Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year

Zillow | May 04, 2020

Buyer demand and healthy housing-market dynamics will prevent U.S. home prices from dropping more than 2-3% -- or more than 1.7% year over year -- in the wake of the coronavirus, according to a forecast released today by Zillow®. The forecast says home sales will fall as much as 60% this spring and take through the end of next year to recover, while prices will fall through the year but recover a few months sooner. The recovery is likely to look like a checkmark, with transactions building at a pace of about 10% each month through the end of 2021, according to the forecast by Zillow Chief Economist Svenja Gudell and her team of economists and analysts.

Spotlight

The investment market is finally picking up pace. After a few years, in which the only activity seemed to take place in central London, more and more deals are taking place outside the south-east – and at keener yields. But, of course, the property industry is always full of challenges. Some, like the increasing importance of environmental sustainability, are relatively new. Others, like providing the highest levels of customer service, have always been crucial.

Spotlight

The investment market is finally picking up pace. After a few years, in which the only activity seemed to take place in central London, more and more deals are taking place outside the south-east – and at keener yields. But, of course, the property industry is always full of challenges. Some, like the increasing importance of environmental sustainability, are relatively new. Others, like providing the highest levels of customer service, have always been crucial.

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LMC Announces Start of Preleasing at Odin Apartments

prnewswire | October 01, 2020

LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the start of preleasing at Odin, a contemporary mixed-use apartment community in the increasingly popular Northeast neighborhood of Minneapolis. Odin, which features 335 apartment homes and nearly 8,000 square feet of retail space, includes a 12-story high-rise and five-story midrise building in a highly walkable and bikeable downtown locale. The community is equipped with work-from-home spaces as part of plush array of common-area amenities, including a flexible lounge to cater to the ever-prominent remote worker. Odin offers virtual leasing options and will welcome its first residents in the fall.

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REAL ESTATE INVESTMENT

Bascom Group Wraps Up the Year, Acquiring a 320-Unit Multifamily Acquisition in Florida

Bascom Group | December 28, 2021

The Bascom Group, LLC ("Bascom") has acquired a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor ("Enclave"), was acquired for $68,500,000 or $214,063 per unit through a partnership with East Hill Capital's Duff Bedrosian and Leste Group, a Miami based investment manager. Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia. SD Cap will provide renovation management and Cushman and Wakefield will provide the property management. Enclave at Lake Ellenor was a unique opportunity to acquire a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses." Bascom's Senior Vice President & Principal, Jim Singleton. Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida's rapidly growing economy. The property's proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro. Bascom plans to renovate the units while presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando's affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country. Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a great opportunity for us." Bascom's Senior Vice President of Operations, Tony Ferrell. About Bascom Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. About Leste Group Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.

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REAL ESTATE TECHNOLOGY

Brokers Michele Schuler and Neda Perrina of Realogics Sotheby's International Realty Announce New Strategic Partnership

Realogics Sotheby's International Realty | April 29, 2021

Today, Realogics Sotheby's International Realty (RSIR) brokers Michele Schuler and Neda Perrina took to Instagram Live to reveal another essential organization that hoists their customer care across Seattle, the Eastside, Bainbridge Island, and past. At 12:30 pm PST, devotees tuned in for insider understanding on the development of their business, perceptions on the present quick market, and to meet their recently selected colleagues. As establishing individuals from the RSIR lead office in midtown Bellevue and top-creating brokers in the firm, Schuler, and Perrina accomplished more than $87M in aggregate deals in 2020. "After our individual victories a year ago, Neda and I were both seeing how to additionally elevate our administrations, and it just clicked," says Schuler. "We are currently situated to take advantage of both of our circles and give twofold the openness and advantage for our customers." Drawing upon 18 years of joined land insight, Schuler and Perrina have set up center skills in private home deals, new development and manufacturer administrations, and movement talking with an accentuation on the area's flourishing tech area. To add a layer of help, Schuler and Perrina delegated Samantha Schwartz as a committed purchaser's agent and Lexie Rogers as a customer administrations chief to help to sell customers in situating their homes available to be purchased. "In recognizing our objectives, we decided an unmistakable requirement for extra essential help, which is the place where Samantha and Lexie come in," Perrina adds. "We perceive that we are more grounded together and our customers are as of now beginning to feel it—we've effectively joined forces on a few exchanges in 2021 and anticipate some more." Giving passageways to a more extensive scope of demographics was a critical foundation in setting up the group dynamic. Schuler and Perrina each repeated this slant during the declaration occasion, addressing the additional help for purchasers and dealers, and top-level assistance that traverses each value point, from starter homes to climb purchasers, second home objections, and downsizers. "We anticipate having discussions with current and planned customers about our common obligation to remarkable help and welcome the chance to examine everything land," Schuler and Perrina note. About Realogics Sotheby's International Realty Realogics Sotheby's International Realty (RSIR) is a main worldwide deals and marketing business firm in the Pacific Northwest. The shop land firm of 300+ dynamic brokers administration branches in midtown Seattle, Bainbridge Island, Kirkland, Madison Park, and downtown Bellevue.

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