MARKET OUTLOOK,REAL ESTATE INVESTMENT
New Western | August 16, 2022
New Western, the largest national private source of fix-and-flip residential investment properties, announced today the opening of its fifth Florida office, located in Fort Myers. Over the next five years, New Western intends to help revitalize $641 million worth of homes in the city and increase housing inventory by purchasing value-added properties and then selling them to investors who will improve them.
"We're very pleased to continue our expansion into Florida with the opening of our Fort Myers office, The residential real estate market in Fort Myers has been growing expeditiously as of late, and our team is looking forward to bringing affordable housing back to the market. The success we've experienced in our other Florida locations is a testament to the value we bring to local real estate investors through our marketplace and expertise."
-Kurt Carlton, co-founder and president of New Western
With nearly 580,000 aged properties in the Fort Myers metropolitan area alone, including 61% built before 2002, the area offers significant potential inventory for investors looking to rehabilitate and resell homes. At the same time, Fort Myers is in need of more affordable housing options: The average Fort Myers home sales price has increased by 30% year-over-year to $410,000. New Western, however, acquires properties for less than $250,000 on average, and investors who rehab properties purchased through New Western sell them for up to 31% less than the cost of a newly built home.
I'm looking forward to becoming a part of the Fort Myers community and helping provide much-needed housing inventory to local investors, There is ample opportunity in this market for us to make a difference. Our marketplace and team is in an ideal position to assist in facilitating more affordable housing solutions in Fort Myers,said Milton Bernal, general manager of New Western's Fort Myers office.
Fort Myers is the 49th office opening for the real estate marketplace offering exclusive opportunities to investors looking to rehab houses. Since 2008, New Western has bought and sold more than $12 billion worth of residential real estate by leveraging data and local market insight to stock its marketplace with exclusive investment properties. On average, New Western buys a property every 13 minutes, and sells a property within 90 minutes of purchase.
About New Western
New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers.
REAL ESTATE INVESTMENT
Capital Square | June 07, 2022
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Village at Westland Cove, a Class A, 240-unit multifamily community in Knoxville, Tennessee. The community was acquired on behalf of CS1031 Village of Westland Cove Apartments, DST.
This is Capital Square's sixth acquisition of a multifamily community in Tennessee for the DST/1031 exchange program. Village at Westland Cove is located in one of the hottest housing markets in the nation for 2021.1 Employment in the area is exceptionally strong, with the Oak Ridge Reservation and National Laboratory, operated by the U.S. Department of Energy, only 19 miles away, generating 14,667 full-time jobs and wages totaling over $1.3 billion."
Louis Rogers founder and chief executive officer of Capital Square
Completed in 2019, Village at Westland Cove is located at 9635 Westland Cove Way along Interstate 140. The 28.2-acre luxury multifamily community sits on the shore of scenic Fort Loudoun Lake. It offers one-, two- and three-bedroom units averaging 1,147 square feet with best-in-class amenities. The community features include a state-of-the-art fitness center, Amazon lockers and coolers for grocery deliveries, car care center, two pet play areas, coffee bar, business center, food truck nights, gaming patio with bocce ball court, outdoor firepit, outdoor kitchen, club house, swimming pool, kayaks available to residents, as well as lake access via a resident dock.
Village at Westland Cove is located within close proximity of The Pinnacle at Turkey Creek, a 650,000-square-foot shopping center that includes more than 65 retail stores and restaurants. The property is in the 10th hottest housing market in the country for 2021,1 with a 5-year value increase of 55%, according to Zillow Group. Turkey Creek Medical Center, a Level III trauma center that is part of Tennova Healthcare, lies within two miles of the property. Situated further along the I-140 and I-40 are attractions such as Knoxville Museum of Art, Market Square and Zoo Knoxville.
