor
» Entitled
» 300 Units
for 300 MF Units
» Naples,
» Brandon,
FL FL
» Proposed
» Completed in 1987
» Price:
» Price:
TBD
TBD
by by
Market
Market
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
Summary
Summary
» 177
» 243
Units
Units
» Orlando,
» Venice,FLFL
» Completed
» Completed
in 2006
in 1988
» Price:
» SoldTBD
June,
by Market
2011
Charleston
Orchid
Charleston
Run
Landings
Landings
» 560 Units
» Kissimmee, FL
» Completed in 1992
» Sold November, 2013
SOLD
BEST
& FINAL
Monterrey
Majestic
Monterrey
of Baldwin Park
» 340
» 168
Units
Units
» Riverview,
» Tampa, FL
FL
» Completed
» Completed
in 2001
in 1984
» Price:
» Price:
TBD
TBD
by by
Market
Market
Summary
Summary
Summary
» 536
» 276
Units
Units
» Tampa,
» St. Petersburg,
FL
FL
» Completed
» Completed
in 1975
in 1986
» Price:
» SoldTBD
June,
by Market
2011
Waterstone
Summer
Waterstone
Palms
at Carrollwood
at Carrollwood
Summary
Summary
PREPARING
SOLD
MATERIALS
University
Club Apartments
Sienna
Sienna
Bay Bay
» 277
» 216
Units
Units
» Tampa,
» Orlando,
FL FL
» Completed
» Completed
in 1987
in 1993
» Price:
» Price:
TBD
TBD
by by
Market
Market
Summary
Summary
Summary
Summary
» 400
» 224
Units
Units
» Tampa,
» Tampa,
FL FL
» Completed
» Completed
in 1987
in 1984
» Price:
» SoldTBD
September,
by Market2011
Watauga
Gallery
Watauga
Woods
at Bayport
Woods II
Summary
Summary
PREPARING
SOLD
MATERIALS
» 371
» 224
Units
Units
» Orlando,
» Tampa,FLFL
» Completed
» Completed
in 2007
in 1984
» Price:
» SoldTBD
September,
by Market2011
Aventine
Arbors
Aventine
at Naples
Lee
at Vista
Naples
Summary
Summary
Summary
Summary
Heritage
1,452
Heritage
Unit Portfolio - Sold
AVAILABLE
SOLD
Summary
» 1,452 Units
» Orlando, Naples
& Tallahassee, FL
» Sold November, 2013
Multifamily...It’s all we do.
SOLD
SOLD
Year
YearEnd
End 2013
2013
JBM GROUP
JBM
GROUP
RECENT
ACTIVE
TRANSACTION
LISTINGS
ACTIVITY
JBM
GROUP
ACTIVE
LISTINGS
Mission
Pointe
Monterrey
Monterrey
920
Unit
Portfolio - Sold
Aventine
Aventine
at Orlando
Naples
at Naples
Summary
Summary
SOLD
AVAILABLE
» 920
» 350
Units
Units
» Orlando,
» Naples,FLFL
» Completed
» Completed
in 1993-1994
in 2002
» Sold
» Price:
November,
TBD by Market
2013
Bridgeview
Arbor
Arbor
LakesLakes
SOLD
AVAILABLE
» 556
» 216
Units
Units
» Naples,
» Orlando,
FL FL
» Completed
» Completed
in 1989
in 1993
» Sold
» Price:
October,
TBD by
2013
Market
AVAILABLE
SOLD
SOLD
AVAILABLE
SOLD
The Abbey at Forest Lakes
SOLD
AVAILABLE
Summary
SOLD
» 400 Units
» Oldsmar, FL
» Completed in 1984/2007
» Sold May, 2013
» 208
» 346
Units
Units
» Orlando,
» North Port,
FL FL
» Completed
» Completed
in 1994
in 2003-2007
» Sold
» Price:
June,
TBD
2013
by Market
Ashford
Sienna
Sienna
BayClub
Bay
www.JBM.com
Summary
» 360 Units
» Kissimmee, FL
» Completed in 1994
» Sold July, 2013
Valencia
Toledo
Toledo
ClubPark
Club
» 102
» 276
Units
Units
» Tallahassee,
» St. Petersburg,
FL FL
» Completed
» Completed
in 1988
in 1986
» Sold
» Sold
May,
June,
2012
2011
SOLD
Wellington Woods
» 120
» 300
Units
Units
» Naples,
» Brandon,
FL FL
» Completed
» Completed
in 1988
in 1987
» Sold
» Price:
August,
TBD 2013
by Market
Summary
Summary
Summary
Summary
» 146
» 320
Units
Units
» Naples,
» Naples,
FL FL
» Completed
» Completed
in 2001
in 2002
» Sold
» Sold
August,
February,
20132011
Northgate
Club
Charleston
Charleston
Landings
Landings
Summary
Summary
SOLD
SOLD
Heritage
HeritageReserve
Berkshire
» 168
Units
» 340
Units
» Tampa,
» Tampa,
FL FL
» Completed
in 1984
» Completed
in 1992
» Price:
TBD by Market
» Sold
September,
2013
Summary
Summary
Summary
Summary
» 348
» 83Units
Units
» Tampa,
» Sanford,
FL FL
» Completed
» Completed
in 1986
in 2002
» Sold
» Sold
September,
March, 2011
2013
Waterstone
Waterstone
at Carrollwood
at Carrollwood
Bristol
Place
Summary
Summary
SOLD
» 248
» 243
Units
Units
» Orlando,
» Venice,FLFL
» Completed
» Completed
in 1994
in 1988
» Sold
» Sold
November,
June, 2011
2013
River
Reach
Apartments
Watauga
Watauga
Woods
Woods
Summary
Summary
Summary
Summary
Misty Springs
SOLD
SOLD
Summary
» 128 Units
» Daytona Beach, FL
» Completed in 1988
» Sold May, 2013
Multifamily...It’s all we do.
SOLD
Year End 2013
TAMPA MARKET HIGHLIGHTS
› Currently vacancy within the metro sits at a 5.7 percent, some 350 basis points
lower than when the market reached equilibrium in 2Q2009. Over the last year
alone vacancy is down 50 basis points.
› Tampa’s job market has remained strong over the last two years. Since August
of 2011, the metro has added an impressive 78,874 new jobs and unemployment
has fallen by 3.7 percent to 6.3 percent. Economy.com projects the job market to
continue growing with minimal fluctuation in the unemployment rate.
› Net absorption has remained strong within the metro since 1Q2008, posting
year-over-year positive numbers for nearly six years with no end in sight, as demand continues to severely outpace new supply. Over the last four quarters some
1,737 units have been brought online metro-wide. By year end 2017 the metro is
projected to see more than 13,200 units delivered to the marketplace.
› The metro’s population is predicted to continue growing steadily through 2017
to 3,038,000 people.
› Despite the over 1,700 units that have been brought online over the last four
quarters, effective rents continue to climb. Since 1Q2010 rents have increased
12.5 percent to average $921 per unit.
