LMC Announces Start of Preleasing at Odin Apartments

prnewswire | October 01, 2020

LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the start of preleasing at Odin, a contemporary mixed-use apartment community in the increasingly popular Northeast neighborhood of Minneapolis. Odin, which features 335 apartment homes and nearly 8,000 square feet of retail space, includes a 12-story high-rise and five-story midrise building in a highly walkable and bikeable downtown locale. The community is equipped with work-from-home spaces as part of plush array of common-area amenities, including a flexible lounge to cater to the ever-prominent remote worker. Odin offers virtual leasing options and will welcome its first residents in the fall.

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California existing home sales posted their best January performance in three years as year-over-year sales recovered from the delayed escrow closings late last year caused by new loan disclosure rules.

Spotlight

California existing home sales posted their best January performance in three years as year-over-year sales recovered from the delayed escrow closings late last year caused by new loan disclosure rules.

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INVESTMENTS

Berkshire Hathaway HomeServices Welcomes Berkshire Hathaway HomeServices Brick & Mortar Real Estate to Brokerage Network

Berkshire Hathaway HomeServices | August 24, 2021

Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, is delighted to welcome Berkshire Hathaway HomeServices Brick & Mortar Real Estate to its global network. The addition marks the brand's continued growth in the state of Washington and the 11th company in the state. “We are proud to have Berkshire Hathaway HomeServices Brick & Mortar Real Estate carry the brand into new markets in Washington.” Owned and operated by Gina and Mike Styler, the firm is located in Ellensburg, Washington and brings 12 combined years of experience serving the Kittitas Valley and the surrounding regions. Gina Styler was named the #1 Lower County Real Estate Agent in 2021 and earned the title voted by the public of “Best Real Estate Agent of the County for 2020.” “After years of building a successful real estate career, it was time to align with a global brand like Berkshire Hathaway HomeServices, to take the brokerage to the next level,” said Gina Styler, Owner of Berkshire Hathaway HomeServices Brick & Mortar Real Estate. “We look forward to building our legacy and elevating the real estate experience for our clients.” By joining, Berkshire Hathaway HomeServices Brick & Mortar Real Estate agents gain access to Berkshire Hathaway HomeServices’ active referral and relocation networks, and its “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more. Berkshire Hathaway HomeServices has aligned with best-in-class technology platforms to deliver world-class support to its network members far into the future. “Ellensburg is known for its thriving art and culture community, supported by downtown organizations and the local University,” said Gino Blefari, Chairman of Berkshire Hathaway HomeServices. “We are proud to have Berkshire Hathaway HomeServices Brick & Mortar Real Estate carry the brand into new markets in Washington.” Berkshire Hathaway HomeServices Brick & Mortar Real Estate will also have full access to the recently unveiled, Real Estate I.Q. System. The System combines the Berkshire Hathaway HomeServices brand, marketing resources and technology with continuing education, training, mentoring, and consulting. The brand also provides global listing syndication, professional training and ongoing education and the exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a strong lineup of feature stories covering topics that appeal to high-end real estate clients. “As the most centrally located town in Washington state, Ellensburg offers the best of two worlds, small-town charm and a big-city feeling and we can’t wait to build our legacy here under the Berkshire Hathaway HomeServices brand,” said Mike Styler, Owner, Berkshire Hathaway HomeServices Brick & Mortar Real Estate. “We look forward to fulfilling our customer's needs in the residential, commercial, new construction and luxury real estate areas.” About Berkshire Hathaway HomeServices Brick & Mortar Real Estate Berkshire Hathaway HomeServices Brick & Mortar Real Estate is a real estate brokerage in the State of Washington. Offering high-end services and experience to clients through an intentional working environment. Bringing together a group of skilled, passionate, and supportive individuals who are empowered by the brokerage and deliver an exceptional level of service. About Berkshire Hathaway HomeServices Berkshire Hathaway HomeServices is a global residential real estate brokerage franchise network with more than 50,000 real estate professionals and nearly 1,500 offices throughout the U.S., Canada, Mexico, Europe, the Middle East and India. In 2020, the Berkshire Hathaway HomeServices global network represented more than $138 billion in real estate sales volume. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability, and longevity.

