May 16, 2013

Multi-Family Wire

LOS ANGELES – Trion Properties,  a Los Angeles-based real estate investment company acquired two multifamily properties in the California cities of El Cajon and Sacramento.In El Cajon, Trion acquired a 22-unit apartment building for $2,350,000, or $106,818 per unit. In Sacramento, the company acquired a 128-unit apartment building from a lender for $4,900,000, or $38,281 per unit.

SAN DIEGOOliverMcMillan, a San Diego-based real estate development firm,  and Capri Capital Partners, are building The Lofts at 688 13th Street, with a two-year construction schedule. The Lofts at 688 13th Street is planned as a five-story residential building fronting 13th Street between Market and G Streets in the East Village Arts District of downtown San Diego. Covering three-quarters of a city block, the new construction includes 208 mid-rise and ground-level apartments with studio, one-bedroom and two-bedroom residences and about 5,000 sf ground-level retail.

FORT LAUDERDALE, Fla. – The Morgan Group, a Houston-based multifamily developer has broken ground on a 331-unit midrise apartment development in Flagler Village in south Florida. Morgan acquired the site, which is located just north of the Las Olas River in downtown Fort Lauderdale, in December 2012. First move-ins are projected for Summer 2014. The site, which fronts Federal Highway, marks the return of The Morgan Group to south Florida and the company’s first development within Broward County. Said Chairman and CEO Mike Morgan. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again. Richard A. Buck is leading our regional development efforts and we’ve recently opened an office in Fort Lauderdale.”

PLAYA DEL REY, Calif. – Hendricks-Berkadia announced the sale of Tiffany Apartments, located at 8040 W. 83rd Street in Playa Del Rey. The 18-unit apartment community was sold for $4,325,000, $125,000 over asking price. The sellers had received 25 offers on the building, eight of which were at or over asking price. The transaction was negotiated by Steffan Braunlich and Mike McKinney of the South Bay Los Angeles office of Hendricks-Berkadia.

 

 

May 23, 2013

Houston Home Sales Hit a Six-Year High; Prices at All-Time Record High

By Ralph Bivins

April was the best month for home sales in Houston in almost six years as home buyers snatched up new listings at a pre-recession pace.

The Houston Association of Realtors reported 6,482 single-family homes were sold in April, the highest monthly sales total since August 2007 — a 27 percent gain over April of last year.

With inventory exceptionally tight, Houston home prices hit all-time record highs in April, according the Houston Association of Realtors.

The April surge continues an impressive 23-month real estate winning streak generated by low mortgage rates – with interest rates less than 4 percent – combined with the city’s strong economy – more than 111,000 new jobs were created in Houston over the last 12 months.

“The market is on fire in all prices ranges in many areas, particularly in the $2 million and down price range,” said Amy Bernstein, owner of Houston’s Bernstein Realty. She said many sellers are receiving multiple offers and new listings are going under contract within hours of being listed for sale.

With inventory exceptionally tight, Houston home prices hit all-time record highs in April, according the Houston Association of Realtors.

The April surge continues an impressive 23-month real estate winning streak generated by low mortgage rates – with interest rates less than 4 percent – combined with the city’s strong economy – more than 111,000 new jobs were created in Houston over the last 12 months.

The median price of a single-family home – the price at which half the homes sold for more and half for less – rose more than 14 percent to $184,900. The average price jumped 14 percent from last April to $253,907. Both represent record high prices for Houston

Many homes, even houses that are priced a little too high, will be shown to would-be buyers several times on the very day they are put on the market, Bernstein says. And many sellers receive multiple offers within two days of putting their house up for sale.

The inventory of homes for sale is very low. There’s only a 3.4-month supply of homes for sale, the leanest inventory since 1999. Some people are delaying putting their homes up for sale because they know prices are going up. Meanwhile, a lot of people are moving to Houston for new jobs and the city is leading the nation in job growth.

“The Houston housing market shows absolutely no sign of letting up,” says HAR Chairman Danny Frank with Prudential Anderson Properties.

May 22, 2013

Andres Duany, Godfather of New Urbanism, to Headline NAREE Journalism Conference

Acclaimed New Urbanism Architect Andres Duany to Address NAREE’s “Designs on the New Urban Grid” Conference in Atlanta in June

ATLANTA  – New Urbanism visionary Andres Duany, one of world’s most influential architects and urban planners, will address the National Association of Real Estate Editors’ 47th Annual Real Estate Journalism Conference in Atlanta in early June.

NAREE’s conference – “Designs on the New Urban Grid” -  will bring scores of journalists from around the country to Atlanta June 5-8 to focus on housing, commercial real estate and urban planning.

“Duany is the godfather of the New Urbanism movement,” said RealtyNewsReport editor Ralph Bivins, NAREE conference advisor. “He has changed the way communities are being built and the way cities will be designed in the future. In short, his ideas have changed America – and the world.”

