Keyes/Illustrated Luxury Report: South Florida High-End Condominium Market Shines During Second Quarter

 

Mike Pappas

 MIAMI, FL and PALM BEACH, FL – South Florida’s luxury single-family market has dominated headlines for the past year, but the region’s high-end condo sector is gaining significant ground in year-over-year sales activity.

 Led by Miami-Dade County, the condo market greatly benefitted from local and out-of-state domestic buyers.

 The tri-county area and Treasure Coast had a total of 1,628 $1 million-and-up condo sales during the second quarter of 2021. That is a 479.4% surge from only 281 sales in the second quarter of 2020 and a 49.9% percent jump from 1,086 sales in the first quarter of 2021.

 

Miami-Dade County posted a whopping 611.7% year-over-year gain in total luxury condo sales, from 128 to 911. The county had a 56.8% quarter-over-quarter increase from 581 sales in the first quarter of 2021.

  The average sales price climbed by 13.9% year-over-year to $2.76 million.

 

Within Miami-Dade County, Aventura, Brickell, Key Biscayne and Miami Beach set the pace for luxury condo sales increases.

 

“Corporate relocation from New York and other high-tax states propelled South Florida’s luxury condo market,” said Keyes and Illustrated President and CEO Mike Pappas.

 “Demand for new condos in Miami-Dade and its neighbors to the north should only intensify with the anticipated return of international buyers as travel restrictions ease. That is not to detract from the region’s luxury single-family market, which continued its strong run.”

 

Miami-Dade and Palm Beach counties eclipsed $3 million in average single-family luxury sales price in each of the first two quarters for the first time ever, according to Keyes/Illustrated.

 One eight-figure single-family sale is occurring every day (compared with one every four days two years ago).

 

Palm Beach County continues to be the target for New York-based corporate executives and finance moguls who covet uber-luxury homes on the water.

 

The county had a 202% year-over-year jump in total $1 million-and-up single-family sales to 1,036 and a year-over-year sales volume gain of 258.7% to $3.56 billion.

 

Palm Beach Island remains the focal point for the county’s high-end market, with an average single-family sales price of $11.69 million during the second quarter of 2021.

 

Miami-Dade County had a 338.8% year-over-year rise in total luxury sales to 939 and a 421.7% increase in sales volume to $2.91 billion. Coral Gables, Miami Beach and Pinecrest were the strongest single-family submarkets.

 

 Contact:

Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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NorthMarq expands in SoCal with new Affordable Housing sales group

 John L. Nguyen

MINNEAPOLIS, MN — NorthMarq continues its growth in multifamily investment sales, adding a new Affordable Housing group in Southern California.

 John L. Nguyen joins the company as managing director – Affordable Housing, bringing over 20 years of experience in this important sector to NorthMarq’s growing national platform.

With more than $1 billion in closed transactions, Nguyen is considered a leader in the Affordable Housing industry, working on sales for Section 8, state-agency financed, and value-add subsidized properties across the country. 

He will be joined by senior vice president, who has worked in affordable housing sales for more than 10 years. 

Jesse Elsanhuty

Nguyen and Elsanhuty, who came to NorthMarq from Colliers, will collaborate with NorthMarq’s affordable housing financing experts across the country to identify the best financing structure for clients.

“Given the highly complex nature of these affordable transactions, the specialization from both John and Jesse will help NorthMarq expand our overall offering,” said Trevor Koskovich, president – Investment Sales. 

“In addition, NorthMarq’s debt and equity experts can bring additional value to their clients who are buying or refinancing.”

“We are attracted to NorthMarq’s strong platform of lenders, especially the Fannie, Freddie, and FHA/HUD options, because those lenders bring a vast supply of new options for the capital structures for our clients,” said Nguyen. 

“NorthMarq is big enough to have many sources of debt and equity across the country, but boutique enough to make sure my clients feel valued.”

