Sun Belt | Jotup

Westwood Financial Announces Third Quarter 2023 Results

Retrieved on:

Monday, November 6, 2023

Commercial Building & Real Estate, Construction & Property, Sun Belt, Growth, Acquisition, Communication, ESG, Video game, Security (finance)

Westwood Financial, a leading commercial retail real estate investment firm, announced updates today on its financial and operational results for the three months ended September 30, 2023, which included:

Key Points:

Westwood Financial, a leading commercial retail real estate investment firm, announced updates today on its financial and operational results for the three months ended September 30, 2023, which included:
Achieved total leased percent of 97.2% vs. 96.8% same quarter end 2022 (+40 bps)
Achieved an inline shop leased percent of 94.6% vs. 93.4% same quarter end 2022 (+120 bps)
Achieved a total occupancy percent of 93.5% vs. 94.0% same quarter end 2022 (-50 bps)
“The third quarter of 2023 for Westwood was a great example of how operationally efficient and transactionally diligent the Company is despite challenging conditions in the market.
Our results for the quarter emphasize the core strength and recession resistance of our assets while also continuing to fortify our balance sheet.
“Each asset within the Westwood portfolio is located in a core, growth market in the Sunbelt region.
This gives the Company and our investors confidence in the operating and financial metrics of the portfolio despite challenging market conditions.

Impact Property Solutions Expands to Arizona with Acquisition of Interior Concepts

Retrieved on:

Wednesday, November 1, 2023

Impact Property Solutions (“Impact”), a Dallas, TX-based portfolio company of Blue Sage Capital (“Blue Sage”), is proud to announce its acquisition of Interior Concepts, Inc. , an Arizona-based provider of flooring products and installation services to multifamily and commercial properties.

Key Points:

Impact Property Solutions (“Impact”), a Dallas, TX-based portfolio company of Blue Sage Capital (“Blue Sage”), is proud to announce its acquisition of Interior Concepts, Inc. , an Arizona-based provider of flooring products and installation services to multifamily and commercial properties.
Interior Concepts, which opened its doors in 1985, covers Phoenix/Scottsdale and other key markets in Arizona.
Interior Concepts leadership will remain with Impact as we grow to other geographies to support Interior Concept’s and Impact’s customers on a broader scale.
“We are very excited to welcome the Interior Concepts team to the Impact family,” said Kerry Jones, CEO of Impact Property Solutions.

Pender Capital Launches Timely Interval Fund to Capitalize on Private CRE Debt Opportunities

Retrieved on:

Monday, October 30, 2023

Sun Belt, CRE, Environment, Investment, Entrepreneurship, Hedge fund, Fund, Financial services, Security (finance)

LOS ANGELES, Oct. 30, 2023 /PRNewswire/ -- Pender Capital ("Pender"), a leading provider of short-term, senior secured commercial bridge loans, today announced the launch of the Pender Real Estate Credit Fund, a continuously offered closed-end interval fund focused on private CRE debt.

Key Points:

LOS ANGELES, Oct. 30, 2023 /PRNewswire/ -- Pender Capital ("Pender"), a leading provider of short-term, senior secured commercial bridge loans, today announced the launch of the Pender Real Estate Credit Fund, a continuously offered closed-end interval fund focused on private CRE debt.
The Fund, the fourth investment vehicle operated by management, seeks to capitalize on a ripe investment environment spurred by a reduction in lending options coupled with increased borrower demand for short-term loans.
"We have a perfect storm of high-quality CRE assets and sponsors facing frozen capital markets and unfavorable terms from lenders.
The fund seeks to provide investors with stable risk-adjusted returns, favorable and simplified tax structure, and both increased investment diversification and capital preservation through real estate related investments.

I studied 1 million home sales in metro Atlanta and found that Black families are being squeezed out of homeownership by corporate investors

Retrieved on:

Thursday, October 26, 2023

Critics say this practice drives up home prices and worsens the housing shortage, making it harder for families to afford to buy.