BROOKSVILLE
SUBMARKETS BY OCCUPANCY
Submarket
Occupancy
SPRING
HILL
Effective
Rents
1
North Pinellas
95.52%
$942
2
MacDill Air
Force Base
95.47%
$934
3
Largo
95.41%
$806
4
North Hillsborough
95.34%
$939
5
Hillsborough
County/Other
95.22%
$964
6
Central Tampa
95.05%
$1,388
7
Pinellas Park/
Seminole
95.04%
$838
8
Pinellas Beaches
95.00%
$722
9
University North
94.96%
$833
10 Sulphur Springs
94.96%
$788
GULF OF
MEXICO
TARPON
SPRINGS
PALM HARBOR
$920
DUNEDIN
13 Westshore
94.13%
$945
CLEARWATER
BEACH
14 Clearwater
93.97%
$942
$919
17 Temple Terrace
91.74%
$807
18 Hernando County
87.50%
$871
19 University South
87.23%
$799
Source: AXIOMetrics 3Q2013
4
1
94.15%
92.48%
LAND O’ LAKES
NEW PORT
RICHEY
12 Brandon/Plant City
16 Central
St. Petersburg
15
589
$1,004
$865
75
DADE CITY
94.33%
93.43%
LACOOCHEE
HUDSON
11 North
St. Petersburg
15 Pasco County
18
INDIAN ROCKS
BEACH
14
LARGO
SEMINOLE
REDINGTON
SHORES
CARROLLWOOD
8
13
275
7
TREASURE
ISLAND
ST. PETERSBURG
BEACH
PINELLAS
PARK
TAMPA
16
THONOTOSASSA
19
www.JBM.com
PLANT
CITY
BRANDON
6
12
RIVERVIEW
ST. PETERSBURG
TAMPA
BAY
APOLLO BEACH
75
RUSKIN
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
4
TEMPLE
TERRACE
2
11
5
17
10
TAMPA
INTERNATIONAL
3
275
9
OLDSMAR
ST PETERSBURG/
CLEARWATER
INTERNATIONAL
CLEARWATER
LUTZ
ZEPHERHILLS
Multifamily...It’s all we do.
SUN CITY
CENTER
5
TOP FIVE SUBMARKETS
BY OCCUPANCY
Year
YearEnd
End 2013
2013
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Y-O-Y Effective Rent Growth
Tampa Metro Apartment Vacancy & Rent Trends
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
U.S. Vacancy
Metro Y-O-Y
Effective
Rent Growth
U.S. Y-O-Y
Effective
Rent Growth
Effective Rent
Metro Vacancy
U.S. Vacancy
Metro Mo.
Effective Growth
U.S. Mo.
Effective Growth
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
05
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
Metro Vacancy
20
20
04
20
02
20
20
01
20
20
03
Tampa Metro Apartment Vacancy & Rent Trends
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
00
Vacancy Rate
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
Vacancy Rate
TAMPA MARKET HIGHLIGHTS
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
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Metro New Supply
Metro Net Absorption
Metro Vacancy
U.S. Vacancy
20
20
00
Number of Units
12,000
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
Vacancy Rate
Tampa Metro Apartment Market Trends
1,280,000
Tampa Monthly Employment
Employment
1,260,000
1,240,000
78,974
New
Jobs
1,220,000
1,200,000
1,180,000
1,160,000
N
ov
D -11
ec
Ja -11
n
Fe -12
b
M -12
ar
Ap -12
r
M -12
ay
Ju -12
nJu 12
l
Au -12
gSe 12
p
O -12
ct
N -12
ov
D -12
ec
Ja -12
n
Fe -13
b
M -13
ar
Ap -13
r
M -13
ay
Ju -13
nJu 13
l
Au -13
gSe 13
p
O -13
ct
N -13
ov
-1
3
1,140,000
10.50%
10.00%
9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
Source: Florida Department of Economic Opportunity
www.JBM.com
Multifamily...It’s all we do.
Unemployment Rate
Source: AXIOMetrics 3Q2013
Total Employment
FL Unemployment Rate
Metro Unemployment Rate
Linear (Total Employment)
Year End 2013
DAYTONA BE
ORLANDO MARKET HIGHLIGHTS
SOUTH DA
are expected to continue rising through year end 2017 despite the large number
of unit deliveries expected.
› Vacancy has steadily declined since the peak in 1Q2009 to stand at 5.4 percent,
160 basis points lower than reported in 1Q2012. The metro’s vacancy is forecasted to fluctuate slightly over the next several years between 5 and 6.5 percent
as new product is delivered.
PORT O
17notable positive net absorption over the last seven quar› The metro has posted
ters. Additionally, even with the mass amount of new supply expected to hit the
market over the next four years net absorption is expected to remain overwhelm1
ingly positive; a testament to the markets strength.
› Over the last five quarters the metro has seen a steady flow of units being
brought online. Since 3Q2012 3,086 units have been added to the Orlando apartment market. Over the next several years apartment deliveries within the metro
are expected ramp up significantly. By year end 2017, it is projected that there
will be nearly 15,000 new units.
DE LAND
› Since November 2011, the metro
has created 63,079 new jobs, which has driven
the unemployment rate down 3.6 percent to 5.9 percent, 50 basis points lower
95
than the state average. Employment is projected by Economy.com to continue
growing while unemployment steadily declines.
› Year to date, effective rents are up an impressive 4.2 percent. The metro has now
recorded year-over-year effective rent growth for the past four years. Since the
1Q2011 effective rents have risen an impressive 11.8 percent. Additionally, rents
› Population is expected to show steady growth registering at over 2.5 million
residents by year end 2017.
441
SUBMARKETS BY OCCUPANCY
Submarket
Occupancy
1
Osceola County/
Other
97.14%
2
Orange County/
Other
96.20%
$1,025
3
East Altamonte/
Casselberry
96.04%
$949
4
Lake County
95.82%
$903
5
West Altamonte
Springs
95.50%
$860
6
Southeast/
Airport/436/15
95.13%
$960
Kissimmee/
Osceola
95.10%
8
Northeast/436/551
95.09%
$955
9
Far North
94.83%
$964
South/
10 Far
Lake Buena Vista
94.70%
$1,121
11 South
Central/527/441
94.59%
$941
12 Southwest/435
94.52%
$957
13 Maitland/
Winter Park
94.01%
$1,078
14 Northwest/441
93.12%
$685
7
EUSTIS
Effective
Rents
SANFORD
92
$1,095
LEESBURG
4
ORLANDO SANFORD
INTERNATIONAL
AIRPORT
9
9
4
APOPKA
2
LONGWOOD
5
27
LOCKHART
$863
OCOEE
429
14
WINTER PARK
13
8
2
12
CONWAY
11
ORLANDO
ORLANDO
INTERNATIONAL
AIRPORT
192
528
6
BUENA VENTURA LAKES
KISSIMMEE
4
92
27
3
50
10
Source: AXIOMetrics 3Q2013
417
CASSELBERRY
7
441 ST CLOUD
1
HAINES
CITY
1
TOP FIVE SUBMARKETS
BY OCCUPANCY
17
93
www.JBM.com
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
441
Multifamily...It’s all we do.
