Single Mother Homeownership Rates in the U.S. Declining Nationally

Redfin | June 25, 2019

Residential real estate brokerage firm Redfin is reporting this week that just 31.1 percent of single mothers in the U.S. owned homes in 2017, on par with the 2016 rate and down from 35.5 percent in 2010. At 63.9 percent, the overall homeownership rate for households across the country was more than double that of single mothers, though it was also down from nearly 70 percent in 2010. Over the same time period, the national median home price rose by more than 40 percent.

Spotlight

Digital transformation is progressing rapidly and companies are under increasing pressure to adapt. Rising construction costs, the price of raw materials and supply problems are putting a strain on project owners as well as investors.

Spotlight

Digital transformation is progressing rapidly and companies are under increasing pressure to adapt. Rising construction costs, the price of raw materials and supply problems are putting a strain on project owners as well as investors.

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REAL ESTATE TECHNOLOGY, MORTGAGE AND LENDING

Lower Introduces Mortgage as a Service Platform, Lists Opendoor as First Customer

Lower and Opendoor | January 19, 2023

The financial services company Lower recently announced the launch of its brand new mortgage-as-a-service (MaaS) platform, which makes it simple for consumer brands to provide mortgage solutions to clients. After conducting a successful test of the service, Opendoor, the industry-leading e-commerce platform for residential real estate transactions, has decided to outsource all its mortgage fulfillment to Lower. Setting up an in-house mortgage lending operation has been a time-consuming task for many companies in the past. Lower's MaaS platform allows the consumer finance, banking, and real estate industries to offer a digital-first home financing experience quickly and easily, with white-labeling possibilities. It is possible to integrate it into the customer journey of the partner by using APIs and other no-code methods. Opendoor's early adoption of Lower demonstrates that the service's distinctive combination of human skill and technology has proven successful for the Lower team. Chelsea Wagner, newly appointed as SVP of Partnerships to oversee the new platform, remarks, "Nearly every proptech and fintech company we talk to has some version of home lending on their roadmap. It's a natural value add, but until now there wasn't a solution. Our infrastructure and expertise make us uniquely positioned to accelerate a new mortgage offering.” She further added, "We believe the demand will be high for this product as a new, easily implemented product offering for companies." (Source – Cision PR Newswire) In context to the new platform, Co-Founder and CEO Dan Snyder continued, "We've taken our years of mortgage experience and processes, and allowed any business to offer mortgage to its customers. This is a big step for brands that have captive audiences but not the means or experience to offer such products. It allows companies like Opendoor to stay focused on what they do best, while adding a new product that lives up to their brand promise and expand their reach." (Source – Cision PR Newswire) The MaaS solution enables businesses to immediately offer home finance choices to their customers while increasing their lending presence to more than 93% of the US population. Customers will get access to Lower's full array of products, which will allow them to personalize lending solutions to their unique needs. About Lower Lower's multi-channel financial platform assists clients in building wealth through homeownership, regardless of where they are in life's path. The company's mortgage, banking, insurance, and real estate solutions offer customers a straightforward environment to simplify their homeownership aspirations, whether it's their first or last house. About Opendoor Opendoor, founded in 2014, empowers everyone with the freedom to move. The company wants to create a digital, end-to-end customer experience that makes purchasing and selling a home simple, certain, and fast. The company has developed a varied staff to serve more than 100,000 houses it has bought and dealt with, as well as the consumers who have trusted it to handle one of their most significant financial transactions.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Thompson Thrift to Develop Luxury Multifamily Community Outside Colorado Springs

