Where is the housing market headed? Pending Home Sales Tank 21% in March. Signs of Recovery in New Home Sales. The Housing Market Slides. Some Sectors of Housing Surge. Multifamily Housing Continues to Thrive. Renters are Converting to Buyers. These are just a sampling of the somewhat bipolar headlines relating to housing seen over the past two months. It seems the news in homebuilding is as volatile as the daily stock market swings as we navigate through life in the time of corona virus. If we had the proverbial crystal ball, we would know exactly what to do to weather the storm. Lacking such, the best we can do is make decisions based on sound research. For this we turn to the professionals who study the market statistics, forces and trends on a daily basis. The following article is provided to us by John Burns Real Estate Consulting. In a short and concise summary, they outline what their research says will be a few of the geographic opportunities that lie ahead. By Lesley Deutch & Ken Perlman While shelter-in-place is common among most markets, they each have very different housing market fundamentals. The key questions to ask for each market are:
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Brandon Corn moves to the Austin Division of Alliance Residential as Regional VP Operations, after serving as Director of Operations for two years in the company’s Phoenix, Ariz., office. Amanda Morse joined Alliance as a Leasing Manager in Austin, moving to the company from Greystar. And Xavier Garcia is now Development Manager in Austin. Krista Nelson is now Sr. Marketing Manager in Phoenix, formerly serving as Marketing Account Manager. Peter Ospitale is now Controller in Phoenix, previously serving as Accounting Manager.
Albert Castaneda joins Alliance as Development Project Manager in the Seattle area. He comes to the company from Deacon Construction where he was Director of Senior Housing. Ellen Proctor joined Alliance Residential as a Development Manager in Atlanta. She moves to the company after two years as a Development Associate with Pollack Shores. Stephanie Johnston has been promoted to Regional VP, from Regional Manager, in the company’s Dallas office. Victor Miramontes joined Alliance as a Leasing Manager in Northern California. He moves to the company from WSH Management where he was assistant property manager. Shandy Kellams is now Regional VP of Operations in the firm’s Houston office. She previously served as Regional Manager. Calista Diekmann is now Operations Manager in Southern California, previously serving as Regional Administrative Assistant. Ian Mendelson joins the company’s Southern California operation as Sales Manager, moving over from Equity Residential Brian Proell has moved to Altman Companies as project superintendent in Tampa. He previously worked in a similar position for Kast Construction. Altman recently promoted Catherine Colon to Property Directory in Orlando. She had been an Assistant Property Director in Orlando. AMCAL has promoted David Wolf to Senior Project Manager, from Project Manager, in the companies Agoura Hills Division. American Campus Communities has promoted Ryan Hurst to VP Leasing & Marketing, from Senior Director. Hurst works out of the company’s Austin corporate office. Michel Cabello is now VP of Human Resources. She had been HR Director. Likewise, Lynn Henson is now VP Recruiting and Employee Development, previously holding the title Sr. Director. Jeremiah Westly has joined AMLI Residential as Project Manager in the Atlanta market. He comes to AMLI after five years with Prestwick Companies. Shelby Moore is now Regional Marketing Director at Asset Living, formerly serving as a General Manager for the firm. And Ruthie Woodard is now Regional Leasing & Training Director for Asset Living. She moves to the company from Nelson Partners where she was Leasing Director for Student Housing. Steve Messer moves to Asset Living as Regional VP. He had been with the Asset Campus division as Regional Supervisor. And Saad Arij, is now VP of Training in Houston for Asset Campus, previously holding the title of National Director of Leasing. Tre Dozier is now Regional Leasing and Training Directory with Asset Campus. He had been a Lease-up Specialist with the company. Taylor Hansen is now Manager of Asset Management for AvalonBay Communities in Southern California. He had been an Associate Manager. In Virginia, AvalonBay has promoted Marguerite Brunn from Development Associate to Development Manager, while Paul Monterroza has been promoted from Procurement Manager to Sr. Procurement Manager, and Yoon Park has been promoted from Director of Design to Sr. Director of Design. While building starts have virtually ground to a halt due to the Covid-19 pandemic and country shutdown, builders are busy buying land and pursuing approvals for new projects and developments. Richmond American gained approvals for communities in Florida. Lennar buys nearly 30 acres in Northern California. Kolter Land has begun ground work on its' 435-acre West Port project in the The Sunshine State. M/I Homes is seeking approvals on several new Ohio projects.