Trevor Koskovich

Before joining Colliers, Nguyen spent 15 years with Marcus & Millichap specializing in affordable and market-rate properties. He is a graduate of California State –Fullerton with a degree in Real Estate Finance.

Elsanhuty worked for Colliers for five years following graduation from California State – Long Beach. He is a member of the Institute for Responsible Housing Preservation (IRHP), as well as the National Leased Housing Association (NLHA), National Housing and Rehabilitation Association (NH&RA), and National Multi-Housing Council (NMHC).

The team will be based in NorthMarq’s Newport Beach office.

 CONTACTS:

John Nguyen

MANAGING DIRECTOR - AFFORDABLE HOUSING GROUP, INVESTMENT SALES

714-356-5049

jlnguyen@northmarq.com

Jesse Elsanhuty

SENIOR VICE PRESIDENT

562-320-3614

jelsanhuty@northmarq.com

KAI Design Hires Senior Project Manager Clint Ashworth at its Dallas-Fort Worth Office

 

Clint Ashworth

St. Louis, MO -- KAI Design is pleased to announce the hiring of Senior Project Manager Clint Ashworth, NCARB, AIA, CSI, LEED Green Associate, at its Dallas-Fort Worth office.  

 As Senior Project Manager, Ashworth is responsible for leading the project and its team to a successful outcome.

 

He has more than 30 years of project management experience, having successfully completed small- and large-scale projects that include mixed-use developments, high rise towers, educational and municipal facilities, industrial plants and more.  

 

“KAI is delighted to have Clint join our DFW A/E Design team," said KAI Managing Partner Brad Simmons, FAIA.

 

 "His proven experience as a Senior Project Manager is another critical boost to our capabilities and talent growth trajectory. 

Brad Simmons

 

"Clint’s past success across a broad range of project types and markets is a perfect fit for KAI’s diverse portfolio and client base. 

 

"We appreciate Clint’s steady, methodical leadership style, technical knowledge and ability to balance competing project demands all while maintaining focus on the design objectives and client outcomes.” 

 

Prior to KAI, Ashworth was an Associate Principal for global architecture, planning and design firm CallisonRTKL. He has also previously worked as a Quality Control Specialist at Humphreys & Partners, a Senior Project Manager at Moody Nolan, and an Architectural Director at RBDG.

 

He has a Bachelor of Science in Architecture from the University of Texas at Arlington and is a Registered Architect in Texas.

 

Contact:

Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

www.kai-db.com.

KWK Architects Hires John Walters as Project Architect

 

John Walters

St. Louis, MO -- KWK Architects is proud to announce that it has expanded its staff with the recent hiring of Project Architect John Walters, RA, of Webster Groves, MO.   As Project Architect, Walters will work on KWK’s higher education and student housing projects, both locally and across the country including current projects at Washington University School of Medicine in St. Louis and Augustana University in South Dakota.   “John is an outstanding, versatile architect with an extensive background in higher education design,” said KWK Principal Paul Wuennenberg. “He is a nice fit for our firm and we are excited to add a designer of his caliber to our already exceptional team of talented architects.” Paul Wuennenberg   Walters has more than 30 years of experience, having most recently worked eight years as a Project Architect for St. Louis-based Hastings + Chivetta where he served as lead project architect on several higher education and recreation/fitness building projects.  He also previously worked as a Project Architect for Christner, Inc.; Jones Mayer Architecture; and Holden Architects - all based in St. Louis.   Walters has a Bachelor of Arts and a Master in Architecture from Washington University in St. Louis.   For more information about KWK Architects visit www.kwkarchitects.com or contact Director of Marketing Cindy Hausler at cindyh@kwkarchitects.com.

---

CONTACT:

Jennifer Beidle
Jennifer Beidle Communications
St. Louis, MO 63129
United States

Evergreen Real Estate Group, Synergy Construction Group and Chicago Housing Authority Complete Construction and Welcome First Move-Ins at Pioneering Affordable Senior Housing Community on Chicago’s North Side

Kristin Faust

 

 CHICAGO, IL, July 14, 2021 — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority (CHA) today announced the completion of construction and start of move-ins at Ravenswood Senior Living, a 193-unit affordable rental community at 1922 W. Sunnyside Ave. in Chicago’s Ravenswood neighborhood.