Year
YearEnd
End 2013
2013
8%
6%
4%
2%
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
0%
Orlando Metro Apartment Vacancy & Rent Trends
12%
$1,000
4%
$900
2%
$800
0%
$700
Metro Y-O-Y
Effective Rent Growth
U.S. Y-O-Y
Effective Rent Growth
Metro Vacancy
U.S. Vacancy
Metro Mo.
Effective Growth
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
U.S. Mo.
Effective Growth
20
20
20
20
01
00
20
03
6%
02
$1,100
Vacancy Rate
$1,200
8%
Orlando Metro Apartment Market Trends
12%
10,000
10%
8,000
8%
6,000
6%
4,000
4%
2,000
2%
0
0%
Metro New Supply
Metro Net Absorption
Metro Vacancy
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
U.S. Vacancy
20
00
Number of Units
U.S. Vacancy
$1,300
10%
12,000
Metro Vacancy
Vacancy Rate
Vacancy Rate
10%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Effective Rent
Orlando Metro Apartment Vacancy & Rent Trends
12%
Y-O-Y Effective Rent Growth
ORLANDO MARKET HIGHLIGHTS
Orlando Monthly Employment
63,079
bs
ew Jo
N
10.0%
9.5%
9.0%
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
N
Source: Florida Department of Economic Opportunity
www.JBM.com
Multifamily...It’s all we do.
Unemployment Rate
1,100,000
1,090,000
1,080,000
1,070,000
1,060,000
1,050,000
1,040,000
1,030,000
1,020,000
1,010,000
1,000,000
ov
D -11
ec
Ja -11
n
Fe -12
b
M -12
ar
A -12
pr
M -12
ay
Ju -12
nJu 12
l
A -12
ug
S -12
ep
O -12
ct
N -12
ov
D -12
ec
Ja -12
n
Fe -13
b
M -13
ar
A -13
pr
M -13
ay
Ju -13
nJu 13
l
A -13
ug
S -13
ep
O -13
ct
N -13
ov
-1
3
Employment
Source: AXIOMetrics 3Q2013
Total Employment
FL Unemployment Rate
Metro Unemployment Rate
Linear (Total Employment)
Year End 2013
MIAMI MARKET HIGHLIGHTS
› Miami’s unemployment rate has remained rocky over the last two years but is
beginning to trend toward pre-recessionary numbers. Despite the fact that Miami
has added 13,169 jobs over the last two years, the metro’s unemployment rate is
still 140 basis points higher than the state average. Economy.com predicts that
employment will continue to rise through 2017, while unemployment rates fall
dipping near 5 percent by year end 2017.
› Miami has seen a flow of new deliveries hitting the market since 2011. Over the
last three years there have been over 4,400 units brought online metro wide.
Deliveries are expected to increase substantially over the next several years. AXIOMetrics predicts that there will be 20,325 units delivered to the market by year
end 2017.
› Though demand slowed in 2013 compared to previous years, it still continues to
outpace supply as the metro continues to show significant positive net absorption. This trend is showing no signs of coming to an end any time soon.
› Strong net in-migration over the next four and a half years will contribute to Miami’s strong population growth. By year end 2017 Miami’s population is predicted
to be at well over 2.7 million residents.
› The metro has seen astronomical increases in effective rents since 2010. During
this period effective rents increased by a staggering 19 percent. Despite the consistent heavy apartment delivery schedule predicted to take place through year
end 2017, the metro is expected to continue substantial year-over-year increases
in rents.
SUBMARKETS BY OCCUPANCY
Submarket
1 Hialeah
Occupancy
Effective
Rents
Beach/
3 South
Miami Bayshore
98.70%
$1,127
FLORIDA STATE
98.16%
$1,299
MICCOSUKEE I.R.
97.86%
$2,032
4 Miami Lakes
97.81%
$1,152
5 North Dade
96.73%
$1,036
6 Miami
96.55%
$1,621
N Miami Beach/
7 Bal Harbour/
Golden Beach
96.31%
$1,828
East/
8 Kendall
Coral Gables
95.75%
$1,656
Lakes/
9 Kendall
Hammond
94.89%
$1,212
10 Airport West
93.87%
$1,503
Miami/
11 North
Bayshore
91.75%
$1,032
2 Kendall West
Dade/
12 South
86.56%
Homestead TAMIAMI CANAL
Source: AXIOMetrics 3Q2013
$802
27
FORT LAUDERDALE
EVERGLADES WILDLIFE
MANAGEMENT AREA
25
HOLLYWOOD
5
4
1
997
CORAL GABLES
94
9
11
HIALEAH
10
TAMIAMI TRAIL
7
6
NORTH MIAMI
BEACH
3
MIAMI
KENDALL
2
HALLANDALE
BEACH
8
MIAMI
INTERNATIONAL
AIRPORT
ATLANTIC
OCEAN
12
1
HOMESTEAD
821
BISCAYNE NATIONAL
PARK
TOP FIVE SUBMARKETS
BY OCCUPANCY
www.JBM.com
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
Multifamily...It’s all we do.
Year
YearEnd
End 2013
2013
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
U.S. Vacancy
Metro Y-O-Y
Effective Rent Growth
U.S. Y-O-Y
Effective Rent Growth
Effective Rent
U.S. Vacancy
Metro Mo.
Effective Growth
U.S. Mo.
Effective Growth
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
03
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
03
Vacancy Rate
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Metro New Supply
Metro Net Absorption
Metro Vacancy
U.S. Vacancy
20
02
20
20
01
20
00
Metro Vacancy
20
20
02
20
01
20
$1,700
$1,600
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
Miami Metro Apartment Market Trends
20
30,000
25,000
20,000
15,000
10,000
5,000
0
-5,000
-10,000
Metro Vacancy
20
01
20
20
20
00
Vacancy Rate
Miami Metro Apartment Vacancy & Rent Trends
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Number of Units
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Y-O-Y Effective Rent Growth
Miami Metro Apartment Vacancy & Rent Trends
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
00
Vacancy Rate
MIAMI MARKET HIGHLIGHTS
Miami Monthly Employment
13,169 New
Jobs
10.5%
10.0%
9.5%
9.0%
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
N
Source: Florida Department of Economic Opportunity
www.JBM.com
Multifamily...It’s all we do.
Unemployment Rate
1,195,000
1,190,000
1,185,000
1,180,000
1,175,000
1,170,000
1,165,000
1,160,000
1,155,000
1,150,000
ov
D -11
ec
Ja -11
n
Fe -12
b
M -12
ar
Ap -12
r
M -12
ay
Ju -12
nJu 12
l
Au -12
gSe 12
p
O -12
ct
N -12
ov
D -12
ec
Ja -12
n
Fe -13
b
M -13
ar
Ap -13
r
M -13
ay
Ju -13
nJu 13
l
Au -13
gSe 13
p
O -13
ct
N -13
ov
-1
3
Employment
Source: AXIOMetrics 3Q2013
Total Employment
FL Unemployment Rate
Metro Unemployment Rate
Linear (Total Employment)
Year End 2013
FORT LAUDERDALE MARKET HIGHLIGHTS
› New supply deliveries picked up in 2012 and year to date 2013 after a slow 2011.