In Northeast Florida, the Flagler County Commission unanimously approved the final plans for two subdivisions by Richmond American Homes in Matanzas Shores off State Road A1A. The first plan is for a 64-lot subdivision on 15 acres called Los Lagos at Matanzas Shores I. The second is for a 23-lot subdivision on 8.3 acres called Los Lagos at Matanzas Shores II. Reported by Daytona Beach News Journal (April 7, 2020) Lennar Corp. has purchased at least 29 acres in the Sacramento, Calif., market for $25.5 million. The property is located in the Fiddyment Ranch area in the city of Roseville. The land encompasses at least three non-contiguous parcels, both east and west of land recently purchased by Richmond American Homes. The seller was ATC Realty Corp., a division of Wells Fargo & Co. Reported by Sacramento Business Journal (April 14, 2020) Kolter Land Partners is moving ahead with land clearing in the Murdock Village portion of in its West Port community in Port Charlotte, Fla. West Port also is seeking approval to build more model homes and less parking for clubhouses in the community. The developers seeks to build 10 model homes, while two are now approved. I wants to decrease parking to increase green space, with the idea that residents will walk and bike to the community amenities. Charlotte County commissioners approved street plans for more homes in the northwest corner of the development. The Planning and Zoning Advisory Board also voted to recommend zoning changes on the 435-acre site. Those changes must still go before commissioners for final approval. The full site is authorized for up to 2,400 home lots and 300,000 square feet of commercial space. Meanwhile, construction and land use approvals continue on other major residential communities in Charlotte County, notably in Babcock Ranch and in Heritage Landing. Lennar Homes LLC received approval for projects in both Heritage Landing on Burnt Store Road and miles away in Babcock Ranch. The Heritage Landing project received approval for a layout of seven tracts for multi-family housing on 513 acres adjacent to conservation land bordering the Gulf of Mexico. This was a long-dormant project formerly called Tern Bay before it was bought by Lennar. In Babcock, Lennar received commission approval for a 15 single-family home street layout on 43 acres in a subdivision it has named Babcock National, phase 2. Babcock Property Holdings, LLC, the original developer for Babcock, received approval for a preliminary layout for 195 single-family homes on 59 acres. In Washington Township, Ohio, M/I Homes has proposed a development off Yankee Street that, if approved, would lead to the construction of 225 houses in the new neighborhood. Washington Glen would sit west of Yankee Street at the intersection of Yankee and Waterbury Woods Drive. The homes would be built over nine phases on approximately 84 acres of land. The lot sizes of the new homes would be .32 acres and the floor plans would average around 2,450 square feet per house. M/I Homes submitted the plan to the township on March 19. Reported by WHIO TV online (April 16, 2020) Elsewhere in the state, in Reynoldsburg, M/I Homes is planning 350 to 400 homes in the Spring Hill Farms development. The community is planned on land the city is annexing. The city council at the end of March approved extending city services for water, sewer, police and parks to the property. The city also is in discussions with National Church Residences for a potential senior-living facility in the area. Although under the city’s new zoning code the land is zoned residential medium, allowing multifamily developments, no apartments have been proposed. Reported by This Week Community News (April 6, 2020) Frontier Communities gained approval this month for a 65-home community in the city of Upland in California’s Inland Empire. The approval by the Upland City Council is the second major development allowed in North Upland in less than a month. Approval of the Villa Serena housing project on 9.2 acres of flood control property on North 15th Street between Campus and Grove avenues, comes less than two weeks after the City Council OK’d a logistics warehouse/transportaiton hub for Bridge Development on 50 acres northeast of Central Avenue and Foothill Boulevard. The project is rumored to be for Amazon. Ontario, Calif.-based Frontier will take a portion of the flood control basin and build detached homes 100 feet apart from each other. The homes will range from 2,159 square feet to about 2,591 square feet, with plans offer three to five bedrooms. Reported by Inland Valley Daily Bulletin (April 14, 2020) The pipeline for new multifamily development continues to flow as illustrated by several recent land acquisitions and city approvals by large developers. AMLI Residential has purchased 2.7 acres of land on South Broadway in Denver for a new 300-unit apartment community. Bristol Development Group expects to start construction in June on a 262-unit upscale apartment building in Henrico County, Va. San Francisco took a step closer to approving the 1,100-unit Balboa Reservoir being planned by Avalon Bay and its four partners. And Los Angeles-based developer Gemini Rosemont Commercial Real Estate, recently paid $18.2 million for a Brooklyn, N.Y., development site where it plans to develop a multifamily property.
