SFR

The Promise Homes Company Secures Credit Facility from Leading Global Money Center Bank

Retrieved on: 
Thursday, April 4, 2024
Finance, Banking, Professional Services, Residential Building & Real Estate, Construction & Property, HOPE, LMI, Partnership, SFR, Promise, Senior, Strategy, Empowerment, Investment, Renewable energy

The Promise Homes Company, one of the largest minority-led managers of institutional-quality, single-family residential rental homes in the United States, announced today that it has closed on a revolving credit facility from a leading global money-center bank.

Key Points: 
  • The Promise Homes Company, one of the largest minority-led managers of institutional-quality, single-family residential rental homes in the United States, announced today that it has closed on a revolving credit facility from a leading global money-center bank.
  • The facility will refinance Promise Homes’ SFR portfolio of approximately 630 homes and will provide additional capital for the company to pursue its growth strategy.
  • The facility includes attractive terms to support the Promise Homes mission.
  • All Promise Homes residents who have enrolled in financial or credit counseling through Operation HOPE have improved their credit scores within 90 days of beginning the program, and as a result, receive rent credits through Promise Homes’ incentive program.

Offerpad Sponsors IMN’s Single Family Rental Forum East and West to Deliver a Solutions Center for All

Retrieved on: 
Tuesday, April 2, 2024
Software, Construction & Property, Networks, Finance, Professional Services, Technology, Other Construction & Property, Residential Building & Real Estate, Silver, Partnership, Information, SVP, IMN, SFR, Senior

Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-driven platform for residential real estate, today announced their participation as a Silver Level sponsor of Information Managing Network ’s (IMN) annual Single Family Rental Forum.

Key Points: 
  • Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-driven platform for residential real estate, today announced their participation as a Silver Level sponsor of Information Managing Network ’s (IMN) annual Single Family Rental Forum.
  • Offerpad will sponsor both the East and West Coast conferences, with East on May 20-22 in Miami, FL and West being held this December in Scottsdale, AZ.
  • This sponsorship opportunity reinforces Offerpad’s commitment to being a solutions center for all members of the real estate community, from consumers to investors.
  • They sponsored SFR East and West in 2023 and are reaffirming their partnership with the conference this year.

Monroe Capital Funds Make Strategic Investment in Second Avenue

Retrieved on: 
Monday, March 11, 2024
Professional Services, Other Construction & Property, Residential Building & Real Estate, Finance, Construction & Property, Asset Management, REIT, Growth, Partnership, Second Avenue, Acquisition, Capital, SFR, Yoy, Avenue, Multimedia

Monroe Capital LLC (“Monroe”), on behalf of its investment funds, today announced it has acquired a strategic minority ownership interest in Second Avenue’s operating company and has allocated approximately $250 million of additional capital to its investment platform through a mix of debt and equity capital.

Key Points: 
  • Monroe Capital LLC (“Monroe”), on behalf of its investment funds, today announced it has acquired a strategic minority ownership interest in Second Avenue’s operating company and has allocated approximately $250 million of additional capital to its investment platform through a mix of debt and equity capital.
  • The $250 million is structured as a follow-on investment that is expected to be deployed across various opportunities in 2024.
  • Second Avenue expects to double its home count in 2024 with Monroe’s follow-on commitment plus remaining previously committed capital.
  • We believe Monroe’s long-term investment can strategically enhance Second Avenue as one of the largest and more importantly efficiently managed SFR platforms in North America.”
    Mike Rothman, CEO and Founder of Second Avenue, said: “Second Avenue is extremely excited to announce our continued partnership with Monroe Capital, both from a PropCo and now an OpCo perspective.

Qira Launches Full Security Deposit Management Services

Retrieved on: 
Wednesday, March 27, 2024
SFR, Risk, SDA

As a part of their overall goal to give renters more financial options and decrease the upfront cost of moving, these items include groundbreaking security deposit alternative programs, security deposit payments and refunds processing with full escrow management, and now offering security deposit payment plan services.

Key Points: 
  • As a part of their overall goal to give renters more financial options and decrease the upfront cost of moving, these items include groundbreaking security deposit alternative programs, security deposit payments and refunds processing with full escrow management, and now offering security deposit payment plan services.
  • "Qira is proud to provide comprehensive security deposit services that offload administrative tasks, ensure properties are compliant with state laws and significantly reduce properties financial risk," said Revital Gadish, CEO of Qira.
  • When using Qira security deposit solutions, properties can offer their renters to choose a zero deposit program for a fee or pay the full security deposit either as a lump sum or in installments over the lease term.
  • For more information about Qira and its security deposit management services, please visit qira.com .

ATTOM RANKS BEST COUNTIES FOR BUYING SINGLE-FAMILY RENTALS IN 2024

Retrieved on: 
Thursday, March 14, 2024
Database, Bureau, Nation, Sale, Specialty store, SFR, Growth, Metro, Food delivery

IRVINE, Calif., March 14, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2024 Single-Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2024.

Key Points: 
  • From 2023 to 2024, median three-bedroom rents rose more than median single-family home prices in 216, or 63 percent, of the markets analyzed.
  • Potential annual three-bedroom gross rental yields for 2024 have increased compared to 2023 in 216 of the 341 counties analyzed in the report (63 percent).
  • For this report, ATTOM looked at U.S. counties with a population of 100,000 or more and sufficient home price and rental rate data.
  • ATTOM used single-family, home price data from its publicly recorded sales deed data, as well as three-bedroom rental data, collected and licensed by ATTOM.

