House prices up 5.2% in 12 months to May 2019, lender data shows

Property Wire | June 10, 2019

House prices in the UK increased by 5.2% in the 12 months to May 2019, the highest annual growth for a year, taking the average to £237,837, the latest lender index shows. The data from the Halifax also shows that month on month prices increased by 0.5% and on a quarterly basis they were 2.5% higher. But managing director Russell Galley warned that the market is seeing stability as the annual figures should be seen against a backdrop of low growth rates compared with 2018. ‘We saw a slight increase in house prices between April and May, but the overall message is one of stability. Despite the ongoing political and economic uncertainty, underlying conditions in the broader economy continue to underpin the housing market, particularly the twin factors of high employment and low interest rates,’ he said. ‘This is supported by industry wide figures which suggest no real change in the number of homes being sold month to month, while Bank of England data show the number of mortgages being approved rose by almost 6% in April, reversing the softness seen in the previous month,’ he pointed out.

Spotlight

The real estate development process involves three major groups- consumer group, a production group, and a public infrastructure group. Each group benefits from cooperation and a full understanding of the values,


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INVESTMENTS

Lument Provides $26.7 Million Bridge Loan for the Acquisition and Renovation of Florida Multifamily Community

Lument | January 27, 2022

Lument recently announced the closing of a $26.7 million proprietary bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily apartment community in Melbourne, Florida. Josh Messier, managing director at Lument, led the transaction. It was a pleasure to work with these experienced, repeat Lument clients, We were able to structure and fund 100% of the required capital expenditures with loan proceeds to help them achieve their goals, including $3.8 million in capital improvements to upgrade unit interiors and amenities." Messier. The $26.7 million bridge loan features a variable interest rate and a three-year term, with two 12-month extension options. The community's current occupancy is 96%. The Harbor Village property is made up of two sections: Harbor Village Apartments and Harbor Village Townhomes. Harbor Village Apartments was completed in 1976 and is situated on 6.43 acres of land with 143 apartments in eight buildings. Harbor Village Townhomes contains 86 units in 18 two-story wood frame town-homes and was built on 5.80 acres in 1983. Onsite amenities for each section include a swimming pool and laundry facility. About Lument ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. Lument has approximately 600 employees in over 25 offices across the United States. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission.

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BUYING/SELLING

Offerpad to Expand Into Five New Markets This Year, Bringing Its Convenient Home Buying and Selling Solutions to More Homeowners Across the Country

Offerpad | May 05, 2022

Offerpad, a leading tech-enabled platform for buying and selling residential real estate, revealed expansion plans that will bring the company’s top-rated1 solutions to residents in Cincinnati; Colorado Springs and Fort Collins, Colo.; Fort Myers, Fla.; and Fort Wayne, Ind. The expansion news comes on the heels of continued momentum with the company’s best quarter in Offerpad history. Earlier today the company reported first-quarter financial results announcing a year-over-year $1.1 billion revenue increase. At Offerpad, we do things differently. Bringing together technology with our local real estate expertise, we take buying and selling homes from stressful to seamless. Traditional real estate, especially in today’s competitive market, often leaves homeowners feeling out of control and uncertain. Our solutions provide buyers and sellers with the flexibility to act fast and take care of all their needs under one roof. Americans increasingly want more convenience and control over their transactions, and we’re excited to help more homeowners in these new markets.” Vaughn Bair, Offerpad Chief Real Estate Officer Offerpad is expected to complete its Fort Myers opening in the second quarter and plans to expand to Cincinnati and the additional three markets later this year. When these five markets open, buyers and sellers across 29 U.S. markets will have access to the company’s entire suite of solutions: Cash offers in just 24 hours with flexible closing dates, no showings or open houses, and free local moving services Custom listing solutions and dedicated local market expertise to help customers sell their home on the open market with the option to retain a cash offer as back up Home buying solutions that provide easy access to Offerpad’s inventory of homes for sale Access to home mortgage and title services Bundling selling, buying and financing solutions together to save thousands with Offerpad Bundle Rewards Offerpad is available in more than 1,700 cities and towns and 24 U.S. markets. For the remainder of 2022, Offerpad will focus on growing its footprint around regional hubs in the Midwest, Southeast and Southwest. Offerpad plans to begin hiring local real estate experts across all its new markets. Additionally, Offerpad plans to hire local home renovation vendors and develop partnerships with area homebuilders, real estate brokerages and agents. Offerpad currently offers a 3% referral fee to real estate agents who help a client sell to Offerpad. About Offerpad Offerpad’s mission is to deliver the best home buying and selling experience so you can spend less time ‘real estat-ing’ and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs.