Supply deliveries are forecasted to remain strong and steady through year end
2017 with an estimated 9,206 units expected to be brought online.
› Effective rents have seen an impressive increase of 14.9 percent since early
2010. By year end 2017 effective rents are expected to increase by another 14.3
percent to hit historic highs.
› Though the Fort Lauderdale metro remained relatively unscathed by the housing
market crash the metro is finally starting to see pre-recessionary vacancy rates.
Vacancy currently stands at a mere 4.9 percent, down 60 basis points over the
last year. Even with the envisioned surplus of new deliveries, the market metrics
are forecasted to remain tight with vacancy fluctuating minimally.
› The metro’s unemployment rate remained lower than the states average over
the last two years and is currently at 5.2 percent. Since November of 2011, the
metro has added over 50,000 new jobs. Economy.com believes that employment
numbers will continue rising driving unemployment numbers down to below 5
percent by year end 2017.
› The metro has seen positive year-over-year net absorption over the last two
years and is expected to continue this trend through year end 2017, a testament
to the markets overall strength.
› Net migration is expected to increase steadily over the next four and a half years
sending the metro’s population just shy of 2 million residents.
SUBMARKETS BY OCCUPANCY
Submarket
Occupancy
Effective
Rents
Hollywood/
1 East
Hallandale
2 Sunrise/Tamarac/
North Lauderdale
96.21%
$1,248
95.77%
$1,091
3 Deerfield Beach
95.51%
$1,115
Coral Springs/
4 Margate/
Coconut Creek
Miramar/
5 Pembroke Pines
95.43%
$1,322
95.40%
$1,446
6 West Hollywood
95.29%
$1,288
7 Lauderhill/
Lauderdale
94.66%
$908
8 Plantation
94.53%
$1,396
9 Davie
94.48%
$1,447
10 Fort Lauderdale
94.14%
$2,061
11 Pompano Beach
94.03%
$1,317
12 Oakland Park
91.30%
$1,328
BOCA RATON
TOP FIVE SUBMARKETS
BY OCCUPANCY
DEERFIELD BEACH
3
4
11
TAMARAC
SUNRISE
2
12
7
POMPANO BEACH
HIGHLANDS
POMPANO
BEACH
OAKLAND
PARK
LAUDERHILL
75
8
9
Source: AXIOMetrics 3Q2013
FORT LAUDERDALE
PLANTATION
10
595
DAVIE
6
PEMBROKE PINES HOLLYWOOD
5
PALM SPRINGS NORTH
595
FORT LAUDERDALE
INTERNATIONAL AIRPORT
MIRAMAR
1
HALLANDALE
BEACH
CAROL CITY
NORTH MIAMI BEACH
ATLANTIC
OCEAN
HOMESTEAD
www.JBM.com
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
Multifamily...It’s all we do.
Year
YearEnd
End 2013
2013
17%
12%
7%
2%
-3%
-8%
Y-O-Y Effective Rent Growth
Fort Lauderdale Metro Apartment Vacancy & Rent Trends
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Metro Vacancy
U.S. Vacancy
Metro Y-O-Y
Effective Rent Growth
U.S. Y-O-Y
Effective Rent Growth
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
Vacancy Rate
FORT LAUDERDALE MARKET HIGHLIGHTS
Metro New Supply
Metro Net Absorption
Metro Vacancy
U.S. Vacancy
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
02
Metro Mo.
Effective Growth
20
20
01
20
00
Effective Rent
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Number of Units
20
U.S. Vacancy
U.S. Mo.
Effective Growth
Vacancy Rate
Fort Lauderdale Metro Apartment Market Trends
12,000
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
-8,000
Metro Vacancy
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
$1,600
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
20
03
20
01
20
20
00
Vacancy Rate
20
02
Fort Lauderdale Metro Apartment Vacancy & Rent Trends
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Fort Lauderdale Monthly Employment
50,604
obs
New J
10.00%
9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%
N
Source: Florida Department of Economic Opportunity
www.JBM.com
Multifamily...It’s all we do.
Unemployment Rate
990,000
980,000
970,000
960,000
950,000
940,000
930,000
920,000
910,000
900,000
ov
D -11
ec
Ja -11
n
Fe -12
b
M -12
ar
Ap -12
r
M -12
ay
Ju -12
nJu 12
l
Au -12
gSe 12
p
O -12
ct
N -12
ov
D -12
ec
Ja -12
n
Fe -13
b
M -13
ar
Ap -13
r
M -13
ay
Ju -13
nJu 13
l
Au -13
gSe 13
p
O -13
ct
N -13
ov
-1
3
Employment
Source: AXIOMetrics 3Q2013
Total Employment
FL Unemployment Rate
Metro Unemployment Rate
Linear (Total Employment)
Year End 2013
WEST PALM BEACH MARKET HIGHLIGHTS
› Over the last two years unemployment has mirrored that of the state, showing
a steady decline. During this period over 27,000 jobs have been added within
the metro and the unemployment rate has dropped 3.43 percent. Economy.com
believes that the metro will see continued employment growth accompanied by
declining unemployment rates through year end 2017.
› So far this year vacancy is up a mere 10 basis points to stand at 5.4 percent.
Vacancy is expected to fluctuate minimally between 4.4 and 5.8 percent through
year end 2017 despite the abundance of forecasted deliveries.
› Deliveries within the metro over slowed during 2010, 2011 and the first half of
2012, but since then deliveries have picked up significantly. This short break allowed the market metrics to tighten. Deliveries are expected to increase astronomically over the four years with over 9,055 units being projected to be added
to the West Palm Beach metro’s apartment stock.
› Additionally, over the next three and a half years forecasts show the metro adding nearly 157,000 new residents to the metro to put the total population at just
over 1.5 million residents.
› After seeing large negative net absorption numbers in 2011, the metro rebounded
to have two straight positive years of net absorption in 2012 and year to date
2013. AXIOMetrics anticipates that this trend will remain strong through the end
of 2017.
SUBMARKETS BY OCCUPANCY
Asking
Submarket
Occupancy Rents
Beach
1 Palm
95.85%
$1,342
County/Other
Palm Beach/
2 West
Palm Beach
95.27%
$1,098
Beach/
3 Boynton
Delray Beach
94.99%
$1,255
4 Boca Raton East
94.90%
$1,838
5 Boca Raton West
94.61%
$1,451
Green Acres City/
6 Palm Spgs/
Lake Worth
94.51%
$1,102
7 North Palm Beach
93.81%
$1,211
8 Century Village
92.41%
$971
HOBE SOUND
76
1
95
JUPITER
7
710
RIVIERA
BEACH
700
8
Source: AXIOMetrics 3Q2013
1
PALM BEACH
INTERNATIONAL
AIRPORT
2
WEST PALM
BEACH
6
LAKE WORTH
ATLANTIC
OCEAN
441
BOYNTON
BEACH
3
5
DELRAY
BEACH
4
BOCA
RATON
DEERFIELD
BEACH
SUNRISE
www.JBM.com
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
POMPANO
BEACH
Multifamily...It’s all we do.
