Softening Stamp Duty Stumps Up Surplus

Property Council | December 13, 2016

“This budget update encapsulates the worst of stamp duty – it keeps house prices high while reducing market mobility in a softening market,” Property Council NSW Executive Director Jane Fitzgerald said today.“The NSW Government has raised nearly $6.3 billion from residential property buyers across NSW to the middle of this financial year – an incredible cost placed on each and every home buyer in NSW.“If the NSW stopped its reliance on stamp duty and instead looked at other ways to raise revenue, then house prices would come down and affordability would improve. If you reduced stamp duty by 50 per cent, you would knock over $17,000 off the existing price of a median priced home in Sydney. By scrapping it completely which the Property Council advocates for, you would save just over $35,000.

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REAL ESTATE INVESTMENT

MG Properties Acquires Verona Apartments in Henderson, NV

MG Properties | May 30, 2022

MG Properties, a private San Diego-based real estate investor, owner, and operator has acquired the 275-unit Verona Apartments in Henderson. MG Properties owns five other properties in the Las Vegas submarket. Las Vegas' desirable Henderson submarket is one of the fastest growing cities in the country due to its job growth, award-winning master-planned communities, strong school system and amenities. Relative affordability of Las Vegas when compared to coastal metros has led to expansion by top employers, and the location of Verona Apartments benefits from excellent accessibility to multiple major throughways that connect residents to major job centers throughout the metro. Las Vegas continues to be a major beneficiary of the economic recovery, with strong population and employment growth. we are pleased to add Verona to our regional portfolio and continue to be optimistic about the future prospects for the Las Vegas market." Jeff Gleiberman, Managing Director of MG Properties MG Properties has acquired 11 communities in 2022 so far, totaling over 2,800 units exceeding $990 million in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada. Seller was represented by Taylor Sims of Cushman and Wakefield. Financing was provided by Brooks Benjamin and Corina Lam from Key Bank Real Estate Capital. About MG Properties MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 89 communities.

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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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REAL ESTATE INVESTMENT

Taconic Capital Advisors Closes $500M Distressed and Opportunistic Real Estate Fund

Taconic Capital Advisors | May 23, 2022

Taconic Capital Advisors, a global institutional investment firm, announced that it has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll (TCREDF III), with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated transactions. One year into its investment period, TCREDF III has already committed or closed on $300 million of investments across 15 distinct transactions. Taconic believes the COVID pandemic accelerated pre-existing trends and distress in the CRE market. A combination of aggressive pre-COVID financing and transaction assumptions, oversupply in specific markets and COVID-related societal and demographic shifts should continue to apply significant pressure on the CRE market providing ample investment opportunities. Taconic anticipates that hotel and office assets will comprise the majority of the fund’s investments. We are pleased to build on the performance of Funds l and ll with the close of our third real estate fund, TCREDF III. Our team has a proven ability to identify inefficiencies and dislocated investment opportunities across a host of market sectors, positioning our funds to maximize value for new and existing investors." James Jordan, principal and portfolio manager of Taconic Capital Advisors’ CRE investments About Taconic Capital Advisors Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $8 billion of total assets under management with offices in New York, London, and Hong Kong, and more than 100 employees worldwide. Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s unique and diverse transaction sourcing channels which including local operating partners, investor partners and a broad network of lenders, CMBS special servicers, trading desks and brokerage houses. Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 165 distinct transactions.

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REAL ESTATE TECHNOLOGY

New Western Enters Chicago Market with Eye on Revitalizing $543M Affordable Homes

New Western | May 24, 2022

New Western, the largest national private source of distressed residential investment properties, announced the opening of its first office in Illinois. This most recent geographic expansion to the Windy City is New Western's 43rd office location and its 19th state. Realtor.com lists Chicago as one of the Top Housing Markets Positioned for Growth in 2022. Chicago is the third-largest city in America and is a rapidly growing market. This is a big milestone and important market in our nationwide expansion with our latest office opening in the Prairie State. Providing affordable housing, especially in large markets like Chicago, is vital. When we help bring distressed properties back to the market, it's up to 31% less expensive than a new construction home. We pride ourselves on being specialists in providing exclusive inventory for real estate investors to evaluate and purchase in a matter of days and believe our presence in Chicago will positively impact the community." Kurt Carlton, co-founder and president of New Western New Western brings market insight and an exclusive marketplace with distressed investment property inventory to help real estate investors acquire fixer-upper properties. The company's agents are helping to address the affordable housing crisis by revitalizing distressed homes across the U.S., with nearly three million aged properties in the Chicago area alone, and 87.7% of them built before 2001. Richard Randall is the general manager (GM) and managing broker leading the new Chicago office, located at 1 Westbrook Corporate Center, Suite 300, in Westchester. As GM, Randall is responsible for recruiting, hiring, training and leading his team to revitalize $543 million in residential properties in the Chicago market over the next five years. "There is a disconnection in Chicago between what investors need and the properties that are available. Our business model works incredibly well in this environment," said Randall. "Investors are hungry for properties that are ideal for fixing and flipping, and our agents are the conduit that uncovers these gems." Randall began his career with New Western in 2015 in its Fort Worth office as a sales agent and quickly moved his way up, becoming an acquisition agent, then sales manager. In 2019 the company asked him to open its new Kansas City office and serve as its GM and managing broker. New Western is the largest private source of investment properties in the nation. Since 2008, New Western has bought and sold nearly $12 billion in residential real estate. About New Western New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers a new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers.

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