Fewer planning approvals for home due to lack of development funding

easyMoney | May 20, 2019

Planning approvals for new homes have fallen for the first time since 2011 with research suggesting that Brexit uncertainty is restricting finance available to developers. Overall there was a 4% fall in planning approvals in 2018 for new housing developments, according to the research from easyMoney, which says that developers need lending to spur on new housing starts. This was a three year low with the number of residential planning approvals reaching 47,500 last year from 49,600 in 2017.

Spotlight

Regularly, every 10 years, the AIA revises particular documents in its AIA suite of construction and design agreements. This year, the A201 General Conditions of the Contract for Construction, the Agreements Between Owner and Contractor (A101, A102 and A103), and Agreement Between Owner and Architect (B101) have been updated. Many of the revisions basically clarify existing provisions. However, a number of changes are more substantive and significant. Below is a succinct summary of the more significant changes to the aforementioned documents. It would be best to take a closer look at the revised sections when using or modifying the updated documents.


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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 INVESTMENT

ExchangeRight Fully Subscribes $124 Million 30-Property Net-Leased Portfolio

ExchangeRight | April 20, 2022

ExchangeRight, one of the nation's leaders in diversified real estate investments and strategies, has fully subscribed its $124 million Net-Leased Portfolio 50 offering, containing 30 net-leased properties covering 676,976 square feet across 17 states. The portfolio of single-tenant properties was structured to generate consistent investor distributions starting at an annualized rate of 6.12 percent. ExchangeRight has fully subscribed a $124 million 30-property net-leased portfolio focused on essential businesses. The fully occupied portfolio, offered at $124,160,000, includes properties tenanted by CVS Pharmacy, Dollar General, Dollar Tree, Family Dollar, First Midwest Bank, Fresenius Medical Care, Octapharma Plasma, Publix, Sherwin-Williams, Walgreens and WellMed. The offering launched with 10-year, fixed-rate, interest-only financing at 3.26 percent. We are grateful for those investors, advisors and representatives who have placed their trust in us to steward the wealth they have invested in Net-Leased Portfolio 50. We are intent on constructing diversified net-leased portfolios for DST investors designed to produce stable income through economic cycles, preserve investor wealth, defer investors' taxes and provide a strategic exit." Warren Thomas, a managing partner in ExchangeRight ExchangeRight and its affiliates' vertically integrated platform features over $4.8 billion in assets under management, diversified across over 1,050 properties, over 19 million square feet and throughout 44 states. More than 6,600 investors have trusted ExchangeRight to manage their capital. All of the company's current and past offerings have met or exceeded targeted cash flow distributions to investors since the company's founding. The past performance of ExchangeRight and its previous offerings does not guarantee future results. About ExchangeRight ExchangeRight pursues its passion to empower people to be secure, free and generous by providing REIT, fund and 1031 DST portfolios that target secure capital, stable income and strategic exits. The company strategically syndicates net-leased portfolios of assets backed primarily by investment-grade corporations that successfully operate in the necessity-based retail and healthcare industries, as well as diversified value-add portfolios of inline and outparcel retail spaces shadow-anchored by strong-performing grocery tenants.

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REAL ESTATE INVESTMENT

Armada Venture Partners Acquires Park Hill Industrial Building

Armada Venture Partners | December 30, 2021

Armada Venture Partners, a local boutique commercial real estate investment and development company, announced it has purchased a 46,000 square-foot warehouse in Park Hill. The vacant Denver warehouse, located at 3939 Kearney Street, will be renovated and leased in 2022. We are being intentional in acquiring and redeveloping in-fill opportunities across various asset classes to support growing companies and drive economic growth in our city, Park Hill is one of the gems of Denver. It is known for its architectural diversity, relaxed suburb-in-the-city vibe, and the easy access it affords to major thoroughfares, transit and downtown." Ryan Arnold, principal of Armada. Evan Makovsky, Byron Johnson and Craig Myles of NAI Shames Makovsky facilitated the transaction on behalf of the seller. The purchase price was $6,320,000. About Armada Venture Partners Armada Venture Partners, a creative boutique commercial real estate company founded in Denver in 2021, brings value to properties and investors by integrating acquisitions, capital markets and structured finance, in addition to offering asset management solutions for projects in Colorado and other high growth regions. Armada's principals have acquired, developed and asset managed over $200M in real estate assets since 2014.

