Ken Krasnow, executive managing director and market leader of Colliers International in South Florida, tells GlobeSt.com there's plenty of opportunity in urban cores.

MIAMI—After launching an Urban Core division earlier this year, Colliers International South Florida is continuing its focus on specialty groups in efforts to grow strategically in the current cycle. The firm just rolled out an Affordable Housing division.

“The number of families with an income below 60% of the area median income who pay more than 40% of their income for rent is on the rise in Florida,” Kevin Morris, who leads Colliers International South Florida's new Affordable Housing division, tells GlobeSt.com. “You have teachers, firefighters, administrators and all sorts of professionals and service providers who can no longer afford market-rate rentals.”

Affordable Housing industry veteran Kevin Morris will lead the new division. Morris brings the depth and knowledge the firm anticipates it needs to help clients navigate through the complexities of this niche landscape.

“As the need for affordable housing grows, state and local governments will continue to provide rental assistance and promote construction of affordable housing,” Morris says. “This is a growing real estate sector that generates complex transactions underpinned by state and federal subsidies.”

Morris is experienced in strategic planning issues, development and tax matters, and intricacies of federal, state and local housing programs. His experience comes from closing project-based deals, including the Homeownership Assistance Program, Rural Development, and Low-Income Housing Tax Credit, which included both general partner interest transfers and fee simple sales.

“With the expiring tax credit programs and low interest-rate environment, we expect the demand from the investor community will remain strong for affordable housing product,” says Morris. In the past year he has closed 100 units at Pembroke Towers in Pembroke Pines; 80 units at Landau Apartments in Clinton, SC; and 180 units at Center Court Apartments in Bradenton.

On the Urban Core front, Realty Masters Advisors talent is switching allegiances to Colliers. Bradley Arendt comes on board as a vice president and Michael Lewin as a senior associate. The duo will focus on investment sales in Broward County's urban cores, including Fort Lauderdale.

Launched in June 2016 and co-led by Mika Mattingly and Gerard Yetming, the Urban Core division focuses on the rapid shift toward urbanization that has attracted new residents, hotels, restaurants, retail and entertainment options to South Florida's urban core. Colliers South Florida market leader Ken Krasnow says beefing up the ranks is another step in the right direction for the firm. “The dynamics of commercial real estate in our backyard are constantly evolving,” he says, “and we're positioning ourselves with the domain expertise and footprint to match that.”

Instant Insights /

Colliers Rolls Out New Strategic Division in Miami

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