Study reveals lack of smaller homes for sale for downsizers

Responsible Life | April 22, 2019

Older home owners in the UK who want to downsize to a smaller property are being hampered by a lack of smaller homes for sale, research suggests. In particular, there is a shortage of two bedroom houses which is what typical retirees are looking for, according to a study by retirement experts Responsible Life. In the worst affected areas, there are more than three four bedroom homes for every two bedroom homes on the market and nationwide, our bedroom homes outnumber two bedrooms in 66.7% of areas.

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Today's home buyers are 13 percent homes purchased by multigenerational household, top 6 search sources are online websites, real estate agent, mobile website or app, mobile search engine, yard sign, open house etc.


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REAL ESTATE TECHNOLOGY

Long View Equity and Endeavor Real Estate Group Acquire Ledgestone East

Long View Equity | March 16, 2022

Long View Equity in partnership with Endeavor Real Estate Group announced the acquisition of an 8.7 acre commercial parcel that fronts Highway 290 W and Ledge Stone Drive in Austin, TX. The property is in the ETJ of Dripping Springs within the Ledgestone Master Planned Community and is opposite of Belterra Village. The commercial development, called Ledge Stone East, will be a retail and office mixed-used development. It is anticipated there will be roughly 25,000 sf of retail and 25,000 sf of office space upon completion of the project. The development is aimed at breaking ground May 2022 with a Q3 2023 delivery. To-date, there has been strong interest in new retail at the project and is currently 25% pre-leased. Long View Equity is actively pursuing acquisition opportunities across office, industrial, and retail asset classes in major Texas markets. We are excited to be able to continue growing our portfolio in Central Texas through this development. We have seen firsthand the growth in Dripping Springs and are happy to be a part of it. We expect to make this project something the community can be very proud of." Daniel Campbell, Managing Director at Long View Equity Long View Equity Long View Equity, LLC, founded in 2010, is an Austin, Texas based investment management company that oversees investment decisions and operations of real estate investment funds and other syndicated investment vehicles. Long View Equity's core purpose is to create long-term value for its 100+ investors by making well-thought-out investment decisions, exercising diligence in management, and continually seeking out opportunities to create value. The Company pursues strategies involving the direct acquisition of core-plus and value-added investments and has a proven 10+ year track record of operating over 50 office, retail, or industrial real estate properties located primarily in metropolitan markets in Texas.

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INVESTMENTS

JLL Income Property Trust Acquires Newly Constructed North Tampa Surgery Center

JLL Income Property Trust | December 15, 2021

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.5 billion in portfolio assets, today announced the acquisition of North Tampa Surgery Center, a 13,000-square-foot, newly constructed medical office building in Odessa, Florida. The property is 100 percent leased on a long-term basis to Comprehensive Outpatient Joint and Spine Institute Center. The purchase price was approximately $8.5 million. "Within the office sector, our priority investments are healthcare-oriented, focusing on medical office and life science properties, In an uncertain environment for traditional multi-tenant office properties, these two healthcare-oriented sectors stand out for their lower vacancy rates, healthy net absorption and balanced new supply due to significant barriers to entry. These factors also lead to higher tenant retention, even during periods of weakness within traditional office market environments." -Allan Swaringen, President and CEO of JLL Income Property Trust. This acquisition increases JLL Income Property Trust's healthcare allocation to nine properties totaling more than 925,000 square feet, valued close to $360 million and representing approximately 7 percent of its overall portfolio. Swaringen added: "The shift towards outpatient, standalone surgery centers as an alternative to undergoing procedures in traditional hospital settings combined with the continued aging of our population positions medical office buildings as attractive portfolio additions to our stable value, income-oriented portfolio. It also positions the portfolio well to capture current and future demand, ultimately resulting in what we anticipate to be stable occupancy and long term cashflow." The build-to-suit property, newly constructed this year, comprises three surgery centers and new and innovative technology. The lease term is for 20 years and provides for an average of 2 percent annual rent increases. Located in the northern suburbs of Tampa, Odessa is a low-density but quickly growing community that is within 10 miles of nine hospitals, creating a strong base of potential referrals for North Tampa Surgery Center. LaSalle's Research & Strategy team forecasts the area should continue to see strong population growth and increased healthcare spending. JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms. About JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com. About LaSalle Investment Management LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.

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REAL ESTATE TECHNOLOGY

CEDARst Announces Residential Development Project Planned for San Diego's North Park and Hillcrest Neighborhoods

CEDARst | April 01, 2022

CEDARst Companies, a leading multifamily developer, announced plans to bring a new ground-up residential development to San Diego's historic North Park and Hillcrest neighborhoods. We are thrilled to bring our distinct brand of apartments to one of the best submarkets on the west coast. We believe our high-quality and fairly priced apartments will be a fantastic new option for residents of these historic neighborhoods." Will Murphy, Managing Partner and CEO, CEDARst 4135 Park Blvd. is expected to break ground later this month and open its doors 24 months after construction begins. The 205,000 square foot, $74.4 million project includes a 7-story midrise building that will offer a wide range of amenities, including a café, fitness center, spacious lounge, game room, and exterior deck with a pool, hot tub, cabanas, and communal kitchen. 4135 Park Blvd. is in a Qualified Opportunity Zone and is one of several CEDARst properties under contract in the San Diego region. "Opportunity Zones have opened up a unique chance for firms like CEDARst to develop high-quality apartments with top in class amenities at an affordable price point," said Murphy. "We're excited to work in such a dynamic community and look forward to expanding our footprint here in San Diego in the months and years ahead." Bridge Investment Group is an equity partner in the 190-unit project and BMO Harris Bank is the project lender. Construction will be managed by general contractor Suffolk Construction, and the project's architect is Studio E. "We are pleased to continue our partnership with CEDARst in a market like San Diego," said David Coelho, Chief Investment Officer of Bridge Investment Group's Opportunity Zone Funds. "The project fits well within Bridge's mandate to focus on multi-family, transit-oriented developments as an avenue to revitalize underserved communities by investing in building sustainable neighborhoods." CEDARst applies an innovative approach to residential developments with a focus on enhancing resident lifestyles and surrounding communities. Nationally, the firm has amassed a growing portfolio of distinguished and high-quality residential projects, spanning seven states across the country, with a unit count in excess of 5,000. About CEDARst CEDARst Companies is a fully integrated multifamily developer headquartered in Chicago Illinois. With over 50 years of combined experience, CEDARst applies a vertically integrated approach to the development of residential assets. CEDARst's $2 billion portfolio is comprised of more than 5,000 units, offering high quality apartments and a luxury experience at an approachable price point in markets across the country. About Bridge Investment Group Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $36.3 billion of assets under management as of December 31, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.

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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

Today's home buyers are 13 percent homes purchased by multigenerational household, top 6 search sources are online websites, real estate agent, mobile website or app, mobile search engine, yard sign, open house etc.

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