Mortgage Rates Today, Friday, Oct. 7: Little Change, Rents in West to Surge

The News Funnel | October 07, 2016

Mortgage rates for 30- and 15-year fixed loans didn’t budge at all, while 5/1 ARM rates saw a tiny dip, according to a NerdWallet survey of mortgage rates published by national lenders Friday.

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BUYING/SELLING

Walker & Dunlop Completes the Sale of Richwood, Texas Apartments

Walker & Dunlop | June 30, 2022

Walker & Dunlop, Inc. announced that it facilitated the sale of East Bank at Richwood Village, a 200-unit luxury apartment complex located in Richwood, Texas. The property represented a rare opportunity to invest in a high-quality asset within the greater Lake Jackson submarket, a fast-growing area with limited multifamily stock. Ryan Epstein and Jennifer Ray led the Walker & Dunlop team in facilitating the disposition from the seller, Pensam Capital, LLC to the buyer's representative, BR Premier Properties. The team assisted the client throughout the entire transaction, ensuring a favorable sale price. Demographic and employment trends within the Lake Jackson area have been extremely positive over the past several months. Occupancy and rent growth in the immediate area have both been increasing significantly, making East Bank an excellent investment opportunity." Ryan Epstein,Managing Director With premium garden-style multifamily residences, East Bank at Richwood Village caters to the Alvin, Angleton, and Lake Jackson submarkets. The community's amenities include a cybercafé, fitness center, clubhouse, outdoor firepit, and dog park. In addition, Dow Chemical, the largest employer in the Lake Jackson area with nearly 4,000 employees, is located less than five miles west of East Bank at Richwood Village. The broader Brazoria County area also offers employment in many different industries, with oil, gas, and chemical companies at the top of the list of employers. Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. Visit our website for information about multifamily properties available for sale via Walker & Dunlop's property sales platform. About Walker & Dunlop Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

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REAL ESTATE ADVICE

New Urban Land Institute Report Explores How Real Estate Sector Can Support People Experiencing Homelessness

Urban Land Institute | June 28, 2022

A new report from the Urban Land Institute (ULI) investigates how the real estate community is working to address the homelessness crisis in the United States. The report explores how to support people experiencing homelessness through creative housing solutions and collaboration with community organizations, with the ultimate goal of providing abundant, affordable, and high-quality housing for affected and at-risk populations. According to the U.S. Department of Housing and Urban Development, 2020 marked the fourth consecutive annual increase in people experiencing homelessness. Homelessness is a systemic challenge that necessitates the involvement and collaboration of the government, the private sector, philanthropic organizations, health and social services, faith communities, and the public. The ULI report, Homeless to Housed, offers housing case studies, universally applicable lessons, and a blueprint for how to replicate best practices in other communities to show how the development community can be an active partner in addressing homelessness. More than ever before, homelessness is being driven by rapidly increasing housing costs, and the public and private sectors must work together both to meet the needs of the unhoused and to prevent more households from falling into homelessness. This report offers creative models and examples of how the real estate community is effectively leveraging its housing development, management, investment, and financing expertise to enable cities to overcome the growing challenge of homelessness." Christopher Ptomey, Executive Director of the ULI Terwilliger Center for Housing Key takeaways from the new report include: Housing is important, but social services are essential: Housing is an essential first step in addressing homelessness, but it is not a solution in and of itself. Comprehensive social services are a critical second component. Delivering one without the other offers little chance of successfully tackling the crisis. Novel, creative solutions are needed: Nowhere is the need for innovation more evident than in seeking to address homelessness. Two areas of focus are cost-effective construction methods and non-governmental funding sources. Private companies -- both in real estate and in other sectors -- have a vital role to play in the latter. All segments of the community must play a role: Homelessness affects real estate, health care, social services, education, economic development, and more. Community collaboration is essential, particularly among the private and public sectors. The real estate sector is obligated to provide cost-effective housing, and it is incumbent on governments to pursue bold policies that allow for more housing for people of all income levels. Homelessness is a multifaceted issue, but in many cases links back to economics: Whether because of a lack of affordable housing, low wages, unexpected expenses, loss of employment, illness, lack of insurance, or a domestic issue, homelessness can be a result of economic stress. The report includes seven case studies that feature creative solutions for addressing homelessness that could serve as models for investors and developers alike: New Orleans: City of New Orleans Shelter and Engagement Center provides a 24-hour shelter to 100 homeless individuals and provides services to help guests secure permanent housing. Mountain View, Calif: LifeMoves is a supportive interim housing community that provides intensive case management services to help clients overcome homelessness and return to sustainable housing. Long Beach, Calif: Former Best Western Motel Conversion was the recipient of funds from Project Homekey, California's innovative $600 million program to purchase and rehabilitate housing. The former motels now provide temporary housing for residents 65 and older with pre-existing conditions that put them at greater risk of contracting COVID-19. San Antonio: Haven For Hope is the largest mixed-use development in the United States that provides housing for people experiencing homelessness, as well as job training, education, medical care, identification recovery, case management, and animal care services. Sharon Crossing, N.C.: The Lotus Campaign is a non-profit organization that increases the availability of housing for people experiencing homelessness by engaging with the private, for-profit real estate and investment communities. Recognizing that neither the public nor private sector can solve homelessness alone, the Lotus Campaign strives to bridge that gap while minimizing risks for vulnerable renters. San Francisco: The Bryant Street Project provides 145 apartments of permanent supportive housing near public transit, grocery stores, and community parks to ensure that residents have access to neighborhood amenities and services. Washington: John and Jill Kerr Conway Residence provides housing constructed with sustainable materials as well as health and social services to veterans experiencing homelessness in collaboration with the U.S Department of Veterans Affairs. Berkeley, Calif.: The project at 2012 Berkeley Way is a redevelopment of a surface parking lot in downtown Berkeley that will create three distinct projects – an 89-unit affordable family housing development; a 53-unit permanent supportive housing development; and a homeless shelter plus transitional housing – in one unified building. The full Homeless to Housed report is available on ULI's Knowledge Finder platform. About the Urban Land Institute The Urban Land Institute is a non-profit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines.

