Author: ipgocorp

(RECAP: Homeowners can now refinance their mortgages to pay off student loan debt, according to new guidelines issued by Fannie Mae, the largest backer of mortgage credit in the country. And new policies will help more borrowers with student debt qualify for a home loan.)

(RECAP: Community Housing Partners, which built the Summit at Hopewell in exchange for tax credits, says it’s investigated those claims and found most to be false. But the Legal Aid Justice Center pressed ahead, filing a number of complaints with federal agencies. HUD is now investigating, and its findings could prove important to about 13,000 people who rent from Community Housing Partners in Virginia, West Virginia, North Carolina, South Carolina, Maryland, Kentucky and Florida.)

(RECAP: At its largest meeting of the year, an interfaith coalition of 27 congregations known as IMPACT sought a commitment from Albemarle County officials to create a plan for more affordable housing for county residents over the age of 65. Gathered in the Martin Luther King Jr. Performing Arts Center at Charlottesville High School on Tuesday, an estimated 1,000 people — Christians, Muslims and Jews — were in attendance at the annual Nehemiah Action Assembly.)

LAS VEGAS, NV – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Woodlake Villas Apartments, a 218-unit multifamily community in Las Vegas, Nevada. 29SC plans to implement a $1.9 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package. 29SC will also implement energy-efficient upgrades through the Freddie Mac Green financing program.

The Las Vegas market has experienced significant economic improvements in recent years. In 2016 alone, the Las Vegas market ranked third in rent growth (Axiometrics), added 24,800 jobs and had a positive net migration of 40,000. Additionally, the Las Vegas MSA reported millennial population growth of 3.0% in 2016, which ranked the highest in the U.S. 

“We are very pleased with the addition of Woodlake Villas to the 29SC portfolio and our expansion into the ever-improving Las Vegas market,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego. “We’re excited to start our renovation program that will ultimately lead to a more desirable community.”

Woodlake Villas is situated approximately three miles west of the Las Vegas Strip. The community is located near many daily conveniences, including Trader Joe’s and Smith’s, and provides its tenants with easy accessibility to I-15. Major retail centers Fashion Show Mall and The Boulevard are also each located less than five miles from the property.

“The property is located within a well-developed neighborhood that has above-average proximity to the Las Vegas Strip as well as several other local employment opportunities,” Eddy added. “The combination of the property’s location and the planned renovations will provide current and future residents with a convenient and substantially-improved community.” 

The transaction closed April 26. The sale price was not disclosed.

29th Street Capital acquired 15 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns. 

MARYVILLE, TN – According to numbers released by the U.S. Census Bureau, Tennessee’s eldest baby boomer age range has had the highest growth rates in the last few years. With this growing population to serve, Brookdale Sandy Springs AL felt a need to remodel and expand its assisted living and dementia care services.

The local senior living community has invested nearly $5 million to add 16 more assisted living apartments and the Clare Bridge memory care program, including 32 apartments for those living with Alzheimer’s and dementia.

The Alzheimer’s and dementia care community will feature the Clare Bridge program developed by Brookdale, the nation’s largest senior living provider. Clare Bridge focuses on providing meaningful and purposeful daily life for those in dementia’s middle to later stages through activities and events tailored to individual interest.

“When new residents move in, we learn as much as possible about their life stories,” said Juliet Holt Klinger, Brookdale’s senior director of dementia care program development. “We design activities that meet their interests, stir their memories and match their current abilities so they can be successful in their daily lives. This provides our residents with a sense of purpose and accomplishment that raises self-esteem.”

Besides the additional apartments and services provided, other changes include an all new, state of the art kitchen, new café, resident internet lounge, spa and new carpet, counters and furnishings to match other Brookdale communities across the country. The property will have a fresh coat of paint to help bring new life to the existing community.

“We are very excited about this change,” said Amy May, executive director of Brookdale Sandy Springs AL. “We are expanding our services so we can serve more seniors and provide a greater range of services. We are engaged in Brookdale’s nationwide mission to provide seniors with the highest quality care, service and living accommodations.”

MIAMI, FL – CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has assumed management responsibilities for three affordable housing communities in the Miami metropolitan area.

The communities, Cedar Grove and Emerald Dunes (both in Miami Gardens) and Running Brook (Miami), include a combined 615 apartment homes. CAPREIT will spearhead renovation efforts at the communities, designed to bring them to par with some of the best affordable housing options in the area.

