Couples may be hit by new property tax

Association of Taxation Technicians | May 17, 2019

A proposed increase in stamp duty for non-UK residents buying residential property in the UK will have an impact beyond its intended target of foreign investors and may affect couples, according to tax experts. The Association of Taxation Technicians (ATT) says in its response to the HMRC consultation on extra tax for overseas buyers that the move is not in line with the aim of helping British people get on the housing ladder.

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REMAX Alliance Video Update recapping market activity within Sherrelwood, Twin Lakes & Berkley, CO, during the month of March, 2015


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REAL ESTATE TECHNOLOGY

Institutional Property Advisors Closes Sale of $96 Million Downtown Tempe Multifamily Asset

Institutional Property Advisors | May 18, 2022

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Hudson on Farmer, a 171-unit boutique apartment asset in Downtown Tempe, Arizona. The property traded for $96 million, which represents $561,404 per unit. Hudson on Farmer is supported by a highly educated population of over 620,700 working professionals throughout 16 major employment corridors within a 10-mile radius. Tempe’s outstanding demographics include average and median annual household incomes of $85,200 and $61,500, respectively.” Steve Gebing, IPA executive managing director Gebing and IPA executive managing director Cliff David represented the seller, 8th & Farmer Owner LLC, and procured the buyer, Ideal Capital Group. “Tempe is one of the best suburbs in Arizona for young professionals and this ambitious demographic has long been a key source of the city’s success,” added David. Hudson on Farmer’s Mill Avenue District location places it in the geographical center of Greater Phoenix, close to ASU and steps from the city’s only Whole Foods Market. Downtown Tempe has a mix of treelined walkways and large office developments, including 20-acre, 2-million-square-foot Marina Heights, and Hayden’s Ferry Lakeside, a master-planned mixed-use development with 1.6 million square feet of office, retail and residential space. Major employers near Hudson on Farmer include State Farm, ADP, Silicon Valley Bank, and Microsoft. There is 18.5 million square feet of lifestyle amenities in close proximity, namely Tempe Marketplace, Mesa Riverview, and Sloan Park, the spring training home of the Chicago Cubs. Completed in 2021, six-story Hudson on Farmer has open-concept apartment homes with full-size front-load washers and dryers, walk-in showers, and private balconies. The exclusive sixth floor has distinctive cabinetry with undermount lighting, premium closets, and reserved parking. The property’s common area accommodations include a resort-inspired, heated swimming pool and spa and second-story resident lounge with social space, a conference room, and workspaces accented by modern art and natural wood décor. The landscaped courtyard, with a covered outdoor dining area, barbecue grills, firepit, desert vegetation and misting system gives residents an added venue for entertaining. Additional community amenities include a fitness center, bike parking room and electric vehicle charging stations. About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap, a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. About Marcus & Millichap, Inc. Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.

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REAL ESTATE INVESTMENT

Echo Fine Properties Announces Second Largest Sale Ever in Gulf Stream

Echo Fine Properties | June 06, 2022

Echo Fine Properties, one of the most well-known luxury real estate firms in the Palm Beach area is proud to announce the second highest sale of a home ever in Gulf Stream. The 7715-square foot home on the ocean sold for a final purchase price of 27.5 million. Gulf Stream is ranked as the eleventh highest-income place in the United States. Designed by elite architect Randall Stofft, the home has 7.5 bathrooms and 5 bedrooms and was built in 2021 with a one bedroom one bath guest house. Echo Fine Properties agent Mitch Frank was instrumental in bringing a unique buyer to the spectacular home. The Echo Fine Properties team is known for luxury sales both in Gulf Stream and other areas around South Florida. It is rare to purchase a newer home in Gulf Stream on a premium oceanfront lot. About ECHO Fine Properties ECHO Fine Properties is a luxury real estate brokerage located in Palm Beach Gardens, Fla founded by Jeff Lichtenstein. Selling more 400 million dollars of real estate, Echo is one of the busiest, most awarded and forward-thinking brokerages in all of South Florida. Named, "Best Brokerage of the Year" and "Most Connected Firm" Jeff and his 70-person team are a true one stop shop. Echo's Home ECHOnomics Guarantee is one of the most unique internal collaborations to ever hit the industry.

