U.S. Home Prices Increased 3.6% Year Over Year in July

CoreLogic | September 05, 2019

CoreLogics latest Home Price Index and HPI Forecast for July 2019, show U.S. home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from June 2018. On a month-over-month basis, prices increased by 0.5% in July 2019. Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.4% by July 2020.

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Spotlight

Want to spend less time on ASC 842 lease accounting? CoStar Real Estate Manager is the automatic choice. Switch to the most automated solution that automates audit details, data validation, remeasurements, retrospective true-ups and discount rate matching. No other solution offers more audit readiness and confidence in your data.

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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT

Robust Real Estate Teams up with Side to Enhance Real Estate Services

Side | January 30, 2023

Robust Real Estate, a client-centric residential sales and leasing firm, recently announced its partnership with Side, a real estate technology company. The collaboration will ensure that the relationship-driven firm of Robust Real Estate is powered by the industry's most advanced platform. Corey Nelson founded Robust Real Estate to assist Southern California homebuyers and sellers achieve their real estate objectives. With a total transaction volume of approximately $300 million, Nelson and his team earned a spot on the Los Angeles magazine Real Estate All-Stars list for 2023 and the RealTrends list of America's top real estate professionals in 2022. In addition, the team has 100 five-star Zillow ratings and many satisfied clients who support its referral-based business. Partnering with Side will ensure that Robust Real Estate remains at the forefront of the evolving real estate market and continues to provide its clients with premium services. Side supports Robust Real Estate with a one-of-a-kind brokerage platform consisting of proprietary technology, branding and marketing services, transaction management, public relations, lead generation, vendor management, legal support, and infrastructure solutions. In addition, Robust Real Estate will join an exclusive group of Side partners, gaining access to an expansive network. Corey Nelson, Founder of Robust Real Estate, shared, "I've dreamed of opening my own brokerage since obtaining my broker license in 2015, but I was hesitant to move forward because of the overhead, complexity, and liability." He adds, "Side solves many of my concerns by providing my team and me with access to state-of-the-art marketing, technology, administrative, and legal services, so we can spend more time delivering best-in-class service to our clients." (Source – PRWeb) About Side Headquartered in San Francisco (California) and founded in 2017, Side is a real estate brokerage platform empowering agents, teams, and independent brokers to establish and expand their boutique brands. The company works in the background to provide its partners with time-saving technology and superior support so brokers can work without worrying about the time, cost, or risk of operating a brokerage. Its proprietary technology platform and support solutions enable agent partners to increase productivity and expand their businesses. As a result, Side has helped launch more than 500 real estate companies across the country.

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MARKET OUTLOOK,REAL ESTATE INVESTMENT