Key Points:

Critics say this practice drives up home prices and worsens the housing shortage, making it harder for families to afford to buy.
So I analyzed more than 1 million property sales in the Atlanta metropolitan area from 2007 to 2016.
I found that global investment firms buying up local properties are indeed hurting Atlanta families – specifically, Black ones.

Neighborhood transformations

For an average neighborhood, home purchasing by large corporate investors explained one-quarter of that decline.
They’re even more concentrated in predominantly Black neighborhoods, where more than 10 houses in a row can be owned by the same corporation.
In my study, I found that large investors tend to snap up housing in majority-nonwhite, lower-income suburban neighborhoods.

Home is where the financial security is

Despite this, the national homeownership rate declined by 5.5 percentage points between 2007 and 2016, reaching a five-decade low of 62.9%.
To be sure, policies like racial covenants, discriminatory mortgage lending practices and redlining fueled low homeownership rates for Black Americans long before the Great Recession.
But global investors’ growing control of single-family homes only widens existing racial gaps in homeownership and wealth.

Directions for new research

While my study focused on Atlanta, it’s not the only place where residents are competing with global investors for housing.
Investment firms’ single-family rental portfolios are largely concentrated in Sun Belt metro areas, including Phoenix, Charlotte and Jacksonville.
Many investment firms have recently been switching from a buy-to-rent business model to a build-to-rent model, which could complicate matters.

An open-source tool for housing policy research

It’s been hard for researchers to identify corporate-owned, single-family homes, since it requires proprietary real-estate data and labor-intensive number crunching.
Using data-driven approaches like this is an important step toward developing policy solutions.

Brian Y. An does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Ready Capital Launches Small Balance Construction and Residential Finance Products

Retrieved on:

Wednesday, October 25, 2023

Sun Belt, RC, Labour-sponsored venture capital corporation, NYSE, BTR, Construction, Real estate

NEW YORK, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital”), a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans, today announced new financing products following a successful merger with Broadmark Realty Capital which brought niche construction lending strengths to this blended offering.

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NEW YORK, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital”), a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans, today announced new financing products following a successful merger with Broadmark Realty Capital which brought niche construction lending strengths to this blended offering.
The Small Balance Construction and Residential Finance program provides loans from $5 million to $20 million and includes the following project types: Development and construction financing for multifamily, Build-to-Rent (BTR), and lot development for residential developers.
These new products complement the existing Construction Lending program which provides capital solutions for projects up to $75 million, collateralized primarily by multifamily and industrial projects.
“The U.S. remains in a perpetual state of unmet housing demand that continues to drive the delivery of new residential units in a supply-constrained market,” said Alex Ovalle, Head of Construction Lending at Ready Capital.

Black Rock Coffee Bar Increases its Texas Reach with the Opening of a New Store in McKinney

Retrieved on:

Tuesday, October 24, 2023

Sun Belt, Privately held company, Coffee, Fastest, Ethanol fuel energy balance, Inc., LGBT culture in Dallas–Fort Worth, Nightclub, Pacific Northwest

Portland, Oregon, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Black Rock Coffee Bar , founded in Oregon and known for its premium roasted coffees, teas, smoothies and flavorful Fuel Energy drinks, has announced the grand opening of its inaugural store in McKinney, Texas.

Key Points:

Portland, Oregon, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Black Rock Coffee Bar , founded in Oregon and known for its premium roasted coffees, teas, smoothies and flavorful Fuel Energy drinks, has announced the grand opening of its inaugural store in McKinney, Texas.
Located at 5101 McKinney Ranch Parkway, the new Black Rock Store will open its doors on Friday, October 27, 2023.
“McKinney’s vibrant sense of community and family-friendly atmosphere make it an ideal match for us,” said Mark Davis, Chief Executive Officer, Black Rock Coffee Bar.
In 2023, Black Rock Coffee Bar ranked 1179th among America’s Fastest-Growing Private Companies by Inc. Magazine’s 5000 Annual List.

