Property Taxes for U.S. Homes Tops Over $304 Billion in 2018

ATTOM Data Solutions | April 04, 2019

According to ATTOM Data Solutions 2018 property tax analysis of more than 87 million U.S. single family homes, property taxes levied on single family homes in 2018 totaled $304.6 billion, up 4 percent from $293.4 billion in 2017 and an average of $3,498 per home an effective tax rate of 1.16 percent. The average property taxes of $3,498 for a single-family home in 2018 was up 3 percent from the average property tax of $3,399 in 2017, and the effective property tax rate of 1.16 percent in 2018 was down from the effective property tax rate of 1.17 percent in 2017.

Spotlight

Chris Grigg, CEO, on how British Land creates places where people want to work, shop and live.

Spotlight

Chris Grigg, CEO, on how British Land creates places where people want to work, shop and live.

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REAL ESTATE TECHNOLOGY

Bright MLS and California Regional MLS Partner to Change How Residential Real Estate Data is Collected and Distributed for Institutional Use

Bright MLS | July 15, 2022

Bright MLS and California Regional MLS (CRMLS), the nation’s two largest Multiple Listing Services, announced today the launch of REdistribute, LLC, a joint venture that changes how MLS data is collected and distributed on behalf of the real estate industry for institutional use. REdistribute will aggregate and distribute data on behalf of participating MLS organizations and brokerages, providing unbiased, up-to-date MLS data directly from the source to institutions involved with the housing industry, and puts brokers back in control of their data rights and data usage. Additionally, the revenue generated by REdistribute will be shared back with the brokers and MLS organizations who participate, ensuring that participants are compensated fairly – and at true market value – for the data they provide. “The exchange of real estate data is currently a one-way street, Third parties are aggregating and providing MLS data to government entities and a host of other for-profit companies. What’s missing are the data rights, data management and fair market compensation provided back to the owners of the data – the brokers.” Art Carter, CEO of CRMLS “Today, we are rewriting the rules of engagement,” said Brian Donnellan, President & CEO of Bright MLS. “Now is the time for professional MLS organizations to invest in solutions that create additional value for brokers, while also delivering the most comprehensive, accurate and freshest data to critical participants in the housing industry. Mortgage lenders, government sponsored entities and others creating property valuations and insights and their constituents will benefit greatly from REdistribute.” Bright and CRMLS began working collaboratively late last year on solutions that improve services for the brokerage community, including recent work on a showing services hub that supports more choice for brokers. REdistribute is the next step the two companies are taking together, and at launch aggregates the MLS data of Bright and CRMLS, with Beaches MLS in Florida also signing a letter of intent to join for the launch. “Beaches MLS is excited to be the first ownership partner with Bright MLS and CRMLS on REdistribute to bring even more value to our brokers,” stated Dionna Hall, CEO of Beaches MLS. In addition to distributing MLS data from the source, REdistribute will also deliver innovations that will allow licensees such as lenders, insurance companies and government-sponsored enterprises to gain real-time insights on a market-by-market basis. About California Regional MLS California Regional MLS is the nation's largest and most recognized subscriber-based MLS, dedicated to servicing more than 110,000 real estate professionals from 40 Associations, Boards, and MLS organizations. CRMLS provides accurate data through innovative technology solutions, empowering real estate professionals to cooperate and succeed. About Bright MLS Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS’s innovative tool library—both created and curated—provides services and award-winning support to well over 100k real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. In 2021, Bright subscribers facilitated $141B in real estate transactions through the company’s platform.

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REAL ESTATE TECHNOLOGY

Aventon Companies Breaks Ground on Newest Apartment Development in Orlando

Aventon Companies | May 21, 2022

Aventon Companies, a prominent, vertically integrated multifamily developer with active projects throughout the mid-Atlantic and Southeast, announced it has begun construction on its fourth apartment community within the Orlando metropolitan market. Aventon Opal will be a 308-unit, Class A, multifamily development, meeting Orlando's rapidly growing housing demand. Situated on nearly 12.4 acres and standing tall with four and five-story buildings, Aventon Opal will offer top-of-the-line one, two and three-bedroom units, and amenities designed for luxury living including a resort-style pool with private cabanas, summer kitchen with grills and outdoor pizza oven, and a social lounge housing a wet bar, TV, and poker table. Residents will also enjoy a micro market, around-the-clock fitness center, and clubroom with a remote working lounge encompassing five private offices, numerous booths and communal workspaces as well as a conference room. The pet-friendly community also boasts a pet spa and dog park. With home values in Orlando continuing to skyrocket and the market becoming one of the most desirable in the country given its year-round seasonable temperatures and proximity to the nation's entertainment capital, the need for high-quality housing is at an all-time high. We are excited to deliver another Aventon community which residents are able to proudly call home." Burk Hedrick, Vice President of Development for Aventon Companies The buildings comprising Aventon Opal were designed locally by Scott + Cormia Architecture & Interiors, based in Orlando, while the interiors were created by Beasley & Henley of Winter Park, Florida. Since 2019, Aventon Companies has assembled an impressive $1.5 billion portfolio of ground-up developments expected to bring nearly 6,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic. Aventon Opal will debut in 2023. To realize the development Aventon Companies has elected to partner with PPF Real Estate, a subsidiary of PPF Group, as a co-investment partner. This investment will be the second by PPF Real Estate in the Orlando area, having acquired the SouthPark Center for $315 Million in December 2021. "PPF Real Estate is enthusiastic about the creation of a joint venture with Aventon Companies, a development firm with a strong track record of success. We look forward to replicating this partnership in other investments in the Sun Belt region," said Aaron Smith, Managing Director for PPF Real Estate. About Aventon Companies Aventon Companies acquires, develops, and manages multifamily communities in Florida, Georgia, the Carolinas and the Mid-Atlantic with regional offices in West Palm Beach, FL, Orlando, FL, Raleigh, NC and Bethesda, MD. PPF Group operates in 25 countries in Europe, North America and Asia. It invests in multiple sectors, including financial services, telecommunications, media, biotechnology, real estate and engineering. The Group owns assets to the value of EUR 40.3 billion and employs 80,000 people worldwide (as of 30 June 2021).