Northwood Investors Acquires Nashville's Fifth + Broadway

Northwood Investors | November 23, 2022

Global real estate investment firm Northwood Investors LLC announced today its acquisition of Fifth + Broadway, a newly developed 6.2-acre mixed-use, open-air center. The property was developed and operated by Brookfield Properties, which completed construction in 2021. Northwood has purchased the property in its entirety, including its retail district, 501 Commerce office tower and The Place residences, from a subsidiary of Brookfield. As Northwood expands its footprint in Nashville with this prized entertainment complex, it looks forward to furthering Brookfield's vision for the center. Northwood is well-positioned to take the reins in managing the project with its vertically integrated platforms and experience with retail and mixed-use assets. Most of Fifth + Broadway's management team have transitioned to Northwood and will continue in their existing roles, bringing their strong local experience and knowledge to the property. Northwood is already deeply involved in the Nashville market; this latest acquisition marks the fifth asset the firm has invested in within the city. Other properties include The Conrad hotel, Capital View apartments, the McEwen Northside mixed-use center and Franklin Park office towers. "We feel that Fifth + Broadway's energy and integration in the heart of downtown is unparalleled, As a mixed-use asset, all its elements work together cohesively, and Brookfield has done a phenomenal job with its development. Our Northwood management team is excited to carry on the torch, engage with the city, and partner with tenants like The National Museum of African American Music, AllianceBernstein, The Twelve Thirty Club, Assembly Food Hall and more." -Managing Director of Northwood Investors Erin Cannata Centrally located within Nashville's vibrant urban core, Fifth + Broadway is one of the largest single-phase mixed-use developments in the history of the city and the state of Tennessee. The revolutionary downtown project, which replaced the 6.2-acre Nashville Convention Center site, delivers 250,000 square feet of strategically selected retail and entertainment, the 56,000-square-foot National Museum for African American Music, 367,000 square feet of Class-A office space at 501 Commerce, 381 residential units at The Place at Fifth + Broadway and more than 2,000 parking spaces. The project, which sees nearly five million annual visitors, was built for a post-COVID-19 world with outdoor space, accessibility, safety and parking in mind. We feel Nashville is a high-growth market, and one that we have been watching since 2011, It's an 'it' city for business and entertainment and Fifth + Broadway epitomizes Nashville – a world-class, generational asset that draws locals and tourists alike. We believe the attention to detail, aesthetics and connectivity are unmatched, making it a transformative catalyst for the fabric of lower Broadway,said President of Northwood Retail Ward Kampf. Northwood is committed to the city of Nashville, which it values for its diversified economy, one-of-a-kind cultural authenticity, attractive cost of living, and premier talent base, which has transformed the city into a 24/7 destination. The firm looks forward to collaborating with the city, its retail and office tenants, and the National Museum for African American Music as it evolves this asset, which is seamlessly integrated into the streetscape and cultural heart of Downtown Nashville. Fifth + Broadway is a thriving mixed-use complex, and we are very proud of its development and success as a major destination in and economic driver for Nashville, While Brookfield has successfully recapitalized the asset in line with its overall investment strategy, we remain very interested in Nashville and excited about its future,said Burgin Dossett, vice president of development for Brookfield Properties. About Fifth + Broadway Owned and operated by Northwood Investors, Fifth + Broadway is one of the largest single-phase mixed-use developments in the history of Nashville and the state of Tennessee. The transformative downtown project, which replaced the 6.2-acre Nashville Convention Center site, delivers 250,000 square feet of strategically important retail and entertainment, the 56,000-square-foot National Museum for African American Music, 367,000 square feet of Class-A office space at 501 Commerce (headquarters of AllianceBernstein), 381 residential units at The Place at Fifth + Broadway, and more than 2,000 parking spaces. About Northwood Investors Northwood Investors LLC is a privately held real estate private equity firm that owns and operates real estate across the U.S. and Europe. The firm currently manages a portfolio aggregating approximately $20 billion in total gross asset value. Northwood's flagship fund seeks to opportunistically acquire well-located real estate with a plan to create value through hands-on asset management. Northwood is vertically integrated with in-house operating teams across the office, multifamily, retail, hospitality, and urban logistics sectors. About Northwood Retail Northwood Retail LLC was established by Northwood Investors, a privately held, global real estate investment and management firm. The platform currently leases, manages, and markets a portfolio of community and mixed-use properties across the United States with a concentration in Texas, Colorado, North Carolina, Tennessee, and California. Built upon strong, fundamental real estate principles, Northwood Retail is focused on creating value at each project through a disciplined approach to leasing, development, property management, and marketing. About Pacific Life For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World's Most Ethical Companies® by the Ethisphere Institute.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Lessen Acquires SMS Assist to Expand Property Enterprise Solutions

Lessen | January 17, 2023

Lessen, the leading tech-enabled outsourced property services platform, recently announced the strategic acquisition of facilities maintenance technology leader SMS Assist. By combining the complementary strengths of both organizations, Lessen will continue to address real estate's pain points, offering its clients a scalable, tech-enabled enterprise solution for residential and commercial services. As a result, the companies will serve around 250,000 residential and commercial properties nationwide, enabling approximately 2.5 million repair and maintenance orders annually, in addition to expanding their property services. The transaction is completed with stock and cash, with Lessen raising roughly $500 million in combined new debt and equity. SMS Assist stockholders exchanged a portion of SMS stock for Lessen stock, resulting in a combined company valuation of over $2 billion. Debt and equity investors, including Värde Partners, Monroe Capital, and Koch Real Estate Investments, assisted with this transaction. Invitation Homes and American Homes 4 Rent are among the clients who invested in the deal with Lessen. Following the conclusion of the transaction, Lessen's Jay McKee will continue to serve as Chairman of the Board of Directors and CEO of the newly-merged company. He states, "Lessen recognized early on the opportunity to provide an enterprise-level solution that solved the real estate industry's long-tenured property services pain points." He added, "This deal demonstrates the increasing demand within the underpenetrated, $330 billion addressable North American property services market for a unified, extensible delivery platform that provides transparency, efficiency and data-driven insights for the entire real estate ecosystem including investors, owners, managers and service providers. (Source – Business Wire) The new, unified technology platform will allow various service providers—from painters, contractors, and plumbers to electricians and more—to work as one on a national scale, which was previously impossible. The quality of this work will be supervised and inspected by Lessen's in-house project managers. This integrated solution will assist owners in overcoming skilled labor shortages while lessening administrative burden, enhancing project efficiency, and providing real-time project updates. About Lessen Lessen is the only end-to-end tech-enabled solution for outsourced real estate property services that delivers consistency, quality, and speed at scale, focusing on single-family and multifamily rental renovations, turns, and maintenance. Through automation and real-time analytics, the firm's technology suite is disrupting and modernizing a project management space that is still reliant on traditional organizational and communication models. The company's professional field project managers provide on-the-ground service, utilizing a network of verified service professionals in over 40 markets across the country, all powered by its proprietary technology platform.

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