Archive for December, 2012

Housing permits a good omen for N.C. – Triad Business Journal

From the Triad Biz Journal blog:

The number of building permits issued in North Carolina for single-family and multifamily homes increased during the third quarter, the Triangle Business Journal reports, citing figures from theFederal Deposit Insurance Corp.

Single-family permits were up by nearly 25 percent from a year earlier, while multifamily permits were up by almost 130 percent.


December 27, 2012 at 8:09 pm Leave a comment

NAAEI Partners with Multifamily Insiders for Webinar Series

An announcement from Multifamily Insiders’ Brent Williams:

For those who don’t know me, my name is Brent Williams and I am Chief Insider of Multifamily Insiders. And today, I am thrilled to share some very big news. Over the course of Webinar Wednesday’s history, we have had over 7,000 multifamily professionals attend, making it the largest premium webinar series in the industry. And today, we are excited to announce that the program just got much, much bigger. 

I am proud to announce that the Webinar Wednesday team now includes the National Apartment Association Education Institute! NAAEI joins the existing tandem of Multifamily Insiders and The Apartment All Stars, which means the webinars will be bigger, the topics will be even more timely and relevant, and attendees can now get Continuing Education Credits!

Here’s a link to a page with all the Webinar Wednesdays info.

December 19, 2012 at 5:02 pm Leave a comment

Mortgage Bankers on the Role of GSEs in Multifamily Financing

The Mortgage Bankers Association’s Multifamily Task Force has issued a white paper titled “Ensuring Liquidity and Stability: The Future of Multifamily Housing Finance and the Government-Sponsored Enterprises.” In it they make five recommendations:

  1.  Fundamentally, our nation’s housing policies should reflect the need for liquidity and stability in all multifamily market cycles.
  2. Private capital should be the primary source of financing for multifamily housing with support from a well-defined government-backed insurance program that ensures the market has access to liquidity in all cycles.
  3. Well-regulated entities should be eligible to issue government-backed multifamily securities. These entities should be mono-line, funded by private capital, focused on securitization and serve the workforce rental market.
  4. Stewardship of the existing GSE assets and resources on behalf of taxpayers should be a core consideration of any policy action.
  5. And finally, the long-term liquidity and stability of the multifamily finance system in all market conditions should be the core driver of whether or not the GSEs’ multifamily business should operate on a standalone basis relative to their single-family credit guarantee businesses.

A full PDF copy of the white paper can be found here.

December 19, 2012 at 4:11 pm Leave a comment

Triad Apartment Market Lagging Rest of Carolinas

From Property Management Insider:

… Greensboro/Winston-Salem is the key locale in the region where the performance is, in fact, not so hot.

That comparative weakness shows up a bit in terms of occupancy. As of 3rd quarter, apartment occupancy in the Triad stood at 93.1 percent. While that was about in line with the results posted in Columbia and Memphis, it was roughly 200 basis points or more under the occupancy rates across Charleston, Charlotte, Greenville/Upstate, Knoxville, Lexington, Louisville, Nashville and Raleigh.

Greensboro/Winston-Salem’s lackluster showing is even more pronounced in the rent growth metric. Effective rents for new leases moved up just 0.9 percent during the year-ending 3rd quarter in the Triad. Annual rent growth approximately doubled that in Knoxville and Memphis, and the region’s other notable markets all realized much, much stronger pricing jumps at least near 4 percent and up to whopping levels near 6 percent in Charlotte and Louisville…

With near-term job expansion anticipated to look only a little better than it does right now, Greensboro/Winston-Salem seems apt to remain among the weaker apartment sector performers in the region.

From the MPF Research report page for the Triad referenced by PMI:

The Triad area absorbed 439 units in 3rd quarter, while 293 units were estimated to have completed. That brought occupancy up a mere 0.3 points in the typically stronger 3rd quarter leasing period. Annually, demand topped supply, 1,307 units to 1,126 units, taking occupancy up 0.4 points to 93.1%. That put Greensboro/Winston-Salem in a tie with Tulsa for the 10th-weakest occupancy rate among the nation’s core 100 markets. With vacancies still problematic almost across the board in the Triad area, apartment operators haven’t achieved much rent growth. Same-store rental rates climbed just 0.9% year-over-year. That marked two straight quarters of annual rent growth under 1%. Of course, the key problem is that the Triad economy is still ailing. Employment growth is coming, but at a slow pace – with just 4,100 jobs added in the past year. Source MPF Research,

December 18, 2012 at 5:48 pm Leave a comment

Rezoning for Multifamily Development in North High Point Approved

According to this story in the Triad Business Journal, an 80 acre tract in north High Point has been approved for a rezoning by that will allow for a multifamily development on about 10 acres of the tract:

The parcel is located along the east side of Eastchester Drive south of Regency Drive, near an existing Sheetz store. Easter, a managing partner with Triad Commercial Properties, is the manager for two entities that own the land, SDL Johnson City LLC and SL Wendover LLC.

Easter declined to discuss specific plans, but confirmed that the rezoning will allow for a portion of the property to have a multifamily development.

“We are leaving 90 percent of the uses in place,” he said.

High Point City Council still needs to approve the rezoning request, which will be presented to the council on December 17.

December 14, 2012 at 2:55 pm 1 comment

Ginkgo Residential to Go Public

Ginkgo Residential is planning a $250 million IPO and will use those funds to aggressively pursue acquisitions:

Ginkgo Residential Trust Inc., a real estate investment trust that owns and manages apartments in the southern U.S., disclosed a plan to raise about $250 million in an initial public offering…

The company, led by Chief Executive Officer Philip Payne and Chief Operating Officer D. Scott Wilkerson, will “pursue an aggressive acquisition program” to expand its portfolio of mid- market apartments in the South and has identified about $270 million of potential purchases, according to the filing with the U.S. Securities and Exchange Commission.

“We typically do not face significant competition from other institutional multifamily real estate buyers for acquisitions in our target markets, as these buyers tend to focus on luxury properties in select gateway or coastal markets outside the southern U.S.,” the company said in its filing.

December 14, 2012 at 2:50 pm Leave a comment

Greensboro Housing Officials to Inspect All 177 Units at Heritage House Apartments

Greensboro housing inspectors have secured warrants to inspect all 177 units of the Heritage House apartment community beginning Monday, December 10, 2012:

City housing inspectors, accompanied by police, will go door-to-door inspecting a crime-laden apartment complex beginning today, Greensboro officials said.

Heritage House, 310 W. Meadowview Road, has been the site of dozens of drug crimes and, most recently, an Oct. 15 fatal shooting, city officials said.

The inspectors will check for housing code violations, and while the inspection may improve the building’s physical condition, it won’t directly affect the crime rate.

Deputy City Manager Jim Westmoreland said he expects the inspections to take two or three days…

City inspectors have warrants allowing them to enter each apartment, Westmoreland said. Police officers will be there to maintain order, Scott said. Police already have been working with the homeowners to deal with problems.

“There are a lot of good people who live in that building who want the same thing we do, to get rid of some of the problems,” Scott said.

December 10, 2012 at 2:58 pm Leave a comment

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