Duany will speak Friday, June 7 at the substantive one-hour “NAREE Symposium: The Next Evolution of New Urbanism” at the Hilton Atlanta.

David Bodamer, editor of National Real Estate Investor, will moderate the symposium, which will include two noteworthy New Urbanism developers: Jackie Doak, chief operating officer of Dart Realty (Cayman) Ltd.; and Steve Nygren, president, Serenbe.  Doak will discuss The New Resort Town of Camana Bay, a 500-acre mixed-use development in the heart of Grand Cayman built using New Urbanism principles. Nygren is developing the Serenbe eco-village, a 1,000-acre sustainable community south of Atlanta.

Duany – hailed by The Atlantic magazine as “The Man Who Reinvented the City” – is co-founder of DPZ Architecture in Miami. His New Urbanism principles prescribe the antidotes to urban sprawl and auto-dominated lifestyles with focus on walkable, sustainable communities.

“We are honored to have Mr. Duany speak at our conference,” said NAREE President Kris Hudson, a Wall Street Journal reporter. “Attendees will be enriched by this opportunity to learn more about New Urbanism, in conjunction with other real estate topics.”

Along with speakers addressing home building, hotels, luxury housing, mortgages, and online real estate, the NAREE conference will carry the new urban design theme with speakers and tours including:

  •  Marianne      Cusato, the designer who created the Katrina Cottage as a cost effective      substitute for FEMA trailer housing victims of Hurricane Katrina in New      Orleans. She designed the Katrina Cottage during a Duany-led charette in      Biloxi, Miss.
  • Mark      Toro, partner of North American Properties, will host a NAREE tour of the      Atlantic Station mixed-use project in Midtown Atlanta.
  • Matt      Bronfman, CEO, Jamestown, will host a tour of Ponce City Market, the      largest adaptive re-use project in Atlanta’s history, with a redevelopment      of a massive Sears warehouse.
  • A      Saturday walking tour of Serenbe, including its 25-acre organic farm and      Farmer’s Market in the main village. Serenbe’s streetscapes are lined with      blueberries and connect with country walking paths.
  • Matt      Hudgins, a contributing writer to the New York Times, will lead the      “Workplace Debate: Downtown vs. the Suburbs” with panelists John McColl,      Cousins Properties; Robert Bach, Newmark Grubb Knight Frank; Rob Metcalf,      Jones Lang LaSalle and David Kitchens, Cooper Carry.

“NAREE 13 will bring journalists from the Los Angeles Times to the Chicago Tribune, the Washington Post and Boston Globe to Tweet, blog, report and write about the driving forces of where the next generation will live, work and play,’ said Mary Doyle-Kimball, NAREE Executive Director. “ I expect Mr. Duany will tell us not only about his vision of the future but also what might be done to re-make the sprawl in the suburbs. Just as millions left the farm in the post-World-War II era, millions are flocking to the urban core today.”

Equipping journalists to better report and interpret the real estate design and development is a vital component of the NAREE conference, Doyle-Kimball said.

The NAREE University sessions, covering digital media, blogging, Twitter and other journalism topics, will provide invaluable peer learning opportunities.  NAREE University peer faculty will include contributors and journalists from the Orlando Sentinel, Wall Street Journal, Commercial Property Executive, the Cleveland Plain Dealer, the San Diego Union-Tribune, Sarasota Herald-Tribune, MSN Real Estate, Unique Homes magazine, AOL Real Estate, Chicago Tribune, Atlanta Journal-Constitution and Los Angeles Times.

Visit www.naree.org for more information.

 

May 13, 2013

Growth of Fracking Prompts ConocoPhillips to Lease Two New Office Towers in Houston

By Ralph Bivins

Driven by the expansion of domestic fracking, ConocoPhillips will move 2,100 employees into two new office towers in the Energy Corridor area of West Houston.

The two towers are being developed Trammell Crow Co. in partnership with Principal Real Estate Investors at the southwest corner of Interstate 10 and North Eldridge Parkway, near the ConocoPhillips headquarters building.

The employees in the new towers will mostly be assigned to projects in the Eagle Ford Shale and Permian Basin of Texas and the Bakken Shale in North Dakota, according to a report by Nancy Sarnoff of the Houston Chronicle. With the use of hydraulic fracturing, or fracking, production in these domestic oil plays has taken off, creating thousands of jobs across the nation. Houston, known as the Energy Capital of the World, leads the nation in the growth of new jobs and housing starts.

ConocoPhillips leased 850,000 sf in two new buildings: all of Energy Center Three, a 20-story tower under construction, and half of the 22-story Energy Center Four, scheduled for a 2013 ground breaking.

In addition to these two buildings, Trammell Crow has an adjacent six acres where another building is planned

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