TOP FIVE SUBMARKETS
BY OCCUPANCY
Year
YearEnd
End 2013
2013
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Y-O-Y Effective Rent Growth
West Palm Beach Metro Apartment Vacancy & Rent Trends
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
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
Vacancy Rate
WEST PALM BEACH MARKET HIGHLIGHTS
Metro Vacancy
U.S. Vacancy
Metro Y-O-Y
Effective Rent Growth
U.S. Y-O-Y
Effective Rent Growth
West Palm Beach Metro Apartment Vacancy & Rent Trends
Metro Vacancy
Effective Rent
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
U.S. Vacancy
Metro Mo.
Effective Growth
U.S. Mo.
Effective Growth
West Palm Beach Metro Apartment Market Trends
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Vacancy Rate
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
-8,000
Metro New Supply
Metro Net Absorption
Metro Vacancy
U.S. Vacancy
20
0
0
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
Number of Units
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
Vacancy Rate
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
West Palm Beach Employment
27,029
New
Jobs
10.00%
9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
N
Source: Florida Department of Economic Opportunity
www.JBM.com
Multifamily...It’s all we do.
Unemployment Rate
600,000
595,000
590,000
585,000
580,000
575,000
570,000
565,000
560,000
ov
D -11
ec
Ja -11
n
Fe -12
b
M -12
ar
Ap -12
r
M -12
ay
Ju -12
nJu 12
l
Au -12
gSe 12
p
O -12
ct
N -12
ov
D -12
ec
Ja -12
n
Fe -13
b
M -13
ar
Ap -13
r
M -13
ay
Ju -13
nJu 13
l
Au -13
gSe 13
p
O -13
ct
N -13
ov
-1
3
Employment
Source: AXIOMetrics 3Q2013
Total Employment
FL Unemployment Rate
Metro Unemployment Rate
Linear (Total Employment)
Year End 2013
JACKSONVILLE MARKET HIGHLIGHTS
› The metro is starting to see vacancy numbers return to normal after the market
reached equilibrium in 1Q2009. Over the last year alone vacancy has fallen an
impressive 120 basis points to stand at 6.6 percent.
› Effective rents have grown three out of the last four years and are up 3.1 percent
year to date and an impressive 12.18 percent since 2010. Further, effective rents
are anticipated to grow by approximately 3 percent per annum on through 2017.
› New supply entering the metro was limited from 2Q2010 to 4Q2012, with only
754 units being brought online during that time. However, deliveries have picked
up substantially since 2Q2013 and are predicted to reach new heights on the way
to year end 2017.
› Jacksonville’s unemployment rate neared 9.5 percent just two years ago and is
BEACH
now down 3.4 percent to 6.0 percent. The
metro’s unemployment rate has consistently been lower than that of the state and is currently 60 basis points lower
than the states average. Since November of 2011, the metro has added 27,933
new jobs. Economy.com envisions that employment will continue to rise steadily
while the unemployment rate falls.
› Net absorption has been positive for five out of the last six years and is expected
to continue to post positive numbers through year end 2017.
FERNANDINA
› Population growth is anticipated to remain strong through 2017 with the help of
steady in net-migration. By year end 2017 the metro’s population is forecast to
95 1.5 million NASSAUVILLE
be just below
residents.
CALLAHAN
SUBMARKETS BY OCCUPANCY
Submarket
Occupancy
Effective
Rents
1 Clay County
96.37%
$919
2 Ocean Beaches
96.19%
$1,046
3 Southside/
Bay Meadows
95.42%
$861
4 Atlantic Beach
94.53%
$777
5 Southeast
Jacksonville
94.11%
$909
6 Northwest
Jacksonville
93.91%
$1,074
Park/
7 Orange
Clay County
93.62%
$794
8 East Jacksonville
93.44%
$945
MACCLENNY
9 Southside/
93.34%
University Blvd
10 Jacksonville
92.99%
Heights
BALDWIN
$992
OCEANWAY
92.55%
$661
12 Jacksonville North
92.18%
$766
13 San Jose
90.80%
$618
14 Greater Arlington
90.01%
$680
AMELIA CITY
12
295
6
10
11
10
JACKSONVILLE
NAS
ORANGE PARK
7
Source: AXIOMetrics 3Q2013
NAVAL STATION
MAYPORT
14
JACKSONVILLE
$741
11 Lake Shore
TOP FIVE SUBMARKETS
BY OCCUPANCY
JACKSONVILLE
INTERNATIONAL
AIRPORT
JACKSONVILLE
EXECUTIVE AT
CRAIG AIRPORT
9
13
5
ATLANTIC BEACH
4
NEPTUNE BEACH
8
JACKSONVILLE
BEACH
2
3
PONTE VEDRA
ATLANTIC
OCEAN
LAKESIDE
FRUIT COVE
HIBERNIA
1
GREEN COVE
SPRINGS
STARKE
95
ST
ST. A
B
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Offices: Tampa • Orlando • Naples
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KEYSTONE
HEIGHTS
Multifamily...It’s all we do.
CR
Year
YearEnd
End 2013
2013
Jacksonville Metro Apartment Vacancy & Rent Trends
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Vacancy Rate
10%
8%
6%
4%
2%
14
20
15
20
16
20
17
13
12
Jacksonville Metro Apartment Vacancy & Rent Trends
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
8%
6%
4%
2%
Metro Y-O-Y
Effective Rent Growth
U.S. Y-O-Y
Effective Rent Growth
U.S. Vacancy
Metro Mo.
Effective Growth
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
U.S. Mo.
Effective Growth
20
01
20
20
00
0%
Jacksonville Metro Apartment Market Trends
12%
10%
8%
6%
4%
2%
Vacancy Rate
Vacancy Rate
10%
Metro New Supply
Metro Net Absorption
Metro Vacancy
U.S. Vacancy
0%
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
Number of Units
U.S. Vacancy
Metro Vacancy
Effective Rent
12%
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
-1,000
-2,000
Metro Vacancy
20
20
20
11
20
10
20
08
07
06
09
20
20
20
20
05
20
04
20
02
03
20
01
20
20
20
00
0%
Y-O-Y Effective Rent Growth
JACKSONVILLE MARKET HIGHLIGHTS
Source: AXIOMetrics 3Q2013
Jacksonville Monthly Employment
Employment
665,000
655,000
27,933
obs
New J
645,000
635,000
625,000
N
ov
D -11
ec
Ja -11
n
Fe -12
b
M -12
ar
Ap -12
r
M -12
ay
Ju -12
nJu 12
l
Au -12
gSe 12
p
O -12
ct
N -12
ov
D -12
ec
Ja -12
n
Fe -13
b
M -13
ar
Ap -13
r
M -13
ay
Ju -13
nJu 13
l
Au -13
gSe 13
p
O -13
ct
N -13
ov
-1
3
615,000
10.00%
9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
Unemployment Rate
675,000
Source: Florida Department of Economic Opportunity
www.JBM.com
Multifamily...It’s all we do.
