Housing target will not be met without modern methods of construction

MMC homes | July 04, 2019

The British Government must embrace modern methods of construction or risk missing it target of building 300,000 new homes in England by the mid 2020s, according to a new report from Parliament. In the report, the Housing, Communities and Local Government Committee warns that there is an over reliance on traditional building methods and using modern methods of construction (MMC) to build homes quicker and cheaper is essential.

Spotlight

In complicated conditions, organizing principles matter. When a disparate array of circumstances present themselves, the advice frequently comes, “Connect the dots.” Many of us will recall puzzle books from childhood where “connect the dots” brought us to a solution that showed a line drawing that revealed the puzzle’s theme, the unifying concept that makes sense of an otherwise confusing array of facts. It is difficult to apply this approach to the emerging trends we discern from our review of the real estate industry this year. Survey responses, commentary from interviewees, and a deep dive into third-party data lead persuasively to the conclusion that the outlook is complex.

Spotlight

In complicated conditions, organizing principles matter. When a disparate array of circumstances present themselves, the advice frequently comes, “Connect the dots.” Many of us will recall puzzle books from childhood where “connect the dots” brought us to a solution that showed a line drawing that revealed the puzzle’s theme, the unifying concept that makes sense of an otherwise confusing array of facts. It is difficult to apply this approach to the emerging trends we discern from our review of the real estate industry this year. Survey responses, commentary from interviewees, and a deep dive into third-party data lead persuasively to the conclusion that the outlook is complex.

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INVESTMENTS

Bascom Group Extends Buying Spree Into 2022 With 140 Unit California Multifamily Acquisition

Bascom Group | January 18, 2022

The Bascom Group, LLC ("Bascom") has acquired a two-property, 140-unit multifamily portfolio located in the Northridge neighborhood of the City of Los Angeles. The properties, NMS Northridge and NMS Superior, boast large floorplans consisting of mostly two- and three-bedrooms with each unit receiving a private 2-car garage or two spaces of structured parking. The properties are centrally-located within the San Fernando Valley and sit adjacent to California State University – Northridge ("CSUN"). CSUN has an enrollment of 38,000 students and provides significant resident demand. Bascom purchased the 140-unit property for $52,500,000, or $375,000 per unit. Brightspire Capital (fka Colony Capital) provided the debt financing for the acquisition and was arranged by Mark Strauss and Rob Quarton of Walker Dunlop Capital Markets. Apartment Management Consultants (AMC) will provide property management services. NMS Northridge and NMS Superior represent compelling acquisitions in a high-barrier-to-entry market. Market occupancies have been exceptionally high over the last decade and only a limited amount of new supply is currently under construction. Despite the pandemic-related challenges for many universities and the communities serving them over the past two years, we believe the Northridge submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth." Bascom Sr. Principal, Chad Sanderson. The properties are located adjacent to California State University – Northridge, a 38,000-student university within California State University system. Although the properties' residents are not all students or university affiliates, the properties' proximity to the university provides consistent demand from a highly educated resident base of students, faculty, and other university affiliates and non-affiliates. Bascom's Senior Vice President of Operations. The properties are just a short walk across the street from the CSUN student recreation center, which will be an incredible complement to our planned amenity upgrades on the properties. Other property upgrades will include unit interior renovations and a rebrand to appeal to a younger, tech-savvy resident base." Julie Schoenbachler. The Bascom Group has been one of the most active apartment buyers in Southern California since its inception in 1996, partnering with institutional and private capital. To date, Bascom has acquired 95 multifamily properties and 15,808 units in Southern California, with 39 of those properties and 5,952 units located in Los Angeles County. Over the past year, Bascom has completed over $1.85 billion in multifamily transactions. About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.5 billion in multifamily value-added transactions encompassing 349 multifamily properties and over 90,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S.

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REAL ESTATE INVESTMENT

Mission Rock Residential Adds Baltimore Apartment Community to Growing Management Portfolio

Mission Rock Residential | May 06, 2022

Mission Rock Residential, LLC, a Denver-based multifamily property management company, is pleased to announce its newest management contract for The Tala at Washington Hill Apartments in Baltimore, Maryland. The apartments were formerly operated under the name of Jefferson Square at Washington Hill. Mission Rock was issued the management deal by Hamilton Zanze Real Estate Investments. The Tala at Washington Hill is another wonderful fit for the Mission Rock portfolio. The community is in a vibrant neighborhood in downtown Baltimore, and we are excited to provide the current and future residents with our award-winning property management service." Meredith Wright, CPM, CAPS, President of Mission Rock Residential The community offers 304 apartment homes and is located in Downtown Baltimore, near Johns Hopkins Hospital. The Tala at Washington Hill includes studio, one and two -bedroom apartment homes, each with a luxury feel thanks to high ceilings and state-of-the-art appliances. Residents will enjoy being conveniently located in the heart of Downtown, an onsite dog park, a resort-style swimming pool, and two courtyards with grilling stations and water features. The community is also home to retail shops, restaurants, and a bank, all located on the ground floor of the building. The Tala at Washington Hill is situated in the highly desired Washington Hill neighborhood and is just minutes from the Fells Point, Canton, and Harbor East neighborhoods, all known for their trendy events and retail offerings. Highway 40, which runs east to west, and I-95 which runs north to south, are also close by for easy commuter travel around the metro area. Baltimore is the largest city in Maryland with lots of cultural and historical attractions. It's best known for its historical sites, including the George Washington monument. The area has a strong economy made up of universities, healthcare facilities, retail companies, and government entities. Johns Hopkins University and Hospital, the Social Security Administration, and Centers for Medicaid and Medicare are just a few of the most notable employers in the area. About Mission Rock Residential Mission Rock Residential was established in 2012. The company now manages 167 multifamily properties and more than 31,000 residential units across the United States. With more than 700 full time team members, the company is headquartered in Denver, Colorado with regional offices in Phoenix and Atlanta. The company was also named one of the Best Places to Work by the National Apartment Association in 2021.

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REAL ESTATE INVESTMENT

Starboard Realty Advisors Acquires Class A Apartment Community in Spring, Texas

Starboard Realty Advisors | April 18, 2022

On April 15th, Starboard Realty Advisors announced the acquisition of Arden Woods, a highly amenitized, class A, garden-style apartment community in Spring, Texas. The seller was represented by Tonya Chaffin, John Carr, and Ben Fuller of Cushman & Wakefield. Arden Woods is a community of 1-, 2-, and 3- bedroom apartments that offer a contemporary living experience. Each apartment comes with stainless steel appliances, faux-wood flooring, ceiling fans, granite countertops, and an in-unit washer and dryer. An attached garage is a feature in some units. Amenities like a resort-style swimming pool with pavilions, a fire pit, BBQ grills, storage units, a dog park, and a fitness center are part of the property’s offering. The property provides easy accessibility to North Houston, Conroe and the Woodlands. The Arden Woods property is an excellent investment due to the projected 16.8% population increase in the surrounding area by 2026. We look forward to the opportunity it presents our investors." Bill Winn, CEO of Starboard Realty Advisors, LLC

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