FHFA: American home price growth crawls forward in April

Freddie Mac | June 25, 2019

Home prices crawled forward in April, rising only 0.4% from the previous month but up 5.2% from 2018, according to the latest monthly House Price Index from the Federal Housing Finance Agency. The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.

Spotlight

Yes, economic activity has seen an upturn in recent months, and many industries are feeling the positive return of economic acceleration. With the improved fundamentals comes a change in the future of office space as evidenced with trends in law firms.


Other News
REAL ESTATE TECHNOLOGY

REfresh Is Back - A Virtual Experience for Yardi Breeze Clients

Yardi Breeze | April 04, 2022

Following a very successful inaugural event in 2021, Yardi is hosting the REfresh user conference on April 6-7, 2022. This virtual event is free to Yardi Breeze and Yardi Breeze Premier clients in the U.S. and Canada. With over 6,000 companies now on Breeze or Breeze Premier, thousands of users are once again expected to attend the event featuring more than 85 on-demand classes, spotlight sessions and an exclusive keynote presentation by Nikki Greenberg, an influential real estate futurist and thought leader. The goal is to empower property owners, managers and investors with the information and tools they need to succeed. (And maybe have a little fun while they are it.) Attendees can learn more about their Breeze or Breeze Premier software and see how they can expand their platform with other key Yardi products designed to help them better market their properties, find quality residents and tenants, protect their assets and improve their operations through innovation and automation. Clients are automatically preregistered for REfresh. They only need to log in to their Breeze or Breeze Premier system on April 6-7 and click on the conference link to learn and connect. Attendees can engage with peers and Yardi experts via live chat. Plus, anyone who signs in will find multiple ways to win prizes! Abut Yardi Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide.

Read More

REAL ESTATE INVESTMENT

ECI Group Acquires Channel District Site in Tampa for Development of 351-Unit Apartment Community

ECI Group | December 16, 2021

ECI Group and K.D. Keller Development have closed on a two-acre site in Tampa's vibrant Channel District in Tampa, FL, with plans to start construction in January 2022 on Parc Madison, a 351-unit, eight-story Class A apartment community with 6,571 square feet of ground floor retail. The project equity was funded through a joint venture of ECI, Tampa-based K.D. Keller Development, and Scottsdale, AZ-based Kandle Investments, with construction financing provided by Wells Fargo Bank, N.A. Construction is expected to be completed in the third quarter of 2023. Parc Madison will be located at the east end of the downtown Tampa block bounded by E. Twiggs Street, E. Madison Street, and Channelside Drive, adjacent to the new City of Tampa Madison Street Park. Constructed using efficient tunnel form concrete technology, the building will have a parking deck, skyline views from upper floors, an expansive rooftop pool and gym. The 6,571 square feet of ground floor retail is targeted towards a restaurant and/or coffee shop user. "The ECI team is excited to be underway with the Parc Madison, destined to be a signature property in downtown Tampa, featuring sleek, modern architecture and sunlit, spacious apartments, We are proud to continue to contribute to the rapid growth of the Channel District, bringing in more residents to enjoy the new retailers, grocery stores, restaurants and gathering places." -James Baugnon, President and CIO at ECI. Chip Sykes and Drew Jennewein of Jones Lang LaSalle Capital Markets assisted in the formation of the project joint venture. About ECI Group For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, and management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,900 units either existing or under construction located throughout the Southeast, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com. About K.D. Keller K.D. Keller's mission is to help landowners realize the full income potential of their properties while retaining full ownership. We transform obsolete or underutilized structures into the highest and best use for the property, for now and for the future.

Read More

REAL ESTATE TECHNOLOGY

Innovative Industrial Properties Acquires Massachusetts Property and Enters Into Long-Term Lease with TILT