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REAL ESTATE TECHNOLOGY

BioMed Realty Acquires Premier Site in Seattle Innovation Cluster

BioMed Realty | April 18, 2022

BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, announced the acquisition of Denny Park South in Seattle, Washington. Located in the highly amenitized and talent-rich South Lake Union/Denny Triangle district, the 1.6-acre property consists of two adjacent parcels in close proximity to industry-leading life science and technology companies and research institutions. The proposed 616,000-square-foot development will provide additional optionality for prospective and existing BioMed tenants as they seek purpose-built buildings to accommodate research. BioMed continues to be focused on growth and expansion in our established core markets, like Seattle, where market fundamentals remain strong and innovation ecosystems are thriving. We now have the ability to double our footprint in the Seattle market and continue investing in mission-critical lab infrastructure needed to meet strong tenant demand as life science and technology companies grow and scale in the region.” Tim Schoen, CEO of BioMed Realty The Denny Park South acquisition will allow BioMed Realty to grow its existing 1.2 million-square-foot portfolio in Seattle which includes the recently completed flagship Dexter Yard project in South Lake Union. This acquisition of Denny Park South, along with the T6 Innovation Center at 200 Taylor Avenue North, represent an additional 1.2 million square feet of development potential. The Company anticipates investing an additional $700 million to develop these new facilities over time and expects to create nearly 850 new local construction jobs. BioMed’s local network of best-in-class life science and technology properties, along with its development pipeline now represent 2.4 million square feet in the region to provide companies with the flexibility to grow or establish a presence in the Seattle community. The Company’s local tenants include blue chip companies seeking to be connected to the region’s talent, capital and research institutions. Notable tenants include the Seattle Children’s Research Institute, Novo Nordisk, Omeros Corporation, InBios International, Inc., Lyell Immunopharma, Inc., Shape Therapeutics and Tableau. “The South Lake Union/Denny Triangle cluster where Denny Park South is situated is flush with renowned research institutes like UW School of Medicine, Gates Foundation, Fred Hutch, and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” said Jon Bergschneider, President of West Coast markets at BioMed Realty. “As demand from life science and technology companies in this neighborhood remain strong, BioMed is well-positioned to provide much-needed sustainable facilities that enable our tenants to continue their critical, and life-saving, work.” BioMed Realty will continue to prioritize its local community engagement initiatives, expanding on its ongoing efforts to create a more equitable, inclusive and climate-resilient Seattle, with organizations such as the Downtown Seattle Association, the Seattle Chamber of Commerce, the South Lake Union Chamber of Commerce and the University of Washington. About BioMed Realty BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. BioMed owns and operates high quality life science real estate comprising 14.5 million square feet concentrated in leading innovation markets throughout the United States and the United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle, Boulder and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 3.7 million square feet of Class A properties in active construction in these core innovation markets to meet the growing demand of the life science and technology industries.

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REAL ESTATE ADVICE

Vietnam's Flamingo Group Wins Big in Prestigious International Real Estate Awards

Flamingo Group | June 24, 2022

The Flamingo Holding Group (Flamingo Group), a key player in the real estate arena both in Vietnam and around the world, has emerged as the winners of two vital categories at the prestigious International Property Awards (IPA) 2022. The Flamingo Group is also the only Vietnamese enterprise to be awarded a pair of wins at the BCI Asia Awards 2022. At the IPA 2022 June 23 event in London, the Flamingo Group surpassed hundreds of prestigious real estate developers worldwide. It came out on top as the project with the best landscape architecture in the Asia Pacific and the best complex architecture in the Asia Pacific for the Flamingo Hai Tien located in Thanh Hoa, an investment hotspot in Vietnam. Tasked with innovating on the luxury resort real estate model, Flamingo Group received high praise from the professional judges for its green architecture and unique "Forest in the Sky" style. In addition, the Flamingo Hai Tien project was developed according to the model of Ibiza - the largest party island in the world - with the result of a paradise of villas and plenty of entertainment and food options stretching for kilometers. Established in the UK with nearly 30 years of operation, the IPA is considered one of the most prestigious annual real estate awards on the planet and is often indicative of a guarantee of excellent quality in global real estate. The Flamingo Group was also awarded double honors at BCI Asia Awards 2022 to be held on June 30, they have won 2 awards categories: Top 10 Developer 2022 and IDA Interior Design Award 2022 for the Flamingo Cat Ba project, the first Vietnamese enterprise to do so. In addition to the sustainable profit factor and towards the highest standard of a 5-star resort, Flamingo's design is also associated with the everlasting philosophy with nature. We apply this philosophy in architectural design, green space renovation, and application of green technology in operation, bringing the difference and portraying the "Flamingo identity" in our customer's and partners' hearts." Mr. Truong Xuan Quy, General Director of Flamingo Land Business JSC, a subsidiary of Flamingo Group "Projects in Dai Lai - Vinh Phuc, Cat Ba - Hai Phong, Hai Tien - Thanh Hoa will all have the fastest access to the rigorous standards of world-renowned 5-star resorts," he added. The BCI Asia Awards have been held annually since 2005, where the BCI Media Group and its judges help provide an overview of the architecture and construction industry in the region by recognizing the various architects & developers. They have had a significant impact on the Vietnamese market. About Flamingo Group Established in 1996, Flamingo Group has constantly been developing with exponential growth in many industries: leisure, real estate, tourism, hospitality services, construction, architecture, etc. Motivated by an ambitious desire for Vietnamese brands to achieve international reach with world-class products and services, Flamingo Group is now recognized as a leading leisure realty and hospitality developer in Vietnam and the surrounding region, with a series of renowned projects and a hall of fame including 65 prestigious national and global awards.

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Spotlight

The real estate development process involves three major groups- consumer group, a production group, and a public infrastructure group. Each group benefits from cooperation and a full understanding of the values,

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