Total Employment
FL Unemployment Rate
Metro Unemployment Rate
Linear (Total Employment)
Year End 2013
SOUTHWEST FLORIDA MARKET HIGHLIGHTS
› Year to date vacancy metro wide is up 50 basis points to stand at 5.0 percent.
However, vacancy is still down an astounding 1,420 basis points from when the
market reached equilibrium.
› New supply in Southwest Florida has slowed substantially since the beginning of
2009, but picked up during the second half of 2013. Deliveries are expected to
pick up in early 2014 and remain strong through the end of 2017.
› Over time southwest Florida has seen strong, steady increases in its effective
rent. This year alone effective rents are up an impressive 7.8 percent to average
$898 per unit.
› The unemployment rate in Southwest Florida was over 9.9 percent just two years
ago. Since then it has fallen 3.7 percent to 6.2 percent, 20 basis points lower than
the states average unemployment rate. Over the last two years 39,610 new jobs
have been added to the metro. Economy.com believes that Southwest Florida will
continue to add jobs at a slow, yet steady rate, while unemployment slowly falls.
› Population growth is anticipated to remain slow and steady through 2017 with
the help of steady net in-migration.
SUBMARKETS BY OCCUPANCY
Submarket
Occupancy
Effective
Rents
1 Sarasota
97.39%
$1,029
2 Collier County
96.63%
$960
3 Manatee
96.02%
$955
Lee
4 Southern
County
93.82%
$950
5 Fort Myers
93.62%
$762
Source: AXIOMetrics 3Q2013
75
275
HOLMES
BEACH
41
3
BRADENTON
SARASOTABRADENTON
INT’L AIRPORT
LONGBOAT
KEY
17
SIESTA
KEY
OKEECHOBEE
SARASOTA
75
VENICE
VENICE
MUNICIPAL
AIRPORT
1
27
41
PORT
CHARLOTTE
PUNTA
GORDA
75
CHARLOTTE
HARBOR
GULF OF
MEXICO
PINE CAPE
ISLAND CORAL
5
FORT
MYERS
SOUTHWEST FLORIDA
INT’L AIRPORT
CAPTIVA
4
41
SANIBEL
FORT MYERS
BEACH
NORTH
NAPLES
BONITA
SPRINGS
75
NAPLES
EAST
NAPLES
TOP FIVE SUBMARKETS
BY OCCUPANCY
www.JBM.com
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
Multifamily...It’s all we do.
41
IMMOKALEE
2
Year
YearEnd
End 2013
2013
SOUTHWEST FLORIDA MARKET HIGHLIGHTS
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
Metro Vacancy
U.S. Vacancy
Metro Y-O-Y
Effective Rent Growth
U.S. Y-O-Y
Effective Rent Growth
20
20
09
08
07
20
20
20
06
05
20
04
20
03
02
20
01
20
20
20
00
Vacancy Rate
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
Y-O-Y Effective Rent Growth
Southwest Florida Apartment Vacancy & Rent Trends
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Southwest Florida Apartment Vacancy & Rent Trends
14
20
15
20
16
20
17
13
Metro Mo.
Effective Growth
20
20
12
11
20
20
10
20
09
20
08
20
07
20
06
20
05
20
04
20
03
20
02
U.S. Vacancy
U.S. Mo.
Effective Growth
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
10,000
5,000
0
-5,000
-10,000
Metro New Supply
Metro Net Absorption
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
-15,000
Vacancy Rate
Number of Units
20
20
01
00
Vacancy Rate
20
Southwest Florida Apartment Market Trends
15,000
Metro Vacancy
Effective Rent
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Source: AXIOMetrics 3Q2013
Southwest Florida Monthly Employment
Employment
705,000
695,000
s
w Job
39,610 Ne
685,000
675,000
665,000
N
ov
D -11
ec
Ja -11
n
Fe -12
b
M -12
ar
Ap -12
r
M -12
ay
Ju -12
nJu 12
l
Au -12
gSe 12
p
O -12
ct
N -12
ov
D -12
ec
Ja -12
n
Fe -13
b
M -13
ar
Ap -13
r
M -13
ay
Ju -13
nJu 13
l
Au -13
gSe 13
p
O -13
ct
N -13
ov
-1
3
655,000
10.0%
9.5%
9.0%
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
Source: Florida Department of Economic Opportunity
www.JBM.com
Multifamily...It’s all we do.
Unemployment Rate
715,000
Southwest Florida
Employment
FL Unemployment Rate
Southwest Florida
Unemployment Rate
Linear (Southwest
Florida Employment)
City
Jacksonville
Orlando
Orlando
Orlando
Orlando
Brandon
Fort Myers
Jacksonville
Tampa
Jacksonville
St. Petersburg
Naples
Jacksonville
Orlando
Jacksonville
Brandon
Lady Lake
Windermere
Tampa
Orlando
Orlando
Tampa
St. Petersburg
Tampa
Oviedo
North Port
Windermere
Jacksonville
Jacksonville
City
St. Petersburg
Orlando
Orlando
Tampa
Lutz
Tampa
Jacksonville
Orlando
Melbourne
Jacksonville
Jacksonville
Orlando
Bradenton
Sarasota
Orlando
Orlando
Jacksonville
Bradenton
Jacksonville
Closing
date
Property Name
Dec-13
ARIUM Bartram Park
Dec-13
Courtney Chase
Dec-13
Pavilion at Lake Eve
Nov-13
ARIUM Bala Sands
Nov-13
ARIUm Falcon Pines
Nov-13
Courtney Trace
Nov-13
Forum Isles
Nov-13
Seagrass Apartments
Oct-13
Element
Sep-13
The Strand
Aug-13
Coves at Brighton Bay
Aug-13
Aventine at Naples
Jul-13
Village Walk
Jul-13
SteelHouse
Jul-13
Addison Landing
Jun-13
Westbury at Lake Brandon
May-13
Courtney Villages
May-13
Post Lakeside
May-13
Mosaic Westshore
May-13
Bell at Universal
May-13
Bonita Fountains
May-13
Broadstone Citrus Village
Apr-13
Calais Park
Apr-13
Mallory Square
Mar-13
Grandeville at River Place
Mar-13
Fountains at North Port
Mar-13
Colonial Grand at Windermere
Feb-13
Wimberly at Deerwood
Jan-13
Avenue Royale
Total/Average
Closing
date
Property Name
Dec-13
Promenade at Carillon
Nov-13
Bella Vita
Nov-13
Montevista
Sep-13
Audubon Village
Sep-13
Preserve at Deer Park
Sep-13
Bristol Place
Aug-13
Elements of Belle Rive