Tricon Reports Strong Q4 2023 Results

Retrieved on: 
Tuesday, February 27, 2024
Other Construction & Property, Commercial Building & Real Estate, Construction & Property, REIT, Public expenditure, SFR, Growth, Sale, Appendix, NOI, Cryptocurrency

For the basis of presentation of the Company’s non-IFRS measures and reconciliations, refer to the “Non-IFRS Measures” section and Appendix A.

Key Points: 
  • For the basis of presentation of the Company’s non-IFRS measures and reconciliations, refer to the “Non-IFRS Measures” section and Appendix A.
  • Core FFO for the fourth quarter of 2023 was $45.7 million, a decrease of $51.2 million or 53% compared to $96.8 million in the fourth quarter of 2022.
  • This reduction was partly offset by NOI growth in the SFR business and strong performance from U.S. residential developments.
  • During the twelve months ended December 31, 2023, Core FFO decreased by $64.7 million or 27% to $172.6 million compared to $237.3 million in the prior year, for the reasons noted above.

Nationwide Inventory Levels Continue to Soar Despite Notable MSA Pullbacks, HouseCanary Report Finds

Retrieved on: 
Thursday, February 22, 2024
Professional Services, Data Analytics, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, Banking, Research, Human, Health, Q3, Federal, SFR, Self storage

As with preceding quarters, the continued inventory influx resulted in an expected Days on Market surge of 26.3% compared to Q4 2022.

Key Points: 
  • As with preceding quarters, the continued inventory influx resulted in an expected Days on Market surge of 26.3% compared to Q4 2022.
  • Given the high inventory levels, Q4 2023 witnessed a marginal increase in median SFR prices of 1.5% compared to the previous year.
  • Chris Stroud, Co-founder and Chief of Research at HouseCanary, commented: “Looking back at Q3, only four of HouseCanary’s tracked MSAs saw inventory decreases on a year-over-year basis.
  • Notable MSAs Signal Potential Inventory Easing: While remaining elevated historically, MSAs including Palm Bay-Melbourne-Titusville, FL have seen significant pullback with inventory dropping -50% year-over-year.

MFA Financial, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Thursday, February 22, 2024
Residential Building & Real Estate, Construction & Property, Professional Services, Finance, Internet, MFA, Risk management, Transition, MBS, Agency, GAAP, UPB, Eastern Time Zone, REO, SFR, Textile

MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the fourth quarter and full year ended December 31, 2023.

Key Points: 
  • MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the fourth quarter and full year ended December 31, 2023.
  • Fourth Quarter 2023 Financial Results:
    MFA generated GAAP net income for the fourth quarter of $81.5 million, or $0.80 per basic and $0.76 per diluted common share.
  • MFA estimates the net effective duration of its investment portfolio at December 31, 2023 declined to 0.91 from 1.05 at September 30, 2023.
  • MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Thursday, February 22, 2024, at 11:00 a.m. (Eastern Time) to discuss its fourth quarter 2023 financial results.

Yardi to Join the UK SFA to Support the Single Family Rental Sector

Retrieved on: 
Wednesday, February 14, 2024
SFR, Single, SFA, Housing, Partnership, Property management

LONDON, Feb. 14, 2024 Yardi®, an innovative asset, property and investment cloud software provider, will join the UK SFA (UK Single Family Association), the membership organisation for the single family rental sector across the UK.

Key Points: 
  • LONDON, Feb. 14, 2024 Yardi®, an innovative asset, property and investment cloud software provider, will join the UK SFA (UK Single Family Association), the membership organisation for the single family rental sector across the UK.
  • The UK SFA has been formed to recognise the distinct benefits and challenges that investing and operating in single family rental (SFR) brings.
  • "Joining the UK SFA is an important initiative for us to further support the sector in the UK," said Justin Harley, regional director for Yardi.
  • We look forward to working with the UK SFA as we believe the single family rental sector will provide an important source of housing for the market."

Gus Fonte Elected to Lead Nation's Largest Local Realtor Association

Retrieved on: 
Friday, February 2, 2024
Venus, Mia, SFR, ABR, MRP, Economic development, PMN, YPN, TRC, RCE, CIPS, Business improvement district, University, GRI, City, SRES, CNE, CAE, SRS, Vice, PSA, Policy, CCIM, Coral Gables, Florida, CRS, MPR, Real estate

MIAMI, Feb. 2, 2024 /PRNewswire-PRWeb/ -- The MIAMI Association of Realtors (MIAMI) installed 2024 MIAMI Chairman of the Board Gus Fonte, CCIM at its Inaugural & Awards Celebration on Feb. 2 at the Seminole Hard Rock Hotel & Casino in Hollywood.

Key Points: 
  • "As a proud MIAMI member since 1987, I'm honored to lead our incredible association, the largest in the United States"
    "As a proud MIAMI member since 1987, I'm honored to lead our incredible association, the largest in the United States," Fonte said.
  • Let's showcase our Realtor value proposition, continue our industry-leading advocacy efforts and elevate our Realtor education.
  • Fonte has volunteered his time as a MIAMI Association of Realtors leader since 2005, when he led MIAMI Commercial.
  • Born and raised in Miami, Fonte currently lives in Miami with his wife, Maryellen, and has two children, Gus and Mia.