“Assuming management of these three communities will allow us to assist in the preservation and renovation of much-needed affordable housing in the Miami area,” said Ryan Tustin, senior associate at CAPREIT. “The Miami Gardens communities are located in an area where single-family homes have recently experienced significant appreciation. We recognize the growth in the surrounding area and are excited to be a part of the neighborhood’s ongoing transformation.”

CAPREIT assumes all management responsibilities, including the renovations blueprint. Renovation efforts will include asphalt and sidewalk repairs, new signage, new access gates, exterior painting, exterior lighting, landscaping, new fitness equipment and new pool furniture.

Cedar Grove, located at 20601 NW 17th Avenue, contains 2-, 3- and 4-bedroom homes and 288 units. Community amenities include a swimming pool, fitness center, business center and clubhouse. Apartment interiors are equipped with washer and dryer connections.

Emerald Dunes is located steps away from Cedar Grove, at 1931 NW 207th Street, and features 1-, 2- and 3-bedroom homes for a total of 141 units. It contains the same community amenities as Cedar Grove. The communities are situated less than two miles from Hard Rock Stadium, home of the Miami Dolphins, and are within walking distance of the city’s Orange Line bus stop.

Running Brook is 30 to 40 minutes southwest of the other two at 20505 SW 122nd Avenue. Featuring 2-, 3- and 4-bedroom homes and 186 units, Running Brook is nestled in a quiet neighborhood and is within minutes from Southland Mall and Zoo Miami. The site is within walking distance of a Publix Supermarket, 7-Eleven, Walgreens, Bank of America and Caribbean Elementary School. Community amenities include a swimming pool, clubhouse, fitness center and volleyball court.

Including Cedar Grove, Emerald Dunes and Running Brook, CAPREIT currently owns or operates nearly 14,000 units across the nation.

STAMFORD, CT – UC Funds has originated a $28 million first mortgage under its new Low Floater Program, to refinance the Park Square West Apartments in downtown Stamford, CT.  UC Funds’ nationwide Low Floater Program is a fast, flexible and reliable capital solution with more than $1 billion in available capital for direct lending.

Park Square West is a 143-unit Class A multi-family housing development that affords tenants a prime location with an easy Metro North commute to Manhattan. Built in 2001, the property features more than 10,000 square feet of ground retail space, a state of the art fitness center and brand new sushi restaurant.

“We are very excited to roll out our new 1st Mortgage Low Floater transitional loan product with the Park Square West Apartments, in the heart of downtown Stamford,” said Daniel Palmier, CEO of UC Funds. “With leverage levels up to 85% and pricing starting at L+373 we project more than a billion dollars per year in this product alone.”

UC Funds is a national balance sheet provider of both debt and equity capital solutions, that has closed in excess of $1 billion in real estate investments over the last 36 months. UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity.

NEW YORK, NY – After falling for three consecutive weeks, mortgage rates reversed course this week, with the benchmark 30-year fixed mortgage rate now 4.19 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed also moved higher this week, now 4.14 percent, as did the average 15-year fixed mortgage rate, climbing to 3.43 percent. Adjustable mortgage rates showed increases as well, with the 5-year ARM and 7-year ARM each moving up from 5-month lows last week to 3.48 percent and 3.66 percent, respectively.

Mortgage rates broke a streak of three weekly declines, climbing for just the second time in the past seven weeks. The worries about North Korea, Syria and other global hotspots eased, a French election didn’t generate a market-jarring result, and a run of weak economic data came to an end. Instead the focus in financial markets switched to corporate earnings season and euphoria over the prospect of tax reform took hold. Investors embraced riskier assets, with the stock market soaring to near record highs, and turned away from the safe haven of U.S. government bonds, pushing both bond yields and mortgage rates higher. Mortgage rates are closely related to the yields on long-term Treasury securities. While markets greeted the details of the tax plan with more of a shrug, the sentiment has seemingly shifted to ‘glass half full’ from the glass half empty’ perspective seen just one week ago.

At the current average 30-year fixed mortgage rate of 4.16 percent, the monthly payment for a $200,000 loan is $976.87.