 

The $81 million project converted the former Ravenswood Hospital, built in 1974 and vacant since 2002, into much-needed affordable senior housing.

 

It is the first development of its kind in Illinois and one of the first in the country to offer both independent living and supportive living for low-income seniors in a single location.

Tracey Scott

 

This pioneering model makes it possible for residents to age in place as their acuity increases, transitioning to a new, yet familiar, home if and when they require assistance with daily tasks like bathing, dressing and making meals.  

 

Located between Damen and Ravenswood avenues, the 10-story building has 74 one-bedroom independent living apartments for CHA residents, as well as 119 units for participants in the Illinois Supportive Living Program, an alternative to nursing home care that is administered by the Illinois Department of Healthcare and Family Services.

Illinois State Sen. Sara Feigenholtz.

While the two communities are located in the same building, they have separate entrances and operate independently from each other.

 

Evergreen is managing the independent living community, located at 4515 N. Winchester Ave., while Asbury Healthcare operates the supportive living community, located at 1922 W. Sunnyside Ave.

 

“A year and a half after breaking ground, we are proud to announce the completion of this important and long-awaited project that creates affordable senior housing where none previously existed,” said Jeff Rappin, founder and chairman of Evergreen Real Estate Group.

Jeffrey (Jeff) Rappin

 

 “Ravenswood Senior Living shows that solutions to the affordable housing shortage can be found right in our backyard.

 

 "With the right partners, vacant and underutilized sites can be reimagined as low-income housing that supports the health of communities by improving the lives of residents.”

 

“With its combination of independent and supportive living for low-income seniors, this development represents an innovative approach to affordable housing and marks important development as an affordable option for seniors,” said CHA CEO Tracey Scott. 

Ravenswood Senior Living, a 193-unit affordable rental
community at 1922 West Sunnyside Avenue
 in Chicago’s Ravenswood neighborhood.

 

“Ravenswood Senior Living is the first facility of its kind in Illinois and will provide a pathway for low-income seniors to age in place while maintaining a high quality of life.”

 

“The senior population in Illinois is growing, and IHDA is committed to increasing the supply of affordable and supportive housing opportunities that allow families, friends and neighbors to age safely in place in the community of their choice,” said Kristin Faust, executive director of the Illinois Housing Development Association (IHDA).

 

“The innovative redevelopment of this long-vacant hospital is a major milestone, and we are proud to provide the financing that gave the building new life as a community asset that brings much-needed affordable senior housing to the city.”

 “I was honored to pass a piece of forward-thinking legislation that prioritizes the needs of our community members and makes good use of pooling all of the resources we have by allowing mixed-use supportive living facilities,” said Illinois State Sen. Sara Feigenholtz.

 

 “Every legislator knows the importance of creating affordable senior housing, and these developments are cornerstones of our communities.

 

"Ravenswood Senior Living is one of the first developments of its kind in the country. It was essential to be able to both offer affordable, continuum-of-care housing for our community seniors and preserve the Ravenswood Hospital building for future generations.”

 

Evergreen revitalized and maintained much of the original structure, including the facade, which was cleaned and tuckpointed. All windows were replaced using the original frames.

 

 A small addition on the building’s north side features a facade of metal panels whose colors complement the existing brick and mirror the design of the adjacent Lycée Français de Chicago, a private French international school.

 

Structural changes to the former hospital include the addition of an elevator and staircase at the entrance of the independent living community to improve accessibility for residents and guests.

 

 Other improvements include new window openings, updated mechanical systems and modernized elevators.

 Both the independent and supportive living communities share the existing parking garage, which also is utilized by Lycée Français de Chicago and other commercial and residential buildings on the block.