Jul-13
Landmark at Stafford Landing
Jul-13
Caribbean Isle
Jul-13
The Registry at Windsor Park
May-13
ARIUM Danforth
Apr-13
Marina Landing
Apr-13
Vista at Palma Sola
Apr-13
Summer Cove
Apr-13
Sabal Palm at Metrowest II
Apr-13
Arium Barber Park
Apr-13
Cape House
Feb-13
Champions Walk
Feb-13
Country Club Lakes
Total/Average
www.JBM.com
Year
Built
1994
1997
1990
1990
1990
1991
1990
1998
1990
1999
1998
1991
1991
1996
1997
1990
1998
1997
1997
Year
Built
2007
2003
2013
2002
2006
2008
2002
2013
2009
2008
2000
2002
2003
2013
2007
2001
2008
2013
2010
2011
2000
2012
2003
2006
2002
2000
2009
2000
2001
Units
334
352
360
447
448
340
200
522
376
260
288
260
340
224
456
526
480
376
555
7,144
Units
323
288
264
298
300
288
300
396
395
295
382
350
240
326
288
366
356
300
210
310
560
296
260
383
280
312
280
322
200
9,168
Rentable
SF
323,688
361,600
277,425
379,539
356,600
353,592
220,800
389,146
311,660
328,116
306,156
234,940
338,600
235,952
460,836
433,516
547,120
374,156
600,138
6,833,580
Rentable
SF
362,914
283,816
263,115
326,918
307,692
282,020
287,740
408,420
366,675
351,411
342,892
390,161
336,420
253,302
324,076
361,660
382,108
321,108
203,626
312,212
518,399
290,053
316,157
411,646
304,438
287,928
283,952
296,451
218,108
9,395,418
Sale Price
$38,000,000
$38,000,000
$43,100,000
$36,300,000
$31,500,000
$31,525,000
$18,750,000
$36,658,000
$98,000,000
$53,300,000
$36,396,000
$44,250,000
$30,100,000
$59,000,000
$19,185,000
$38,800,000
$30,250,000
$49,250,000
$43,000,000
$48,260,000
$25,179,962
$42,000,000
$30,230,000
$43,789,443
$36,624,400
$19,730,000
$43,000,000
$36,000,000
$22,950,000
1,123,127,805
Sale $ / Unit
$117,647
$131,944
$163,258
$121,812
$105,000
$109,462
$62,500
$92,571
$248,101
$180,678
$95,277
$126,429
$125,417
$180,982
$66,615
$106,011
$84,972
$164,167
$204,762
$155,677
$44,964
$141,892
$116,269
$114,333
$130,801
$63,237
$153,571
$111,801
$114,750
$125,341
Sale
$ / SF
$105
$134
$164
$111
$102
$112
$65
$90
$267
$152
$106
$113
$89
$233
$59
$107
$79
$153
$211
$155
$49
$145
$96
$106
$120
$69
$151
$121
$105
$123
Avg SF
969
1,027
771
849
796
1,040
1,104
745
829
1,262
1,063
904
996
1,053
1,011
824
1,140
995
1,081
972
Sale Price
$45,800,000
$28,500,000
$30,600,000
$41,956,275
$26,800,000
$32,000,000
$17,675,000
$34,800,000
$22,600,000
$33,280,000
$30,350,000
$21,390,000
$27,000,000
$17,945,706
$37,350,000
$40,500,000
$55,075,000
$30,100,000
$56,000,000
629,721,981
Sale $ / Unit
$137,126
$80,966
$85,000
$93,862
$59,821
$94,118
$88,375
$66,667
$60,106
$128,000
$105,382
$82,269
$79,412
$80,115
$81,908
$76,996
$114,740
$80,053
$100,901
$89,254
YEAR 1990 TO 1999 CONSTRUCTiON
Avg
SF
1,124
985
997
1,097
1,026
979
959
1,031
928
1,191
898
1,115
1,402
777
1,125
988
1,073
1,070
970
1,007
926
980
1,216
1,075
1,087
923
1,014
921
1,091
1,034
YEAR 2000 CONSTRUCTiON ANd NEwER
Sale
$ / SF
$141
$79
$110
$111
$75
$90
$80
$89
$73
$101
$99
$91
$80
$76
$81
$93
$101
$80
$93
$92
Eff
Rent
$1,006
$1,028
$1,321
$1,157
$986
$1,128
$735
$1,068
$1,899
$1,672
$1,110
$987
$1,374
$1,336
$854
$961
$834
$1,224
$1,543
$1,307
$922
$1,164
$1,088
$1,101
$1,014
$726
$1,243
$935
$985
Eff
Rent
$1,290
$921
$818
$924
$846
$995
$1,138
$711
$737
$1,113
$983
$892
$791
$1,135
$874
$795
$1,026
$941
$876
Seller
Ares Management (Area Property Partners)
SunAmerica/CED
Invesco Realty Advisors
Pollack Shores
New Boston Fund
AVR Realty
Covenant Capital
Cagan Management
Wells Fargo
Fort Family Investments
Beachwold Residential
Archon Group
CMS/Merion Realty
Archon Group
Equity Residential
Camden Property Trust
Equity Residential
LCOR
Equity Residential
Seller
Daniel Corporation
Associated Estates Realty
Wood Partners
Archon Group
Clarion Partners
ContraVest
Related Companies
Greenfield Partners
ST Residential
Real Estate Capital Partners
Invesco Realty Advisors
Greystar/Praedium
The Development Group Inc
Pollack Shores
Aspen Square Mgmt
Alliance Residential
ContraVest
RAM Realty / Greenfield Partners
UBS Realty Investors
Epoch Properties
Banc of America Community Development Corp
Alliance Residential Company
Boulder Ventures
Pearlmark Real Estate Partners
Equity Residential
Bank of America Community Development
Altman Companies
Equity Residential
Equity Residential
Transaction
Type
Market
Market
Market
Market
Market
Market
Market
Market
Distressed/REO
Market
Distressed
Market
Market
Market
Market
Market
Market
Market
Market
Transaction
Type
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Distressed
Market
Market
Market
Market
Market
Market
Market
Market
Seller Type
Institutional
Private
Institutional
Private
Private
Private
Private
Private
Lender
Private
Private
Institutional
Private
Institutional
Institutional
Institutional
Institutional
Private
Institutional
Seller Type
Private
Institutional
Private
Institutional
Private
Private
Private
Private
Institutional
Private
Institutional
Private
Private
Institutional
Private
Private
Private
Private
Institutional
Private
Private
Private
Private
Private
Institutional
Private
Private
Institutional
Institutional
Year
YearEnd
End 2013
2013
Multifamily...It’s all we do.
Offices: Tampa • Orlando • Naples
www.jbmipa.com • www.ipausa.com
www.JBM.com
Multifamily...It’s all we do.