Thompson Thrift | November 29, 2022

Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced today the development of Alta25, a 264-unit Class A multifamily community in the Colorado Springs suburb of Monument. Thompson Thrift plans to welcome new residents starting in 2025. "There is strong demand for luxury multifamily communities in this area, We expect that Alta25 will provide an appealing rental option for residents desiring the style, luxury and convenience that Thompson Thrift communities feature." -Josh Purvis, managing partner for Thompson Thrift Residential Located at 16218 Jackson Creek Pkwy, Alta25 will offer eight, three-story garden style buildings and 96 detached garages. The one-, two- and three-bedroom apartment homes will average 987 square feet with luxury finishes including gourmet bar-kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostat and smart door locks, walk-in closets, full-size washers and dryers, as well as patio, balcony, and private yard options. Luxury living will continue throughout the community with amenities such as a professionally decorated clubhouse, resort-style swimming pool, 24-hour fitness center, Amazon Package Hub, bike storage and workshop, thoughtfully designed courtyards, grilling stations, outdoor game area, an electronic firepit with seating area, a dog park, pet spa with grooming station, and more. The site is adjacent to Monument Marketplace, which is home to over 658,000 square feet of retail and restaurants, and sits within The Village at Jackson Creek, a mixed-use project currently in development. Historic downtown Monument, less than three miles north, offers small-town charm filled with unique and locally owned boutiques, restaurants, galleries and spas. Nearby Interstate 25 is currently being widened to six lanes, which will improve traffic flow from Colorado Springs to Denver, and further improve access to several major employers including Fort Carson, UCHealth Memorial Hospital North and Schriever Space Force Base. Monument offers the ideal Colorado setting with views of Pikes Peak to the southwest, the Rocky Mountains to the west. Additionally, residents will enjoy an abundance of outdoor recreation, and highly rated public schools, both of which contributed to Monument being ranked as one of the best places to raise a family in Colorado. During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities. About Thompson Thrift Real Estate Company Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Aurora-backed Grace Hill Acquires Edge2learn and Ellis Management Solutions

Grace Hill and Ellis | January 02, 2023

Grace Hill, a pioneer in talent and customer management solutions for commercial and multi-family real estate, recently announced that it acquired Ellis Partners in Management Solutions (Ellis), a provider of mystery shopping and resident and employee survey solutions, and Edge2Learn, an e-learning company offering training and policy management solutions in the multifamily industry. However, the financial details of the transaction weren't revealed. To aid property owners and operators in retaining top talent and enhancing the financial performance of their properties, Edge2Learn and Ellis offer online training in addition to policy, survey, mystery shopping, and data-driven insights. Over 600 online training courses catering to the needs of multi-family rental communities in the conventional, affordable, student, and senior markets have been developed by the companies. The merged business will offer a cutting-edge employee and property intelligence platform that improves productivity and profitability. Grace Hill stated that both Edge2Learn and Ellis share the company's dedication to creating world-class training, mystery shopping, and management solutions to assist industry-leading real estate operators and owners in maximizing property performance, mitigating operational risk, and cultivating the talents of their workforce. Among real estate training and feedback providers, Grace Hill, Edge2Learn, and Ellis have earned a well-earned reputation as industry leaders. Edge2Learn and Ellis are thrilled to join forces with Grace Hill and Aurora groups to form a truly innovative business that meets their combined clientele's current and future needs. According to Aurora, Grace Hill is a market leader in its own right with enormous expansion potential, and this is the kind of game-changing deal it would like to close early in its hold period. Since forming a strategic partnership with Aurora in May 2021, Grace Hill has added Kendall Pretzer as CEO, Charles Loop as CFO, Todd Harkness as CRO, Rob Beauchamp as CPO, and Traci Johnson as CMO to its executive ranks. Grace Hill was assisted by the law firms of Massumi + Consoli LLP and Gibson Dunn & Crutcher LLP. About Grace Hill Grace Hill offers cutting-edge SaaS technology solutions for the real estate market, intending to improve people's daily lives in their communities. By drawing on its extensive background in the real estate industry and its knowledge that 'people are better together', Grace Hill assists property owners and managers in boosting their properties' profitability, decreasing operational risk, and training future leaders. Grace Hill's talent performance solutions include policy, training, assessment, survey, and data-driven insights, and are relied on by over 500,000 professionals at over 1,700 businesses. About Ellis Ellis, Partners in Management Solutions (EPMS) has helped multi-family housing companies evaluate their sales and marketing effectiveness for over 35 years through its Apartment Mystery Shopping program. Using a multi-step process that captures the customer experience as a whole – from objective technique (shops) to subjective feedback (surveys) to emotional impact (social media) – Ellis offers customers easily attainable solutions that drive customer loyalty, resident retention, and profits.

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