New Home Sales Make a Comeback in June

U.S. Department of Housing and Urban Development | July 25, 2019

According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in the U.S. increased 7 percent to a seasonally adjusted annual rate of 646,000 units in June 2019 from a downwardly revised reading in May 2019. On a year-to-date basis, new home sales for 2019 are 2.2 percent higher than the same period in 2018.

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REAL ESTATE INVESTMENT

Vesta Capital LLC Acquires Four Oklahoma Properties in December 2021

Vesta Capital LLC | December 30, 2021

Vesta Capital LLC, one of the nation's fastest growing multifamily operators, has acquired four Oklahoma apartment communities this month. The transactions are the result of a successful year for Vesta after powering through the pandemic crisis. Vesta Capital LLC purchased Riverpark at Kensington (Tulsa), Drexel Flats (Oklahoma City), The Ridge (Midwest City), and The Lofts at North Penn (Edmond). The total purchase price was $100.4M for the 1,270 units combined. Vesta Capital LLC continues to grow despite the Coronavirus crisis. The company has confidence in the lasting strength of the apartment industry. Historically multi-family, particularly in markets like Oklahoma City & Tulsa have performed well even during recessions. In our mind, there will always be a need for people to provide quality housing and we are honored to help meet that need." Marc Kulick, Founder and Managing Member of Vesta Capital and Vesta Realty. In 2021 Vesta acquired over 3,600 units resulting in 74% growth to the business. This momentum is on track to carry over into the new year as the company is already under contract to close on three multi-family communities in the first quarter. About Vesta Capital LLC Vesta Capital is a privately held real estate investment firm that focuses on the acquisition and management of multifamily properties in Oklahoma and Arkansas. We purchase properties that pass our strict underwriting standards and that are positioned to perform well in a variety of market conditions. Vesta Capital LLC was founded in 2017 by Marc Kulick and has grown to operate over 8,500 units. Vesta Capital LLC is open to new investors.

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REAL ESTATE INVESTMENT

Greater San Diego Association of REALTORS® Announces More Than $1 Million in Grant Funds to Defend Coastal Communities and Property Rights

Greater San Diego Association of REALTORS® | December 09, 2021

The Greater San Diego Association of REALTORS® (SDAR) announces an additional grant support for Smart Coast California, a 501(c)(6) organization founded by REALTORS® in response to sea level rise policies impacting coastal communities and property owners. The most recent grant in the amount of $495,000 was approved by the National Association of REALTOR® (NAR) on December 2, bringing the total grant awards this year to $1.07 million. SDAR President Carla Farley also serves as the 2021 President of Smart Coast California. The organization was founded in 2019 to monitor coastal policies and be a strong voice advocating for the protection of communities and the property rights of homeowners. Smart Coast California membership includes 29 local REALTOR® associations along California's 1,100-mile coastline. "The Greater San Diego Association of REALTORS® is not only the voice for real estate professionals, but also for property owners throughout San Diego County.We helped to form Smart Coast California to ensure a strong, unified voice was in place up and down California's coastline in defense of property rights and of our coastal communities." -Farley Previous grant funds totaling $300,000 were approved on October 5 by the California Association of REALTORS® (C.A.R.) IMPAC Trustees. The organization was earlier awarded $212,000 in August by NAR. The funds will be used to enhance monitoring capabilities, expand advocacy initiatives, and grow the organization. "Few individuals are aware of some of the controversial policies being advanced by the California Coastal Commission, including managed retreat, which would require the removal of needed protective devices, such as sea walls," explained Farley. "These policies are an affront to property rights and would prevent our coastal communities and property owners from defending their homes and neighborhoods from rising seas," she continued. "Through Smart Coast California, we monitor and respond to the actions of the California Coastal Commission and advocate for balanced coastal management policies that will protect the unique character of our coastal communities and the property rights of the individuals who call these areas home." At issue, the California Coastal Commission (CCC) is working with California's coastal cities and counties to update their Local Coastal Programs (LCPs) to account for sea level rise. Among the more controversial policies the CCC is recommending is "managed retreat," a coastal management policy that calls for relocation or removal of coastal structures, including homes, inland away from rising tides. This issue led to a decision on June 7 by the Del Mar City Council to withdraw their proposed update to their LCP, refusing to accept the CCC's recommended policies. Del Mar is now one of several cities who have withdrawn their proposal from consideration by the CCC.om "We've been tremendously active up and down the coast over the past 18 months, including weighing in on 16 local coastal plans as well as several related California Coastal Commission actions and state legislative proposals,The support we've received from our state and national associations, in conjunction with the funds from our coalition of local REALTOR® associations throughout the state, is instrumental to the success we've enjoyed this year and expect to continue in the years ahead." -Farley

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REAL ESTATE INVESTMENT

Blackstone Real Estate Income Trust Completes $5.8 Billion Acquisition of Preferred Apartment Communities, Inc.

Blackstone Real Estate Income Trust | June 24, 2022

Blackstone and Preferred Apartments Communities, Inc. announced that Blackstone Real Estate Income Trust, Inc. has completed its previously announced acquisition of PAC for $25.00 per share of common stock, without interest, in an all-cash transaction valued at approximately $5.8 billion. The holders of each series of PAC’s preferred stock will receive the $1,000 per share liquidation preference for each share of preferred stock plus accrued but unpaid dividends thereon, without interest. As a result of the transaction, PAC’s common stock will no longer be listed on any public market. Joel T. Murphy, PAC’s Chairman and Chief Executive Officer, said, “Today’s closing of BREIT’s acquisition of PAC marks the beginning of an exciting new chapter for PAC. This outcome, with over 99% of voting stockholders supporting the acquisition, reinforces the merits of this transaction and the value of the hard work our team has done leading up to and throughout this process. I would like to thank the Blackstone team for being so collaborative as we worked together to achieve this result. We look forward to the next phase for PAC.” We are pleased to complete this acquisition on behalf of our BREIT investors and welcome the talented PAC team to Blackstone. Inclusive of this transaction, approximately half of BREIT’s portfolio comprises residential properties largely located in the West and South regions of the U.S., which are seeing robust demand and stable occupancy. PAC’s portfolio of high-quality multifamily in key SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT’s portfolio of stabilized, income-generating assets, and we look forward to being long-term owners of these properties.” Jacob Werner, Co-Head of Americas Acquisitions for Blackstone Real Estate Jones Lang LaSalle Limited, BofA Securities, Lazard Frères & Co. LLC and Wells Fargo Securities LLC served as BREIT’s financial advisors, and Simpson Thacher & Bartlett LLP acted as BREIT’s legal counsel. Goldman Sachs & Co. LLC served as PAC’s lead financial advisor. KeyBanc Capital Markets, Inc. and JonesTrading Institutional Services, LLC. also served as financial advisors to PAC. King & Spalding LLP and Vinson & Elkins LLP served as the Company’s legal counsel. The transaction was announced on February 16, 2022. About Preferred Apartment Communities, Inc. Preferred Apartment Communities, Inc. is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2022, the Company owned or was invested in 113 properties in 13 states, predominantly in the Southeast region of the United States. About Blackstone Real Estate Income Trust, Inc. Blackstone Real Estate Income Trust, Inc. is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone, a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $298 billion in investor capital under management.

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