ATLANTA, GA – TriBridge Residential, an Atlanta-based multifamily investment and management company, and Sefira Capital, a Miami-based real estate investment firm, announced their acquisition of Ivy Hall, a 110-unit boutique community in Midtown Atlanta.

“The strength of Midtown as a walkable work-live-play neighborhood with convenient access to transit underpins our investment thesis,” said Steve Broome, Managing Partner of Acquisitions at TriBridge.

The mid-rise podium-style building was completed in 2010 and sits in immediate proximity to Tech Square, the Emory Midtown Medical Hub, and Ponce City Market. The luxury apartments feature expansive views of Midtown and top-of-market finishes, including 10-foot ceilings, luxury wood custom cabinets, crown- and chair- molding, walk-in closets, and large lanais and terraces. TriBridge and Sefira plot to immediately upgrade the two dog parks, pool-side fitness center, and all indoor and outdoor amenity spaces.

“Midtown’s population has grown five times quicker than the City of Atlanta’s since 2000 because residents are demanding unparalleled convenience – the physical manifestation of on-demand services and entertainment,” added Andy Green, Acquisitions Principal at TriBridge.

Midtown features 22 million SF of office space employing over 100,000 people, 750,000 SF of retail, and over 150 restaurants. Mijael Attias, Managing Partner at Sefira, elaborated: “Ivy Hall’sproximity to brilliant employers and superb amenities has made strong demand from both millennials and downsizing empty nesters alike.”

TriBridge sourced and secured the off-market deal in the summer of 2018. In the past twelve months, the company has completed over $330 million in total transactions. This is TriBridge and Sefira’s second investment together in the past year.

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MIAMI, FL – The public/private collaboration involving Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corporation has led to the commencement of construction for “Caribbean Village.” The participants will hold at Groundbreaking Ceremony on September 7th at 10:00 a.m. at 19755 S.W. 110th Court in South Miami Heights.

This 123 unit community targeting seniors is part of a two-phased plot to develop transit-oriented affordable housing along the South Dade Busway along US 1, with direct Busway access to MetroRail and public transportation throughout greater Miami, and will be the first new affordable seniors housing in this area in twenty-five years.

Pinnacle and the South Miami Heights CDC were competitively procured by Miami-Dade County to develop this County-owned property. In addition to contributing land, Miami-Dade County has loaned nearly $11.5 million in funds earmarked for affordable housing and economic development.

“Caribbean Village is the fulfillment of the County’s promise to deliver quality housing for our fixed-income seniors and to spur redevelopment in the South Miami Heights community, while taking advantage of the County’s investment in transit,” notes District 9 Miami-Dade County Commissioner Dennis C. Moss.

“Caribbean Village is the fulfillment of a community-driven process, led by our non-profit partners at the South Miami Heights CDC,” says Mitchell M. Friedman, Partner at Pinnacle Housing Group.  

Caribbean Village benefits from public/private financing partnerships through the issuance of Tax-Exempt Bonds, an allocation of Housing Tax Credits and a $5.3 million loan from Florida Housing Finance Corporation, with Citibank, N.A. purchasing both the bonds and the tax credits. 

Caribbean Village will contain one and two bedroom residences, as well as high quality amenities including a fitness center, lounge with card tables and computer access. Construction will be complete in the fall of 2019.

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ORLANDO, FL – Second-quarter 2018 saw increased sales, higher median prices and more new listings for Florida’s housing market, according to the latest housing data released by Florida Realtors. Many local markets continued to report a lack of for-sale inventory, which impacts sales and puts pressure on rising median prices. Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure.

“During the second quarter of 2018, Florida’s economy and jobs sector continued to grow,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “In June, the state’s unemployment rate was 3.8 percent while the U.S. unemployment rate was 4.0 percent. On another positive note, Florida’s 2Q 2018 homeownership rate was 65.1 percent.

“Despite tight inventory levels, it’s encouraging to see that new listings for single-family homes over the quarter rose 4.9 percent year-over-year, while new condo-townhouse listings rose 3.9 percent. If that trend continues, it will hopefully help ease buyer demand and slow the pace of rising prices.”

The statewide median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017. The closed sales data reflected fewer small sales – and rising traditional sales – over the three-month period: Small sales for condo-townhouse properties declined 41.4 percent while small sales for single-family homes dropped 45.2 percent. Meanwhile, traditional sales for condo-townhouse units rose 6.8 percent and traditional sales for single-family homes increased 4.3 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Through the second quarter, low inventory levels kept the number of single-family sales just barely ahead of last year’s pace, whereas a greater selection of condos and townhouses on the market allowed for a nearly 5 percent increase in sales versus last year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Competition for existing homes remains fierce, with over half of successful single-family home sellers in the second quarter getting above 96 percent of their initial listing prices.”

He added that the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) dropped during the three-month-period.

“Half of the single-family homes that sold in the second quarter were only on the market for 35 days or less, compared to 39 days or less in the same quarter last year,” O’Connor said. “Among condo and townhouse sales, there was a similar-sized drop in this regard, from 50 to 44 days.”

Inventory was at a 3.9-months’ supply in the second quarter for single-family homes and at a 5.5-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.

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