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INVESTMENTS

Greystar Announces Pre-Leasing Underway for 525 Olive in Bankers Hill

Greystar | February 07, 2022

Pre-leasing is underway at 525 Olive,­ a nearly 300,000-square-foot luxury apartment community in Bankers Hill being developed by global real estate leader Greystar ­in conjunction with St. Paul's Episcopal Cathedral. Offering panoramic views of San Diego's famed Balboa Park, the more than $100.2 million project is slated for completion in April 2022, with move-ins to begin in April. According to Raul Tamez, director of development for Greystar, the 20-story luxury community is San Diego's answer to New York's Central Park living – providing easy access to the city's urban playground, Balboa Park, which features over 1,200 acres of natural outdoor space. With its elevated Bankers Hill location, 525 Olive is now the highest residential address in San Diego, offering sweeping city, bay and park views. This is an extraordinary opportunity to live in one of San Diego's most walkable and bikeable neighborhoods, offering close proximity to not only Balboa Park, but also dozens of nearby shops and restaurants, and other vibrant areas such as Downtown, Little Italy, Hillcrest and Mission Hills." Tamez. Greystar – a leading residential real estate manager and developer – acquired the .59-acre parcel of land from St. Paul's in 2019 and construction commenced shortly thereafter. As part of the transaction, the church will occupy 10,000 square feet on 525 Olive's first floor and 8,500 square feet on the bottom level as well as use of the underground parking garage. The 204 total residences will include studio, one-, two-, three-bedroom floor plans, plus penthouse suites, with homes spanning 533 to 1,625 square feet. Designed to condominium standards, 525 Olive homes are outfitted with modern wide wood plank style flooring, private patios or balconies and state of the art touches, such as auto shades, WiFi enabled LG thermostats, keyless entry doors and much more. Kitchens are equipped with top-of-the-line Fisher & Paykel appliances, sturdy quartz countertops and stylish herringbone tile backsplash. Twelve penthouse residences span the top two floors and range from 1,280 to 1,625 square feet with upgraded finishes, more expansive floor plans and unobstructed city views. Furthering the homes' sophisticated motif, all interiors were artfully designed to reflect the building's lush setting, with clean lines and a neutral color palette connecting to the surrounding trees, sky and water, and floor-to-ceiling glass windows to maximize city and park panoramas. While 525 Olive is contemporary in style, elements of the building have been carefully designed to complement the neighboring church – a neo-gothic style structure built in 1951 – as well as the nearby park and the surrounding neighborhood. The striking ground floor lobby area – with bold modern accents, organic fine touches and an understated color palette – also encompasses a soon-to-be named retail venue, plus the community's leasing office, mail area, multiple courtyards and the outdoor dog run. Dramatic amenity spaces include the Level 20 SkyClub, a rooftop retreat that spans the entire top floor and includes a clubroom with kitchen and TVs, the Park Lounge social area with a food bar, and the Sun Club with a sparkling rooftop swimming pool and lounge. Rounding out the amenity line up: an expansive indoor/outdoor fitness studio, courtyards with plenty of outdoor seating, a dog run and pet spa with grooming services and work lounge with Zoom conference rooms. Residents also have access to concierge services, 24-hour package reception, reservable bikes as well as a 15,000 square foot community park. About Greystar Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $230 billion of real estate in 215 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 754,000 units/beds, and has a robust institutional investment management platform with more than $49.9 billion of assets under management, including $22.6 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business.

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Spotlight

Regularly, every 10 years, the AIA revises particular documents in its AIA suite of construction and design agreements. This year, the A201 General Conditions of the Contract for Construction, the Agreements Between Owner and Contractor (A101, A102 and A103), and Agreement Between Owner and Architect (B101) have been updated. Many of the revisions basically clarify existing provisions. However, a number of changes are more substantive and significant. Below is a succinct summary of the more significant changes to the aforementioned documents. It would be best to take a closer look at the revised sections when using or modifying the updated documents.

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