Greater Downtown Miami enjoyed a surge in rental rates over the last five years, but the market is starting to level off. [more]
One expert sees market softening on horizon, howeverApril 16, 2014 01:30PM
Tampa multifamily investor acquires Village Club in Palm SpringsApril 16, 2014 12:45PM
The Village Club Apartments in Palm Springs changed hands for $18.1 million, The Real Deal has learned.
A company tied to Tampa multifamily investor Avesta Communities acquired the 314-unit apartment complex at 555 Kirk Road on April 10, according to Palm Beach County records. The county recorded the purchase on Tuesday. Avesta added the complex to a $45 million revolving credit facility from a group of lenders managed by KeyBank. [more]
Studies are examining the potential impact of ‘Formula E’ seriesApril 16, 2014 12:00PM By Francisco Alvarado
A new auto racing series wants to hold one of its annual events in downtown Miami, where last month’s injury and arrest-filled Ultra Music Festival has city politicians fuming, The Real Deal has learned.
Downtown’s recent growth, fueled largely by residential development, is a pivotal reason for London-based motorsports company Formula E Holdings’ interest in the area. But large-scale events that close off downtown streets are a sore subject in the city at the moment. Miami Mayor Tomas Regalado and Commissioner Marc Sarnoff are among those calling for Ultra to leave downtown, after more than 55 arrests were made and a security guard was trampled. [more]Company, developer complete separate purchases totaling more than $20MApril 16, 2014 11:15AM By Eric Kalis
Thor Equities continued building its portfolio in Miami’s Design District with a $9.6 million acquisition, while developer David Edelstein picked up two properties in the district for $10.6 million, The Real Deal has learned. [more]
Inside therealdeal.comCounty must complete $1.6 billion improvement plan within 15 yearsApril 16, 2014 10:30AM
A federal judge in Miami signed a legal agreement forcing Miami-Dade County to make $1.6 billion in sewer system repairs over the next 15 years. [more]Retired linebacker sells oceanfront home for nearly $4.8 millionApril 16, 2014 09:45AM
Retired football star Ray Lewis sold his oceanfront Highland Beach estate for nearly $4.8 million. [more]April 16, 2014 09:00AM
Top stories yesterday on The Real Deal:
1. Jeffrey Soffer’s Turnberry plans Sunny Isles project
2. Lehman subsidiary sells Miami Beach land
3. Tommy Hilfiger completes Raleigh Hotel purchaseCosts now consume 43 percent of a typical household's incomeApril 15, 2014 05:15PM
Miami rents have climbed high enough to consume 43 percent of the typical household income, according to a new analysis by real estate website Zillow. [more]Report says drop off due to rising home equity, higher short sale pricesApril 15, 2014 04:30PM
An analysis conducted by CoreLogic showed that Palm Beach County had only 83 short sales in February, down 52 percent over the same period in 2013, indicating such transactions may become much more unusual. [more]City wants to distinguish its waterfront from condo-dominated areasApril 15, 2014 03:45PM
Dania Beach is hoping to position its waterfront as “Ocean Park” to entice South Floridians looking for a quieter alternative to the bustling beach areas dominated by condo towers throughout the region.
EDSA Inc. was recently hired by Dania to oversee a $28 million plan to create a more “natural” beach environment in the city, the Sun-Sentinel reported. Dania’s 120-slip marina is in the midst of a $7.5 million revamp slated for completion in June. City commissioners approved a 10-year improvement plan to enhance beach lighting, signage and landscaping. [more]