Innovative Industrial Properties | May 17, 2022

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced that it closed on the acquisition of a property comprising approximately 104,000 square feet of industrial space in Taunton, Massachusetts. The purchase price for the property was $40.0 million (approximately $384 per square foot), which is fully built out and operational as a regulated cannabis cultivation, processing and dispensing facility. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of TILT Holdings Inc. (TILT). TILT was a tenant of the prior owner of the property, and executed a purchase agreement with the prior owner to acquire the property for $13.0 million (approximately $125 per square foot). In addition, during TILT’s tenancy with the prior owner, TILT invested in excess of $27.0 million (approximately $260 per square foot) of its own funds in improvements to the building. IIP’s investment of $40.0 million consists of the original purchase price for the approximately 12-acre site and standard industrial building to the prior owner and a portion of the costs invested in the building by TILT for buildout of the facility, which included the HVAC, electrical, plumbing, cultivation, extraction and processing room buildouts and other building systems infrastructure necessary to support regulated cannabis cultivation and processing. The property consists of approximately 60,000 square feet of cultivation space, 8,000 square feet of production space (including a full commercial kitchen and extraction facility), 2,400 square feet of retail space and mechanical, office, administrative and storage space. The property currently produces a wide variety of form factors, both in-house and with third-party branded partners, including packaged and pre-rolled flower, concentrates, edibles and vaporizers. As the pioneering real estate investment trust (REIT) for the regulated cannabis industry, IIP partners with experienced, regulated cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions. TILT is a vertically integrated enterprise with a portfolio of companies focused on inhalation technology and regulated cannabis operations, and in 2021 generated approximately $203 million in revenues. Jupiter Research LLC, a wholly-owned subsidiary of TILT and leader in the vaporization segment, focuses on hardware design, research, development and manufacturing with customers across the United States, as well as Canada, Israel, Mexico, South America and the European Union. TILT also conducts regulated cannabis operations in Massachusetts, Pennsylvania, Ohio and New York (through its partnership with the Shinnecock Indian Nation). TILT owns a vertically integrated license in Massachusetts, with its Taunton facility dually licensed for both medical and adult-use cultivation, product manufacturing and retail. In addition to the Taunton facility, TILT operates a dispensary in Brockton that is licensed for both medical and adult-use cannabis, and expects regulatory approval soon for an additional medical-use dispensary in the city of Cambridge. TILT’s products recently were awarded first-place gold in “solvent concentrates” and second-place silver in the “edibles category” at the 2022 NECANN Canna Competition in Boston. According to the Massachusetts Cannabis Control Commission, 2021 regulated cannabis sales in Massachusetts were approximately $1.6 billion. Including this property, IIP owns nine properties in Massachusetts, comprising approximately 879,000 rentable square feet (including square footage under redevelopment) and representing a total investment, including commitments to fund future improvements, of approximately $282.7 million (approximately $322 per square foot). As of May 16, 2022, IIP owned 110 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington, representing a total of approximately 8.2 million rentable square feet (including approximately 2.4 million rentable square feet under development / redevelopment). As of May 16, 2022, IIP had committed approximately $2.2 billion across its portfolio, including capital invested to date (excluding transaction costs) and additional capital commitments to fund future construction and improvements at IIP’s properties. These statistics do not include an $18.5 million loan from IIP to a developer for construction of a regulated cannabis cultivation and processing facility in California and up to $55.0 million that may be funded between June 15, 2022 and July 31, 2022 pursuant to IIP’s lease with a tenant at one of IIP’s Pennsylvania properties, as the tenant at that property may not elect to have IIP disburse those funds and pay IIP the corresponding base rent on those funds. About Innovative Industrial Properties Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

Read More

REAL ESTATE TECHNOLOGY

SkySlope Launches Breeze to Make Oregon Disclosures Fast and Effortless

SkySlope | June 03, 2022

SkySlope, the leader in real estate transaction software, has launched Breeze, an all-around simple and streamlined application making Oregon Real Estate Forms (OREF) disclosures easy for Oregon agents and sellers to complete. Since 2011, SkySlope has enabled brokers, agents, auditors, and transaction coordinators to track their deals while remaining compliant. Equipped with forms and a digital signature tool, SkySlope provides a frictionless workflow that saves time for agents. As the transaction management platform serving 35 percent of the top 20 largest brokerages in the U.S. and Canada, SkySlope is known for its award-winning customer experience. With the launch of Breeze, SkySlope gives agents the ability to prepare and send disclosures like the Oregon's Seller's Property Disclosure Statement (Form 020) at lightning speed. Breeze requires minimal preparation for agents to prepare and send disclosures to their clients in minutes, from anywhere. For home sellers, Breeze's TurboTax-style workflow helps simplify complicated and confusing disclosure forms—getting them completed quickly and with more confidence and accuracy. Breeze Features Streamlined disclosure preparation equipped with MLS data sync Status visibility, notifications, and easy revision requests Simple guided workflows with helpful tips for consumers Equipped with SkySlope DigiSign for free and unlimited digital signatures Seamlessly integrated with SkySlope's suite of products "Breeze is truly a one-stop-shop for faster disclosures," says Diana Costas of Golden Gate Sotheby's International Realty. "The guided workflow helps clients complete disclosures quickly and accurately and our agents can easily prepare disclosures, request signatures, and submit forms for compliance review." Disclosures are a common pain point for both agents and sellers. We're excited to launch a solution that takes a complicated process and makes it effortless for REALTORS® and home sellers." Tyler Smith,SkySlope CEO About SkySlope Established in 2011, SkySlope is a comprehensive transaction management platform for brokers, agents, auditors, and transaction coordinators to manage real estate transactions from anywhere at any time. In 2021, over 300,000 users across 8,000 offices used SkySlope to manage 2.25M transactions. SkySlope provides digital transaction management and services to help agents and brokers be more efficient and compliant. From automation to integrations, SkySlope's vision is to keep agents and brokers connected to the customer forever.

Read More

Spotlight

Yes, economic activity has seen an upturn in recent months, and many industries are feeling the positive return of economic acceleration. With the improved fundamentals comes a change in the future of office space as evidenced with trends in law firms.

Resources