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REAL ESTATE TECHNOLOGY

American Real Estate Partners Commits Capital to Its 6th Deal in Recently Announced Strategic Opportunity Fund III

AREP | July 29, 2022

American Real Estate Partners (“AREP”), and its Joint Venture partner Machine Investment Group (MIG) today announced the company’s latest investment in the logistics & distribution market, a 1,015,740 square foot industrial property located in Middletown, Delaware. This is AREP’s sixth investment through its Strategic Opportunity Fund III (“Fund III”) and is now 60 % deployed. The New Castle County industrial submarket has experienced meaningful growth, with the newly developed Route 301 Bypass transforming the ease of access to Middletown from Interstate 95. The current lack of easily accessible properties in Southern Jersey, Northern Delaware, and Eastern Pennsylvania has pushed tenants to seek strong alternate locations, the Middletown area is a premier example of this. “At AREP, we have sought to invest in those markets where we see growth of both tenancy and rents, We were drawn to this asset in a growing market as demand from Logistics & Distribution companies along 3PL providers continue to lead market absorption.” Doug Fleit, Co-Founder & CEO of AREP “Just weeks after announcing the closing of our third investment fund, this acquisition exemplifies AREP’s strategic and meaningful investments in the logistics market,” said Brian Katz, Co-Founder & President of AREP. “Our team has a proven track record of credibility and expertise in opportunistic investments, and we are proud to continue the diversification of our four asset pillars: industrial, data center, multi-family and office. We remain optimistic about Fund III and will continue to put its capital to work in a judicious manner.” In June, AREP announced the closing of Fund III with $63 million in equity commitments expanding on the diverse mix of public and private institutional investors and family offices. Fund III will continue AREP’s focus on a value-add and opportunistic strategy, concentrating on data center, residential, industrial, and office assets in East Coast urban and urbanized suburban markets. Fund III’s co-investment capital is targeted to invest in $1.5 B to $2.0 B of total asset value, utilizing moderate financial leverage. ABOUT AMERICAN REAL ESTATE PARTNERS Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets, on both a development and repositioning basis in various markets along the East Coast. Since the company’s founding in 2003, AREP has deployed over $5.1B across targeted geographies, acquired more than 20 million SF of Class A real estate, and currently oversees over 10 million SF. AREP's vertically integrated real estate platform and experienced Management Team provide exceptional expertise in all ownership disciplines from acquisition to realization. By leveraging this expertise, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors.

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REAL ESTATE TECHNOLOGY

Yardi Bringing Clients Property Management Software Innovation in Person

Yardi | June 10, 2022

Yardi is excited to welcome clients back in-person to the Yardi Advanced Solutions Conference (YASC) this summer, marking a return to real time after successful interactive virtual events over the last two years. YASC, scheduled for Aug. 31 – Sept. 2 in San Diego, combines classroom learning with networking and entertainment in a beautiful seaside setting. More than 280 classroom sessions and dozens of product experts will give thousands of professionals in attendance insight into Yardi software solutions that improve efficiency in marketing, leasing, acquisition, energy management, investing and other real estate operations. Panel sessions will examine key industry trends. Exclusive live outdoor entertainment and fun social activities comprise other elements of a memorable experience at the Manchester Grand Hyatt San Diego, the new host resort on San Diego's waterfront. We're proud that our clients continued to gain value from virtual gatherings but there's nothing like meeting face-to-face with colleagues. Our software is designed to connect people and communities, and we look forward to continuing that effort in San Diego." Kevin Yardi, the company's vice president of global solutions Virtual YASC events will continue on an annual basis, with dates for 2023 to be announced soon. Ready to join a conference that will provide immediate takeaways? Sign up to attend YASC San Diego and see what's planned for regional in-person YASCs around the world in 2022. About Yardi Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. With 8,000 employees, Yardi is working with our clients globally to drive significant innovation in the real estate industry.

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