Miami

The purchased properties, within Miami-Dade County, serve as the California firm's first Florida investments.

The Fed's third Fed Funds rate cut this year will hopefully result in a "soft landing" for our record expansion and avoid a recession. Both the NY Fed's recession model and the Bloomberg economist survey indicate a 35% chance of a recession in the next 12 months.

"There is zero incentive for NY multifamily investors to purchase a building and spend money on renovations if they can't raise rents in these rent-controlled environments."

The three apartment communities comprise 683 units in Palm Beach County, Florida.

According to a third quarter report on the office market in Broward County by commercial brokerage firm CBRE, the overall vacancy rate for the region fell 40 basis points from the second quarter and 210 basis points from a year earlier to 9.3% at the end of the third quarter of 2019.

"Mixed-use works well because you are in control of your own destiny."