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REAL ESTATE INVESTMENT

Bascom Group Wraps Up the Year, Acquiring a 320-Unit Multifamily Acquisition in Florida

Bascom Group | December 28, 2021

The Bascom Group, LLC ("Bascom") has acquired a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor ("Enclave"), was acquired for $68,500,000 or $214,063 per unit through a partnership with East Hill Capital's Duff Bedrosian and Leste Group, a Miami based investment manager. Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia. SD Cap will provide renovation management and Cushman and Wakefield will provide the property management. Enclave at Lake Ellenor was a unique opportunity to acquire a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses." Bascom's Senior Vice President & Principal, Jim Singleton. Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida's rapidly growing economy. The property's proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro. Bascom plans to renovate the units while presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando's affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country. Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a great opportunity for us." Bascom's Senior Vice President of Operations, Tony Ferrell. 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 $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 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 the Realm Group. About Leste Group Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.

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INVESTMENTS

CYMBAL DEVELOPMENT AND DLT GLOBAL LAUNCH ARTISTS-IN-RESIDENCE PROGRAM AT OASIS POINTE RESIDENCES

CYMBAL DEVELOPMENT AND DLT GLOBAL | January 17, 2022

Cymbal DLT Arts Foundation, a foundation established by Cymbal Development and DLT Global, is proud to announce the launch of its Artists-in-Residence Program at Oasis Pointe Residences, Cymbal Development and DLT Global's newest design-driven, multi-unit waterfront apartment complex opening in Dania Beach in Spring 2022. The program aims to highlight the diversity, creativity, and soul of the arts community and advocate for artists across a spectrum of media and artistic approaches. The foundation is currently calling for submissions to the 2022 Artists-in-Residence Program from artists nationwide. As part of the Artists-in-Residence Program, Oasis Pointe is inviting up-and-coming creatives from all professional backgrounds, demographics, career stages, and artistic styles to live and work for free in its state-of-the-art residential building for up to six months. Artists' partners, children, and pets will also be welcomed for the entire stay of the program. To be eligible, artists are required to either hold a bachelor's, master's, or Ph.D., be starting on a professional path in the arts, or be seeking to utilize the residency to cultivate a project. South Florida is known for its vibrant art communities, including museums, colorful street murals, art walks, exhibitions, studios, and Art Basel, the leading global platform connecting collectors, galleries, and artists, In an ideal world, art would be free and accessible for everyone, and that is why we felt it was imperative to launch an Artists-in-Residence Program where we can provide a unique opportunity for creatives to advance their careers through access to our space, community connections, and financial support." Asi Cymbal, president of Cymbal Development. Artists will receive up to a six-month rent-free, fully-furnished residency at Oasis Pointe. At the completion of their residency, successful applicants and their families may be invited to extend their residency at Oasis Pointe or in any other Cymbal DLT community in South Florida. In exchange, the Artists-in-Residence Program requests that up to two original works be gifted to Oasis Pointe's permanent collection to be displayed in the building's common areas. The scope of work will be determined on an individual basis in conjunction with the artist. In an effort to create a meaningful dialogue between the artists and the residential community, artists will also be requested to share their practice via an open studio or lecture/slideshow on the property at least once during their stay. About Oasis Pointe Residences Dania Beach's first waterfront apartment building, Oasis Pointe Residences is a 2.4-acre, 301-unit complex featuring thoughtfully planned details and exceptional indoor and outdoor amenities designed to create fresh-air havens of relaxation and retreat. The luxury indoor-outdoor living spaces respond to the timely demands for better natural ventilation, lighting, and air quality, while the amenities seek to enhance the mental and physical well-being of residents. Inspired by the surrounding water and nature, key amenities and features of the eight-story building include: butterfly and meditation gardens; a surf club; a waterfront boardwalk with a 19-slip marina; a Zoom lounge with private office suites and workstations; an outdoor lap pool; a fire pit with outdoor BBQ and picnic areas; a state-of-the-art, open-air fitness facility and yoga studio; an indoor lounge and game room; a dog park; and air purification, sterilization, and ionization systems that are 99% effective against COVID-19. About Cymbal Development Cymbal Development envisions and creates design-driven communities. It consists of real estate developers, builders, and restaurateurs who seek to inspire, innovate, and transform by working with the best designers and teams in the world to create compelling environments. Led by Asi Cymbal, Cymbal Development has a development and construction pipeline of over $1.5 billion in projects. The company is seeking to double that volume this year. About DLT Global DLT Global provides every aspect of real estate acquisition, planning, management, and construction expertise. With over 30 years of combined experience and dedication to this field, DLT Global prides itself in helping foreign investors protect their investments and maximize profits.

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