U.S. Remodelers Confidence Index Remains Steady in Q3

National Association of Home Builders | October 21, 2019

The National Association of Home Builders' latest Remodeling Market Index (RMI) posted a reading of 55 in the third quarter of 2019, remaining stable from the previous quarter. The RMI has been consistently above 50 indicating that more remodelers report market activity is higher compared to the prior quarter than report it is lower since the second quarter of 2013. The overall RMI averages current remodeling activity and future indicators. "Remodelers are reporting increased activity, especially in areas of the country impacted by recent natural disasters," said NAHB Remodelers Chair Tim Ellis, CAPS, CGP, CGR, GMR, Master CGP, a remodeler from Bel Air, Md.

Spotlight

Since 1994, Pennsylvania SERS has invested over $2 billion with Los Angeles based real estate manager Lowe Enterprises. As of December 2014, Lowe Enterprises managed $849.4 million in assets on behalf of Pennsylvania SERS through two separate accounts


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REAL ESTATE TECHNOLOGY

Three Sklar Kirsh Partners Named "Real Estate Visionaries" by LA Times

Sklar Kirsh LLP | May 20, 2022

Hot off a landmark dealmaking year for the real estate team at Sklar Kirsh LLP, the Los Angeles Times has recognized three of its attorneys as "Real Estate Visionaries." The firm announced today that Founding Partner Andrew Kirsh and Partners Serineh Baghdasarian and Peter Fischer were honored "for their contributions and leadership within their organizations, the legal field, and the community at large" by the publication's commercial real estate magazine. In 2021 alone, the firm's real estate team closed on approximately 200 transactions in over 25 states with a total asset value of approximately $7 billion across all asset classes including multi-family, office, retail, hotel, industrial, student-housing and self-storage. Jeffrey Sklar, co-managing partner and co-founder of the firm, said the team's worked hard to keep that strong momentum going in 2022. It's an honor for the firm's practice to be represented on the list, and given the incredible work they've done, I can't think of anyone more deserving of the title of 'real estate visionary' than Andrew, Peter, and Serineh. This recognition speaks to our group's commitment to clients and to the profession as a whole." effrey Sklar, co-managing partner and co-founder ofSklar Kirsh LLP The publication notes that Kirsh, who leads the real estate team, represents a broad spectrum of matters across the real estate industry, "including acquisitions, dispositions, equity investments, syndications, fund formation, development, leasing, financing, note purchases and foreclosures." Baghdasarian's practice includes extensive representation of real estate equity funds, developers, and investors in all areas of transactional real estate and real estate financing," adds the feature. She has helped various private equity firms grow their investment platform through her practical and hands-on legal approach and is considered an integral part of her clients' team. Fischer is recognized as an experienced commercial real estate transactional attorney who "routinely works on complex joint venture, fund formation, syndication and other transactions involving multi-family, industrial, assisted living, restaurants, hotels and hospitality, construction and office, as well as mobile homes and self-storage facilities" on behalf of a wide variety of clients. AboutSklar Kirsh LLP 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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REAL ESTATE INVESTMENT

Mill Creek Announces Start of Preleasing at Modera River Trail

Mill Creek Residential | December 18, 2021

Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., today announced the start of preleasing at Modera River Trail, a contemporary mixed-use apartment community located in the thriving Seattle suburb of Redmond. The community, which features 233 apartment homes and 4,700 square feet of ground-floor retail, sits approximately 15 miles northeast of Downtown Seattle and will provide residents with prime access to popular Marymoor Park and Lake Sammamish. Built with a modern industrial architectural theme, Modera River Trail will also offer high-quality home finishes, a unique array of common-area attractions and panoramic views of the Puget Sound region. Move-ins will begin in late January. Redmond has fast become one of the most desirable areas in the Seattle metro, and we are excited to commence preleasing for Modera River Trail, We believe the community will be a unique offering in the area and will serve as the perfect destination for residents to enjoy a work-life balance with a variety of neighborhood attractions within reach. We look forward to offering a best-in-class living experience for our residents." Steve Yoon, managing director of development in Seattle for Mill Creek Residential Situated at 15881 NE 85th Street and a short drive north of Redmond Town Center and Marymoor Park, the community is located in a vibrant, emerging downtown area possessing a superb Walk Score of 88 and Bike Score of 91. An abundance of retail, dining and entertainment options are contained within the Redmond Town Center, which is also home to three hotels, several healthcare outlets and a variety of fitness centers. Residents are also within a short walk of the Redmond Transit Center and within close proximity of State Route 520, which connects with Interstates 495 and 5, the gateways to the greater Seattle area and its thriving tech and healthcare employment centers. Modera River Trail offers studio, one- and two-bedroom homes with loft and den layouts available. Community amenities include a courtyard with barbecue areas, a sixth-floor clubroom with full kitchen, sky lounge with conference room and an expansive rooftop deck. Additionally, a hotel-inspired, two-story lobby includes a self-playing piano, gas fireplace, coffee bar and grand staircase. Residents will also have access to a HIIT-inspired fitness center with yoga room, pet wash and pet spa, karaoke/movie room, game room with poker and a large-screen TV, rentable storage spaces and Amazon HUB lockers with a large package overflow room. Apartment interiors at the keyless-access community are equipped with large windows for an abundance of natural light, wood-plank vinyl flooring, Energy Star stainless-steel appliances, gas ranges, quartz countertops, tile backsplashes, two-tone custom cabinetry, in-home washers and dryers, tile shower surrounds and edge-lit bathroom mirrors. Select homes include moveable kitchen islands, custom closets, breakfast bars and green-space views. Residents will also have controlled-access parking and guest technology, electric vehicle charging stations and dedicated bike storage. About Mill Creek Residential Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of September 30, 2021, the company's portfolio is comprised of 111 communities representing over 30,500 rental homes that are operating and/or under construction.