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REAL ESTATE INVESTMENT

Ashcroft Capital and SFO Capital Partners Acquire a 388-Unit Multifamily Housing Community in Atlanta

Ashcroft Capital | June 20, 2022

Ashcroft Capital, a New York-based fully integrated multifamily investment firm, and SFO Capital Partners, a London-based global real estate investment management firm, today announced their joint acquisition of Elliot Gateway (formerly Discovery Gateway), a garden-style community located in Marietta, Ga., one of metro Atlanta's thriving suburbs. The transaction marks the first joint venture between the two companies. The community features 388 apartment homes and marks Ashcroft's sixth community in metro Atlanta, a market the company entered just more than a year ago, and SFO Capital Partners' 19th acquisition in the U.S. housing sector. Birchstone Residential, Ashcroft Capital's in-house property management company, has assumed day-to-day management of Elliot Gateway. We are honored to partner with such a respected institutional firm as SFO Capital Partners, and we look forward to expanding this relationship in the future. We are also excited to expand our presence in the Atlanta market. Atlanta is a market with exceedingly positive multifamily fundamentals that bode well for our value-add strategy." Frank Roessler, founder and CEO of Ashcroft Mohamad Abouchalbak, CEO of SFO Capital Partners, said: "We are thrilled to partner with Ashcroft Capital on this exciting acquisition in Atlanta, a metro with robust macroeconomic fundamentals, favorable demographics and a clear growth outlook. To date, SFO Capital Partners has acquired over USD1 billion of U.S. housing assets comprising more than 7,500 units located across the nation's fastest growing metro areas. This has demonstrated our continued conviction in the sector. We are looking forward to growing our successful partnership with Ashcroft Capital." Elliot Gateway sits in the South Cobb/Cumberland Galleria submarket in Marietta. The booming submarket is home to a large and growing concentration of office space, a robust inventory of industrial properties, a substantial number of military personnel supporting Dobbins Air Reserve Base and highly regarded public schools. According to census data, the submarket has added the highest number of renter households with a bachelor's degree of any metro Atlanta submarket in recent years, helping drive demand for high-end apartments in the area. The submarket is also home to Truist Park (home of the Atlanta Braves) and the surrounding Battery Atlanta mixed-use development. Fortune 500 companies with offices in the area include TKE, Synovus, Genuine Parts, Comcast and HD Supply. "This tremendous submarket combined with our renovation plans, our growing 'boots on the ground' in Atlanta and the operational expertise of Birchstone Residential all set the stage for Elliot Gateway to excel and become one of the most desired apartment communities in the area," said Scott Lebenhart, chief investment officer at Ashcroft Capital. "This property and the surrounding area have so much going for them that we could not be more bullish about how Elliot Gateway will perform moving forward." In-home improvements, which will be executed by Birchstone's construction team, will include the addition of quartz countertops, stainless steel appliances, tile backsplashes, faux-wood flooring, upgraded plumbing and lighting fixtures, new cabinet fronts with brushed nickel pulls and 2-inch faux-wood blinds. Other improvements will include a landscaping update, the replacement of pool-area furniture, the installation of a package locker system and the implementation of a valet trash service. Situated at 720 Franklin Gateway SE, Elliot Gateway was built in 1984 (30 of the units were constructed in 2021). The gated property offers one-, two- and three-bedroom homes. Community amenities include a resort-inspired swimming pool, a new clubhouse and fitness center, playground, soccer field, outdoor kitchen and barbecue area. About Ashcroft Capital Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired more than 14,600 apartment homes spanning nearly 50 communities since its inception. It now has approximately $2 billion in assets under management throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros. About SFO Capital Partners SFO Capital Partners is a London-based global real estate investment management firm focused on investing in high quality assets acquired at attractive valuations with a clear path to value creation. SFO Capital Partners adopts disciplined investment strategies organized by asset classes and geographies. SFO Capital Partners hands-on approach to investing combines entrepreneurial agility with best-in-class practices, consistently delivering superior risk adjusted returns to its private and institutional investors. SFO Capital Partners has acquired in excess of USD2.0 billion of assets located in Europe and the USA (as of May 2022). About Birchstone Residential Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.

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