Mortgage Rates Hover Near Historical Lows in U.S.

Freddie Mac | August 20, 2019

According to Freddie Mac's latest Primary Mortgage Market Survey for mid-August 2019, the 30-year fixed-rate mortgage rate in the U.S. averaged 3.60 percent, unchanged from last week. Sam Khater, Freddie Mac's chief economist, says, "The sound and fury of the financial markets continue to warn of an impending recession, however, the silver lining is mortgage demand reached a three-year high this week. The decline in mortgage rates over the last month is causing a spike in refinancing activity - as homeowners currently have $2 trillion in conventional mortgage loans that are in the money - which will help support consumer balance sheets and increase household cash flow. On top of that, purchase demand is up seven percent from a year ago."

Spotlight

This report relates specifically to Westfield Corporation’s physical assets in the United States and in Europe, which includes shopping centres, office buildings as well as its construction and development sites.

Spotlight

This report relates specifically to Westfield Corporation’s physical assets in the United States and in Europe, which includes shopping centres, office buildings as well as its construction and development sites.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

JLL's strategic technology services enable future of work and sustainability

JLL | November 22, 2022

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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT

Berkadia Signs Multiyear Agreement With Esusu

Berkadia and Esusu | September 08, 2022

Berkadia announced today that it signed an agreement with Esusu, the leading financial technology company leveraging rental data for credit building. This partnership unlocks greater equity for renters, improves property performance for multifamily owners and operators and reduces lender risk. With a mission to dismantle barriers to housing for working families, Esusu reports on-time rent payments to the three major credit bureaus, Equifax, Transunion, and Experian, to establish and boost credit scores for residents. The collaboration, which launched in the Spring of 2021, has expanded to over 34,000 units, establishing over 5,300 credit scores for residents to date. “We could not be happier to have a multi-year agreement with Esusu, which allows Berkadia to extend a powerful property performance enhancing solution to our clients, This will help owners and operators reach their own ESG goals at an exceptional value and support Esusu’s critical and innovative objective–helping renters build and improve their credit.” -Bryce Nyberg, Director of Berkadia Digital Partnering to Provide Value and Solutions Seeing the value Esusu could bring to the entire residential ecosystem, a partnership was formed when Esusu joined Berkadia’s inaugural BeEngaged program in February 2020. The partnership has proven to be mutually beneficial and has helped Berkadia develop a competitive advantage as an attractive funding source to owners and operators who value Esusu as both an economic and social solution. Through Berkadia’s introduction, Esusu services over 285 properties across more than 10 management companies including Burbank Housing, Comunidad, Eagle Property Capital, Morgan Properties, Odin Properties and more. As a workforce housing provider operating primarily in the inner city, Odin Properties has long been focused on supporting quality of life for our residents, In Esusu, we found a solution and a team that helped further that goal by allowing residents unprecedented access to the financial system, while improving property performance. It has been encouraging to see Esusu grow as their message rightfully resonates with so many different housing stakeholders,said Phil Balderston, Founder & CEO of Odin Properties LLC. Supporting an Equitable Housing Market Throughout the partnership, there has been growing industry awareness around the criticality of equity in multifamily housing. This was further emphasized when Esusu announced a collaboration with Freddie Mac. Through their joint initiative in support of increasing equitability in the housing market, Freddie Mac provides closing cost credits to multifamily borrowers who agree to use Esusu to report on-time rental payments. Esusu also provides discounted pricing for these and other Freddie Mac borrowers who agree to report on-time rental payments through the platform. Our credit building initiative has helped build or establish credit scores for tens of thousands of multifamily renters nationwide, It is an essential component of our effort to build a more equitable multifamily housing system,said Corey Aber, Vice President of Mission, Policy and Strategy for Freddie Mac Multifamily. Utilizing Real-Time Data for Returns Esusu not only improves the quality of life for residents but also helps properties maximize net operating income (NOI). 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REAL ESTATE INVESTMENT

RealPage® Announces Definitive Agreement to Acquire Knock® CRM

RealPage | October 03, 2022

RealPage, a leading global provider of software and data analytics to the real estate industry, announced today that it has entered into a definitive agreement to acquire Knock® CRM (Knock), a provider of leading customer relationship management (CRM) and front office technology in the multifamily industry. This strategic acquisition combines Knock’s suite of products with RealPage’s deep expertise in AI, yield management and smart property management solutions. Together, RealPage and Knock will create a next-generation operating platform to maximize net operating income (NOI) for the multifamily sector’s multi-trillion dollar asset class. The transaction is subject to customary closing conditions and is expected to close in the coming days. Financial terms were not disclosed. “Acquiring Knock accelerates our strategy to deliver a next-generation front office platform that supports centralized leasing, Today's market conditions are driving property owners and operators to rethink operations to drive efficiency. Together with Knock, RealPage will meet our customers' needs with a connected platform that enables an AI-driven virtual operating model.” - Dana Jones, CEO of RealPage Founded in 2014, Knock has scaled its core CRM product to serve millions of apartment units across North America with the leading integrated suite of front office technology, providing multifamily owners and operators the capabilities they need to acquire and retain residents more profitably. Knock’s API-first platform integrates easily into any property management system (PMS) and will maintain this flexibility as it becomes part of RealPage’s open, PMS-agnostic front office platform. RealPage and Knock share an identical vision for a truly connected and intelligent front office. Together we will realize this vision faster, and the combination will enable us to go even further on our commitment to delivering both the technology and customer service our customers need to offer a best-in-class prospect-to-resident experience, said Demetri Themelis, CEO and co-founder of Knock. This is as much about the team as it is the technology, There’s a reason Knock has such a tremendous reputation in multifamily. We’re excited to begin working together as one team to drive greater value and the best possible experience for our customers,added Jones. About RealPage RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency into asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998, and headquartered in Richardson, Texas, RealPage is backed by private equity investment firm Thoma Bravo. RealPage currently serves over 22 million units worldwide from offices in North America, South America, Europe, and Asia. About Knock Knock offers an integrated suite of front office technology that provides multifamily owners and operators with the capabilities they need to more profitably acquire and retain high-value, long-term residents. Knock CRM empowers leasing teams with tools to accelerate successful leasing and renewal outcomes, provides marketers the data to optimize spend, and ensures executives have the business intelligence and insights needed to outperform their competitors. Founded in 2014, and headquartered in Seattle, Washington, Knock proudly serves millions of units operated by the fastest-growing management organizations in multifamily. It is regularly named as one of the fastest growing companies in America as well as one of the Best Places to Work in Seattle.

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