Summer Palms - Riverview, FL
Closing
date
Property Name
Dec-13
Windrift
Dec-13
Landmark at Alexander Pointe
Dec-13
Twin Lakes
Dec-13
Grove at Deerwood
Nov-13
Boca Vista
Nov-13
ARIUM Bay Pointe
Nov-13
ARIUM Citrus Park
Nov-13
Park at Polos Place, The
Nov-13
Park Place Luxury
Oct-13
River Reach
Oct-13
Millenia West
Oct-13
Reserves of Melbourne
Oct-13
Country Place
Oct-13
Douglaston Villas and TH’s
Sep-13
Park at Rialto
Sep-13
Bridgeview
Sep-13
Madison at Lake Gibson
Aug-13
Deerfield
Aug-13
Tivoli
Aug-13
Village Lakes
Aug-13
Village Park at Lake Orlando
Aug-13
Huntington at Hidden Hills
Jul-13
The Park at Ravello
Jul-13
The Vinings at Westwood
Jul-13
Iona Lakes
Jun-13
Savannahs At James Landing
May-13
Abbey at Forest Lakes
Apr-13
Huntington Place
Apr-13
Lofton Place
Apr-13
Town Place
Apr-13
Timberwalk
Mar-13
Braden Lakes
Mar-13
Oakhurst
Mar-13
Inwood Park
Mar-13
Broadwater
Mar-13
Cornerstone
Feb-13
Landmark at Autumn Cove
Feb-13
Landmark at Vista Grande
Feb-13
Promenade at Mayport
Feb-13
Summer Trace
Jan-13
Amberly Place
Total/Average
City
Orlando
Orange Park
Palm Harbor
Jacksonville
Altamonte Springs
Tampa
Tampa
Riverview
Port Richey
Naples
Orlando
Melbourne
Palm Harbor
Altamonte Springs
Tampa
Tampa
Lakeland
Jacksonville
Jacksonville
Orlando
Orlando
Jacksonville
Sanford
Orlando
Fort Myers
Melbourne
Oldsmar
Sarasota
Tampa
Clearwater
Jacksonville
Bradenton
Ocala
Tampa
Orlando
Orlando
Orange Park
Orange Park
Jacksonville
New Port Richey
Tampa
Year
Built
1986
1986
1986
1984
1985
1984
1985
1988
1985
1989
1987
1982
1984
1980
1982
1986
1989
1989
1987
1985
1986
1987
1985
1988
1986
1989
1984
1986
1988
1985
1987
1987
1987
1985
1987
1986
1986
1989
1986
1986
1988
Units
288
232
262
288
324
368
247
320
420
556
200
450
292
234
240
348
220
256
263
416
419
224
256
400
350
256
400
252
280
240
284
264
214
404
408
430
288
272
216
200
770
13,051
Rentable SF
259,368
244,376
215,626
220,800
356,112
282,992
166,725
264,896
312,240
505,144
151,730
366,198
267,264
162,952
223,400
297,928
174,748
192,544
131,500
357,843
323,050
183,200
232,795
349,224
320,227
242,498
470,080
211,960
264,591
200,368
271,736
239,600
169,134
444,000
333,136
317,550
304,741
305,392
186,688
156,008
841,744
11,522,108
Avg
SF
901
1,053
823
739
1,099
769
675
1,001
743
909
759
814
915
696
931
856
794
752
500
860
771
818
909
873
915
947
1,175
841
945
835
957
908
790
1,099
817
738
1,058
1,123
864
780
1,093
874
Sale Price
$20,475,000
$15,800,000
$19,650,000
$14,175,000
$22,275,000
$29,215,000
$19,250,000
$24,700,000
$21,200,000
$45,000,000
$10,100,000
$21,102,182
$23,500,000
$16,750,000
$13,125,000
$31,000,000
$11,960,000
$10,700,000
$6,700,000
$20,812,500
$16,187,500
$12,500,000
$18,500,000
$41,250,000
$22,020,000
$17,000,000
$33,000,000
$21,750,000
$26,000,000
$15,850,000
$20,300,000
$14,280,000
$8,100,000
$32,200,000
$37,000,000
$22,500,000
$23,300,000
$23,900,000
$11,166,667
$10,316,667
$63,400,000
888,010,516
Sale $ /
Unit
$71,094
$68,103
$75,000
$49,219
$68,750
$79,389
$77,935
$77,188
$50,476
$80,935
$50,500
$46,894
$80,479
$71,581
$54,688
$89,080
$54,364
$41,797
$25,475
$50,030
$38,634
$55,804
$72,266
$103,125
$62,914
$66,406
$82,500
$86,310
$92,857
$66,042
$71,479
$54,091
$37,850
$79,703
$90,686
$52,326
$80,903
$87,868
$51,698
$51,583
$82,338
$66,594
Eff
Rent
$785
$840
$774
$592
$910
$765
$712
$823
$637
$853
$715
$684
$899
$878
$684
$783
$797
$695
$597
$740
$668
$725
$851
$1,051
$806
$844
$841
$881
$645
$905
$808
$701
$629
$859
$833
$683
$809
$849
$727
$713
$759
Seller
AIMCO
Venterra Realty
AIMCO
LNR Partners - REO
Stoneleigh Companies
Camden Property Trust
Camden Property Trust
Blue Rock Partners
CFH Group
AIMCO
Berkshire Property Advisors
Berkshire Property Advisors
IMT
AIMCO
Everett Realty & Investments
JB Howell
Equus Capital Partners (BPG / Madison Apt Group)
Castle Hill Partners
Mandarine Pines LLC
IMT Capital
IMT Capital
McDowell Properties
Robbins Property Associates
Olympic/Pinnacle
America First Real Estate Group
Mid-America Apartments Inc.
Abbey Residential
Jackson Square
Northview Realty Group & Evergreen Residential
ING Clarion
LaSalle Investment Management
Situs/ Wells Fargo
Sentinel
Waterton Associates
Sentinel
Situs
Equity Residential
Equity Residential
CAPREIT
CAPREIT
Camden Property Trust
Majestic of Baldwin Park - Orlando, FL
Sale $
/ SF
$79
$65
$91
$64
$63
$103
$115
$93
$68
$89
$67
$58
$88
$103
$59
$104
$68
$56
$51
$58
$50
$68
$79
$118
$69
$70
$70
$103
$98
$79
$75
$60
$48
$73
$111
$71
$76
$78
$60
$66
$75
$77
YEAR 1980 TO 1989 CONSTRUCTiON
Transaction
Type
Market
Market
Market
Distressed/REO
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Market
Distressed/REO
Market
Market
Market
Distressed/REO
Market
Market
Market
Market
Market
Seller Type
Institutional
Private
Institutional
Lender
Private
Institutional
Institutional
Private
Private
Institutional
Private
Private
Private
Institutional
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Private
Institutional
Lender
Institutional
Private
Institutional
Lender
Institutional
Institutional
Private
Private
Institutional
Year End 2013
Tampa Office
Orlando Office
Naples Office
100 North Tampa Street
Suite 1620
Tampa, FL 33602
Phone: 1.813.812.5000
121 South Orange Avenue
North Tower - Suite 1500
Orlando, FL 32801
Phone: 1.407.456.8000
780 5th Avenue South
Suite 200
Naples, FL 34102
Phone: 1.239.430.0400
www.JBM.com
Multifamily...It’s all we do.