 

On-site amenities for the independent living community include a roof deck, community room, fitness room, library/computer room, lounges and laundry rooms.

 

The adjacent supportive living community has its own amenities, including a roof deck, dining room with meals served daily, community room, fitness and physical therapy room, salon, library/computer room, multipurpose/TV room and attendant stations on each floor.

 

In addition, the supportive living community has an on-site doctor’s office, which is staffed by a physician up to two days a week and offers 24-hour care provided by trained medical professionals.

Illinois 47^th Ward
Alderman Matt Martin

 

Donations of books, puzzles and games for the libraries in both the independent and supportive living communities were provided through donation drives organized by the Ravenswood Community Council, 47^th Ward Ald. Matt Martin, Feigenholtz and 47^th Ward Democrats.

 

Ravenswood Senior Living is owned by Evergreen Real Estate Group in partnership with Chicago-based Synergy Construction Group and the CHA. 

Financial partners for the independent living community include the CHA (both capital funds and rental assistance for all 74 units), IHDA, National Development Corporation (NDC) and IFF.

 Financial partners for the supportive living community include IHDA, NDC, Key Bank, Ravenswood Community Council, IFF and ComEd through its Energy Efficiency Program.  

 

Leopardo Companies was the general contractor for the project, with Evergreen Construction Company, a division of Evergreen Real Estate Group, serving as a subcontractor.

 

Applications are still being accepted for both the supportive living and independent living apartments. Individuals or couples can apply for the independent living residences at https://applyonline.thecha.org. 

Those interested in the supportive living apartments can call (224) 801-2982 or email sales@ravenswoodsl.com.

  

CONTACTS:

 

 

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com, 

(312) 267-4514

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528 

www.evergreenreg.com.

Market Leaders Combine Vast Experience and Expertise with Launch of CDNGLOBAL®, a proudly Canadian, Privately-Held Commercial Real Estate Firm

 

Andra Nedelcu Vancouver, British Columbia, CANADA – Commercial real estate leaders and members of the Devencore management team, Agron Miloti and Jon Bishop, are pleased to announce the launch of CDNGLOBAL®, a proudly Canadian, privately held, independent real estate brokerage, investment sales, and advisory services firm.  This innovative company provides the global market with a bridge to Canada and access to highly experienced professionals coast-to-coast to support them and their clients.  Agron Miloti  In addition to an international bridge, CDNGLOBAL also connects its strategic regional partners to its global network. CDNGLOBAL is unique in that it offers limitless opportunity for a collaborative ecosystem of entrepreneurs, advisors, and brokers.  Miloti brings a wealth of industry knowledge with more than 30 years of experience successfully completing a wide range of commercial real estate assignments including significant tenant representation transactions, real estate acquisitions and dispositions, and design build projects.  Cross-country operations will be spearheaded by Bishop, who brings 27 years of coast-to-coast real estate experience. Jon T. Bishop “CDNGLOBAL unites a collaborative team to provide a truly progressive real estate solution with services tailor-made to suit the short-term goals and long-term success of our clients, spanning domestic and international markets,” said Miloti. Andra Nedelcu, CDNGLOBAL’s Vice President, National Communications & Marketing, added: “Our national representation, driven by market leaders with decades of experience and localized market intelligence, provides a truly progressive real estate solution.  "These seasoned leaders will be joined by regional presidents, based in major markets across Canada, to offer an unparalleled level of personalized support with a shared commitment to providing the highest quality services – delivered with integrity, transparency, and expertise with a collaborative and responsive approach."  CDNGLOBAL is unique in its ability to offer Canada-wide representation based on localized market intelligence.  “As a privately-owned firm, the team is neither limited nor influenced by oversized global affiliations, or ruled by mass franchised brokerages with limited compensation models that may not consider regional client needs or specific local market dynamics,” explained Bishop.

CONTACT: Linda Farha Zenergy Communications 416-591-5461 | linda@zenergycom.com www.cdnglobal.com.