SURVEY RESULTS

30-year fixed: 4.19% — up from 4.16% last week (avg. points: 0.26)

15-year fixed: 3.43% — up from 3.35% last week (avg. points: 0.17)

5/1 ARM: 3.48% — up from 3.42% last week (avg. points: 0.29)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s move in mortgage rates, go to www.bankrate.com  

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The majority of experts, 55 percent, predict that mortgage rates will remain more or less unchanged, while the other 45 percent expect to see an increase in the coming week.  None of the panelists expect rates to decline over the next seven days.

PLANO, TX – NE Development, an upscale suburban apartment, retail, and mixed-use developer, has announced that the official groundbreaking of the newly branded apartment building, LVL 29, will be held on Thursday, April 27, 2017. The building, named for the property’s 29 levels and the residents’ aspirations to achieve their highest potential, will be located in Legacy West, a 250-acre prime mixed-use destination situated at the North Dallas Tollway and State Highway 121 in Plano.

Appealing to the professionals in the area, LVL 29 will be an ellipses-shaped building featuring luxury apartment homes that range from 600-square-foot units to 3,800-square-foot penthouses with private garages. The property will also feature a seven-story parking garage, 24-hour fitness center and fitness-on-demand yoga room, grand cabana with firepit, exclusive pool and tanning deck, and a bar and lounge veranda. Taking into account the unique architecture and interior design, the building will boast upscale furniture, high-end finishes, designer chandeliers, greenbelt views, 24-hour concierge services, and sleek exterior lighting in customizable colors.

LVL 29 was previously referred to as the 30-story Palladium Building/Project. NE Development opted to eliminate a floor to improve the overall architectural design and parking garage efficiency, adding five premium units facing the pool.

“LVL 29 will become a landmark in the area as the premier high-rise apartment building in Plano. It will transform the city’s skyline and stand out among a group of square buildings,” said Luke Harry, Project Manager, NE Development. “Legacy West is ideal for LVL 29. Step outside of the main lobby and you’re surrounded by thousands of jobs within walking distance, and billions of payroll dollars. This development checks every box from a financial standpoint. From a lifestyle view, you can’t beat the building’s aesthetics and access to retail, dining, and cultural amenities.”

Criterion.B serves as the branding agency for LVL 29 and Henderson Design Studio is the interior designer. Construction on LVL 29 is expected to be completed in May 2019 and lease-up will begin in December 2018.

NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for February 2017 shows that home prices continued their rise across the country over the last 12 months.

YEAR-OVER-YEAR

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.8% annual gain in February, up from 5.6% last month and setting a 32-month high. The 10-City Composite posted a 5.2% annual increase, up from 5.0% the previous month. The 20-City Composite reported a year-over-year gain of 5.9%, up from 5.7% in January.

Seattle, Portland, and Dallas reported the highest year-over-year gains among the 20 cities. In February, Seattle led the way with a 12.2% year-over-year price increase, followed by Portland with 9.7%. Dallas replaced Denver in the top three with an 8.8% increase. Fifteen cities reported greater price increases in the year ending February 2017 versus the year ending January 2017. 

MONTH-OVER-MONTH

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.2% in February. The 10-City Composite posted a 0.3% increase, and the 20-City Composite reported a 0.4% increase in February. After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase. The 10-City Composite posted a 0.6% increase and the 20-City Composite reported a 0.7% month-over-month increase. Sixteen of 20 cities reported increases in February before seasonal adjustment; after seasonal adjustment, 19 cities saw prices rise.

ANALYSIS

“Housing and home prices continue to advance,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The S&P Corelogic Case-Shiller National Home Price Index and the two composite indices accelerated since the national index set a new high four months ago. Other housing indicators are also advancing, but not accelerating the way prices are. As per National Association of Realtors sales of existing homes were up 5.6% in the year ended in March. There are still relatively few existing homes listed for sale and the small 3.8 month supply is supporting the recent price increases. Housing affordability has declined since 2012 as the pressure of higher prices has been a larger factor than stable to lower mortgage rates.

“Housing’s strength and home building are important contributors to the economic recovery. Housing starts bottomed in March 2009 and, with a few bumps, have advanced over the last eight years. New home construction is now close to a normal pace of about 1.2 million units annually, of which around 800,000 are single family homes. Most housing rebounds following a recession only last for a year or so. The notable exception was the boom that set the stage for the bubble. Housing starts bottomed in 1991, drove through the 2000-2001 recession, and peaked in 2005 after a 14-year run.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.