Florida Apartment Demand Up 700%
Apartment demand in Florida is up 700% compared to one year ago, according to new data released this week from RealPage that tracks unit absorption rates nationwide. Perhaps not surprisingly, demand for apartments is rising this year in all U.S. markets compared to a year ago.
Florida posted demand for 52,216 apartment units at the end of the second quarter compared to just 6,753 units at the end of the second quarter last year. That 673% increase was one of the biggest surges in apartment demand nationwide.
Cousins Properties Announces Midtown Atlanta Acquisition
This week Atlanta-based Cousins Properties announced the acquisition and planned modernization of a 24-story, Class A office building in Midtown Atlanta.
The Proscenium is a 526,000 square foot office building located at the intersection of 14th and Peachtree Streets in Midtown. The Proscenium is currently 74% leased according to the official press release.
Cousins Properties made the announcement in conjunction witheNYC-based Town Lane. Cousins and Town Lane completed the$83-million, all-cash transactionthrough a newly formed joint venture with Town Lane owning 80% and Cousins owning 20%.
The previous owners of The Proscenium were Toronto-based insurance company, Manulife Financial Corporation. The new ownership is planning “significant capital upgrades to modernize and reposition” the property that was completed in 2001.
SJC Ventures Secures $70 Million For Doral Marketplace
SJC Ventures, a premier Atlanta-based mixed-use, grocery-anchored retail and multi-family development firm, has closed on a 10-acre retail outparcel at BridgeP Point Doral in Doral, Florida.
SJC has secured $69.4 million in financing to develop Doral Marketplace, a Whole Foods Market-anchored shopping center in conjunction with Nuveen Real Estate, one of the world’s largest investment managers with $147 billion AUM.
Scheduled to break ground this fall and open in 2026, Doral Marketplace will be a 88,900-square-foot mixed-used center featuring retail stores, restaurants and other service-driven businesses.
Other tenants currently slated to join the lineup at Doral Marketplace include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino, according to the official press release.
Miami-Based Joint Venture Acquires Atlanta Apartment Complex
Two Miami-based real estate investment companies have joined forces to acquire an Atlanta-area apartment complex that was completed in 2020.
Highland Real Estate Capital and Atlantic Pacific Companies formed a joint venture called AP/HRE Aracadia Owner and acquiredthe Arcadia Decatur, a 101-unit apartment complex in Decatur approximately seven miles from downtown Atlanta.
The $20 million acquisition marks Highline Real Estate Capital’s first multifamily acquisition in the Atlanta market and brings the total number of units it owns or manages in Georgia to 4,300.
According to RealPage, the only two regions posting greater one-year increases in demand for apartments were Texas (72,519 units) and the Mountains/Desert region (55,611 units).
Other U.S. regions posting triple-digit increases in apartment demand were Texas (791%), the Mid-Atlantic (795%) and the Northeast (216%).
FirstKey Unveils New Technology To Enhance Resident Experience
This week FirstKey Homes, an Atlanta based single-family rental home property management company, unveiled new technology that will enable residents to make service requests more conveniently.
According to the official press release, The Maintenance Lineup is a new feature within the FirstKey Self Service (FSS) platform designed to let residents bundle all of their non-emergency rental requests into one order thereby decreasing service visits by 20%.
FirstKey Self Service is a proprietary maintenance platform that residents use to schedule maintenance and other self-service options. FirstKey SVP Dawn Jones said the new Maintenance Lineup feature evolved thanks to resident feedback:
“Enhancing the resident experience is our top priority. We are always leveraging our residents’ feedback and enhancing our technology pipeline, which led to the launch of this exciting new feature designed to simplify the resident experience.” – Dawn Jones
Atlanta-based FirstKeyHomes manages nearly 52,000 single-family homes in 29 markets across the Southeast, the Midwest and the West.
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If you own an established property management business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.