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AGENT,REAL ESTATE ADVICE

RESAAS Wins PropTech Breakthrough Award for Second Year Running

RESAAS Services Inc. | September 09, 2022

RESAAS Services Inc., a technology platform for the real estate industry, today announced the Company has won the PropTech Breakthrough Award: Agent Match Solution of the Year for the second consecutive year. "RESAAS is proud to be recognized by this prestigious global award for a second consecutive year, showcasing the pedigree of our enterprise-grade technology platform, RESAAS continues to cement its position as the real estate industry's leading solution for Agents and Brokers to secure new business. By focusing on unique real estate data, RESAAS solutions provide unrivalled business value to the global real estate industry." -RESAAS CEO, Tom Rossiter The 2022 PropTech Breakthrough Awards received over 1,500 nominations globally. Winners alongside RESAAS include Rocket Mortgage, OpenDoor, Appfolio, and TenantBase. Submissions were judged on several critical characteristics including innovation, functionality, performance, ease of integration and ease of use. About RESAAS Services Inc. RESAAS is an award-winning global technology platform for the real estate industry. With over 500,000 real estate agents utilizing RESAAS in 160 countries, RESAAS enables real-time industry communication, delivers new business opportunities and captures unique real estate data. Some of real estate's biggest brands leverage RESAAS to provide business intelligence to real estate brokerages, franchises and associations.

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REAL ESTATE ADVICE

Sklar Kirsh Expands Real Estate Team with Amit S. Patel

Sklar Kirsh | June 29, 2022

Los Angeles-based law boutique Sklar Kirsh LLP announced that it has bolstered its real estate practice with the addition of Amit S. Patel, who joins the firm as a Partner. Patel represents owners, developers, and investors in the acquisition, sale, lease, development, and financing of retail, office, commercial, industrial and residential real estate. His recent work includes oversight over the fifth largest multifamily sale in the history of U.S. real estate, worth approximately $1.85 billion and consisting of 13,243 apartments at 36 properties, 21 loan defeasances and 11 loan assumptions. An expert in portfolio transactions on behalf of industrial owners, he recently handled approximately $850 million over two sales of 26 properties. Joining the highly successful practice chaired by firm Co-Founder Andrew T. Kirsh, Patel brings the total number of attorneys working under the firm's real estate arm to 18. We've been expanding steadily as a firm, but our goal hasn't been to add attorneys for the sake of it - we're cultivating talent that will add value to our clients for years to come. Between Amit's thriving practice and his tireless dedication to his practice, we couldn't be happier to add him to the team." Andrew T. Kirsh,Co-Founder Patel additionally counsels clients in operating and tenants-in-common agreements, restructuring and buy/sell agreements and property management agreements. Patel praised the quality and versatility of Sklar Kirsh's real estate team, which he attributed as a primary motivator for joining the team. "I've always taken a comprehensive approach to representation, guiding clients from start to finish while looking out for them from every angle," said Patel. "It's refreshing to be practicing with a team of professionals who shares and complements that mindset." AboutSklar Kirsh Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation.

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