Crescent Communities Announces the Sale of Two Communities to TA Realty

Retrieved on:

Thursday, October 19, 2023

Sun Belt, National Green Building Standard, Sale, Fruit, LEED, Food, Carriage house, Architecture, Tennessee Heritage Protection Act, Senior, Nature, Growth, Crescent Communities, CARY, Partnership, TA, Triangle, WELL, Hotel

CARY, N.C. and NASHVILLE, Tenn., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Crescent Communities is pleased to announce the sale of NOVEL Harpeth Heights and NOVEL Cary to TA Realty .

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CARY, N.C. and NASHVILLE, Tenn., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Crescent Communities is pleased to announce the sale of NOVEL Harpeth Heights and NOVEL Cary to TA Realty .
Constructed in partnership with Pearl Street Partners , NOVEL Harpeth Heights marks the seventh multifamily community Crescent Communities has developed to date in the Nashville market, while NOVEL Cary marks the fifth multifamily community Crescent Communities has developed to date in the Triangle market.
“Since opening earlier this year, we’ve watched both communities provide tailored living experiences for our residents by embodying their distinctive and unique visions.
The sales come as Crescent Communities continues to look forward to more opportunities to grow its presence in the Nashville and the Raleigh / Triangle markets.

Black Rock Coffee Bar to Open its First Store in Goodyear, Arizona

Retrieved on:

Wednesday, October 11, 2023

Privately held company, Fastest, Inc., Radar, Growth, Environment, Black, Coffee, Sun Belt, Work, Nightclub, Pacific Northwest

Set to open on Friday, October 13, 2023, the new Black Rock Coffee Bar is located at 17171 W Yuma Road at the intersection of S. Cotton Lane in Goodyear.

Key Points:

Set to open on Friday, October 13, 2023, the new Black Rock Coffee Bar is located at 17171 W Yuma Road at the intersection of S. Cotton Lane in Goodyear.
“Goodyear has been on our radar for a long time,” said Mark Davis, CEO Black Rock Coffee Bar.
We are eager to be a part of this special place, offering fast and friendly service from our talented baristas.”
The new 2000-square-foot Black Rock Coffee Bar store showcases the boutique coffee chains’ signature industrial modern design.
In 2023, Black Rock Coffee Bar ranked 1179th among America’s Fastest-Growing Private Companies by Inc. Magazine’s 5000 Annual List.

Tricon Announces Date for Third Quarter 2023 Results Conference Call

Retrieved on:

Tuesday, October 10, 2023

Construction & Property, Residential Building & Real Estate, Security (finance), Tricon, NYSE, TSX, Conference, TCN, Sun Belt, Property management

Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”), an owner and operator of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, invites you to participate in its live conference call with senior management to discuss the Company’s financial results for the third quarter of 2023.

Key Points:

Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”), an owner and operator of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, invites you to participate in its live conference call with senior management to discuss the Company’s financial results for the third quarter of 2023.
The Company will also release supplementary information which will be available on the Tricon Residential Investor Relations website at www.triconresidential.com .
The conference call will be available via webcast on the Tricon Residential Investor Relations website at www.triconresidential.com .
A replay of the call will be available from 2pm ET on November 8th, 2023, until midnight ET, on December 8th, 2023.

Apartments.com Releases Rent Growth Report for Third Quarter of 2023

Retrieved on:

Friday, October 6, 2023

Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, BRIGHT, Multimedia, Risk, TruAmerica Multifamily, Growth, Weakness, CoStar Group, National Directorate of Security, Plague, Beauty salon, Commercial property, Employment agency, Tourism, Sun Belt

Today, Apartments.com – a CoStar Group online marketplace – published an in-depth report of multifamily rent growth trends for the third quarter of 2023.

Key Points:

Today, Apartments.com – a CoStar Group online marketplace – published an in-depth report of multifamily rent growth trends for the third quarter of 2023.
Imbalances between supply and demand continue to plague the once fast-growing Sun Belt markets, while markets in the Northeast and Midwest round out the top rent growth leaders.
Upward pressure on vacancy has led year-over-year asking rent growth to decelerate from 1.3% to 0.8% over the last 90 days.
Many of these markets finished the third quarter with negative year-over-year rent growth, particularly Atlanta and Austin, which witnessed their rent growth vanish from 17.0% at the end of 2021 to negative 3.1% and negative 4.8% respectively.