The Oak Ridge Reservation, operated by the U.S. Department of Energy and home to Oak Ridge National Laboratory, is approximately 19 miles from the Village at Westland Cove and is the largest employer in the area. According to the East Tennessee Economic Council, approximately 14,667 full-time jobs were directly provided by the DOE and its major contractors within Tennessee in 2020, with annual wages and salaries totaling nearly $1.311 billion.2 WBIR.com reports that Bill Lee, Tennessee's governor, recently announced a $72 million budget for the UT-Oak Ridge Innovation Institute, a collaboration between the University of Tennessee and Oak Ridge National Laboratory, in a bid to attract and maintain science, technology, engineering and mathematics (STEM) talent in the Knoxville area.3
"Village at Westland Cove is an exceptional multifamily property located in an idyllic setting with luxury amenities throughout," said Whitson Huffman, chief strategy and investment officer. "The local economy is thriving, with low unemployment, high average household income and growing demand for high-end apartment living such as that provided to the residents of Village at Westland Cove."
Data from Esri shows the average household income within a three-mile radius of the property reaches approximately $130,000. According to Yardi Matrix, Knoxville's rental rates are rising along with demand, with 18% year-over-year rent growth and 98.1% average occupancy as of March 31, 2022.
The Bureau of Labor Statistics reports that Knoxville witnessed an increase of over 19,000 job opportunities since February 2021, with unemployment rates reaching 2.8%. According to the BLS, job opportunities in the area should continue to grow with 3M Company announcing plans to invest approximately $470 million to expand their manufacturing facility in the Knoxville MSA, creating 600 new jobs by 2025.4
Taylor Bird, Nelson Abels, Robert Stickel, and Alex Brown of Cushman & Wakefield represented the seller.
Bird, executive director of Cushman & Wakefield, noted, "The Village at Westland Cove offers a truly unique asset coupled with an unrivaled amenity package, interior finishes and beautiful water views."
CS1031 Village of Westland Cove, DST seeks to raise $52.8 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Since its founding in 2012, Capital Square has acquired 146 real estate assets for approximately 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $5.6 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020.
REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE
Morreale Real Estate Services, Inc. | August 04, 2022
Morreale Real Estate Services, Inc. announces the launch of the new and improved MSite for clients, transferees, and partners.
Over the past few years, the real estate industry has changed drastically, leaving businesses to shrink their turnaround times and increase their productivity. Morreale Real Estate Services addresses these changes and works daily to find the "secret sauce" to make the client relocation process as smooth and easy as possible for their clients.
During this time, the Development team at Morreale Real Estate Services has remodeled the MSite portal for our partners, as well as enhanced our MSite for our clients and their transferees. With this new technology available to our clients, transferees and partners, the relocation process has been made easier through our secure online MSite portal.
The experience our clients have with the Morreale Real Estate team is very important. This new and improved MSite portal is a simple, easy-to-use platform that will make the process of signing documents and returning them more advanced. Our secure system is sure to blow your mind!
"Over the past couple of years, Morreale Real Estate Services has made it a point to focus on the transferee experience when working with our office. This MSite is another great tool in our toolbelt when working with the client's transferring employee. Having our transferees electronically sign documents through our portal and return them to us is a more efficient experience that will speed up the process. We are excited to introduce this new method of working with our office."
-Aaron Raffel, COO at Morreale Real Estate Services
Cory Wilhelmi, Vice President of Client Services, adds Whether you're a transferee, client or partner, the new Morreale Real Estate MSite portal provides you with the tools to make every relocation successful. From uploading expenses for reimbursement or finding the best M-Preferred partner to work with on your transaction, this new and improved portal puts everything at your fingertips. I can't wait for our clients, partners, and transferees to try it out!
About Morreale Real Estate Services, Inc.
Morreale Real Estate Services, Inc. is an independent, family-owned organization that provides national title and closing services, acquisition and inventory management services, and accounting services to the corporate relocation and mortgage industry. With over 50 years of industry experience, our home purchase and destination programs are customized to meet your needs and are administered with award winning service and state of the art technology.