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REAL ESTATE INVESTMENT

Triumph Properties Closes on Land Acquisition for 287 Multi-Family Development Deal in North Phoenix AZ

Triumph Properties | April 08, 2022

Triumph Properties announced it has closed an $82.5mm total capitalization of a 287-unit multi-family development project, Aileron, located in the booming North Phoenix submarket. The land parcel of 9.87 acres was purchased from Moderne Capital Partners, who will be Triumph's development partner on the deal. Triumph believes that Aileron's location will benefit from the continued growth of the north Phoenix market including notable job announcements like the Taiwan Semiconductor Manufacturing Company (TSMC), who announced plans to open a 1,129 acre $12 billion factory. Aileron is 1 mile south of the Deer Valley Airport where Cox communications and Honeywell Aerospace have strong employment centers. Other notable nearby employers are Discover, Safeway Corporate and Albertsons. Aileron will feature a mix of studios, one-, and two-bedroom units averaging 842 square fee. Unit finishes will include vinyl plank and carpet flooring, quartz countertops, tile backsplashes, wood cabinets, stainless steel appliances, in unit laundry, air conditioning and more. Amenities will include, pool, spa, clubhouse, fitness center, BBQ area, secured access and package center. "We are excited about this project and our partnership with Moderne. Each of Moderne's Partners brings tremendous experience and value to the table. We believe this will be the first of many projects together", said Steve Feder, Principal at Triumph Properties. We are looking to make more strategic partnerships like we did on Aileron in the Southeast and Southwest as we expand our development pipeline. Suburban, garden-style apartments, surface parked or wrap product are what we are focused on." Blake Brewer, Director of Acquisitions at Triumph Properties AboutTriumph Properties Triumph Properties is a national full service commercial real estate investment, management, and development firm based out of Southern California. Triumph leverages decades of expertise and an innovative approach to maximize value for residents and investors.

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REAL ESTATE TECHNOLOGY

National Real Estate Firm Evernest Acquires Kansas City Property Management Business

Evernest | April 29, 2022

Evernest, a national, full-service real estate and property management firm, announced that they have acquired the property management portion of Kansas City-based Hunter Properties. The acquisition represents Evernest's foray into the Kansas City market, complimenting the 16 other real estate markets already served by the firm. The combination of Hunter Properties' local property management footprint in Kansas City, along with our full-service real estate offerings, will ensure an ideal experience for their current clients and allow us to build something special in the Kansas City market. Owners, residents, and investors will continue to receive the high-quality care they have come to expect, but now with Evernest's touch." Matthew Whitaker, Evernest Founder and CEO "Evernest's commitment to client care is one of the primary reasons for this deal," said Hunter Properties owner, Robin Hunter. "I have confidence in their ability to serve my valued clients and, as I'm retaining the real estate side of my business, I'm now able to focus primarily on buying and selling homes for my clients." Hunter Properties is the 18th organization purchased by Evernest. "Our goal is to find best-in-class property management providers who are ready to exit the industry. We take the legacy they've built and infuse it with our distinctive culture, including a national brand, in-house brokerage services, and in-house underwriting." In other words, this acquisition also opens the door for real estate investors looking to break into Kansas City. "As Evernest moves into KC, we're excited to help residents, owners, and investors achieve their real estate goals, whatever those may be," said Whitaker. AboutEvernest Evernest is based in Birmingham, Alabama, and operates in 17 real estate markets across the country. It is one of the nation's largest single-family and small multi-family investment brokers and property management providers. The firm manages more than 6,500 homes for over 3,000 owners, brokers more than 700 investment deals annually, and has made the Inc5000 list five of the last six years.

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Spotlight

Since 1994, Pennsylvania SERS has invested over $2 billion with Los Angeles based real estate manager Lowe Enterprises. As of December 2014, Lowe Enterprises managed $849.4 million in assets on behalf of Pennsylvania SERS through two separate accounts

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