AMLI's Denver purchase is situated within Broadway Park, a mixed-use, infill redevelopment totaling 75 acres and entitled for up to 10 million square feet of development. Denver-based D4 Urban is the master developer of Broadway Park and sold the land to AMLI. Chris Cowan and Mackenzie Walker of Newmark Knight Frank (NKF) Multifamily represented D4 Urban in the land sale. The sales price was not disclosed. Community amenities at the project, named AMLI Broadway Park, will include a rooftop deck; two-story fitness and clubhouse area; pool; barbecue and lounge area; dog run; and several courtyards. The property is designed to achieve LEED Gold certification, which is a hallmark of AMLI communities nationwide. The new community is the second vertical development within the Northwest District at Broadway Park. The site is adjacent to Price Development Group’s 345-unit multifamily property currently under construction, as well as a public plaza developed by D4 Urban on behalf of the Broadway Park North Metropolitan District, according to Dan Cohen, development partner at D4 Urban. AMLI Residential currently owns and manages more than 21,000 apartment homes in 16 cities, including 13 properties in Denver totaling more than 4,000 units once AMLI Broadway Park and AMLI RiNO come on line. Reported by REBusiness Online (April 7, 2020) Bristol Development Plans Groundbreaking on New Virginia Project Construction should start in June on a 262-unit upscale apartment building in Henrico County, Va. Bristol Development Group purchased the property located along Maywill Street near Thalbro Street, next to where construction is now underway on a five-story corporate headquarters building for specialty insurer Kinsale Capital Group Inc. Bristol, through its Bristol Maywill Partners LLC entity, purchased the 2.1 acres for $2 million last month, according to commercial real estate brokerage Cushman & Wakefield | Thalhimer, which represented the developer in the sale. The five-story Tapestry West development should be completed in about 18 months - around the end of 2021, said David Hanchrow, the chief investment officer for the Nashville, Tenn.-based Bristol Development. The apartments, Hanchrow said, will have high-end interior finishes similar to Bristol Development's other area projects including Canopy at Ginter Park apartment complex in North Richmond and the 373-unit 2000 West Creek complex in Goochland County, which it sold last year. Katerra is the general contractor on the Tapestry West project and Poole & Poole Architecture handled the design. The Tapestry West development is the latest of a list of projects in which Thalhimer’s David M. Smith has collaborated with Hanchrow and Bristol Development. Projects have included The Carriage Homes at Wyndham, The Madison at Spring Oak, Bristol Village at Charter Colony, 2000 West Creek, Canopy at Ginter Park and Artistry at Winterfield. Reported by Richmond Times-Dispatch (April 7, 2020) Large San Francisco Project Moving Closer to Approval After weeks of suspended hearings due to COVID-19, the San Francisco Planning Commission in early April approved the initiation of a General Plan Amendment, setting the stage for the proposed 1,100-unit Balboa Reservoir project to move forward. A development agreement for the $600 million project, planned on a 17.6-acre site owned by the Public Utilities Commission and located immediately west of the City College of San Francisco Ocean campus, was submitted to the planning department on March 11. The agreement outlines a number of community benefits, including $1.7 million generated annually for the city's general fund, as well as $1 million in other revenue and up to $26 million in one-time fees and benefit payments. On Thursday, the project’s development team — comprising Bridge Housing, AvalonBay Communities, Mission Housing, Pacific Union Development Co. and Habitat for Humanity of Greater San Francisco — is asking the commission to initiate a series of General Plan Amendments associated with the project. That technical step would clear a path for the project to seek further approvals from the commission, and eventually from the Board of Supervisors. The project was initially scheduled to break ground in 2022. The entire Balboa Reservoir spans 28 acres, with 10.4 acres known as the East Basin owned by City College. The 17.6-acre portion where the development is planned currently serves as a surface parking lot for the college’s faculty. Half of the proposed 1,100 residential units will be dedicated to moderate- and low-income households, per planning documents, and some will be set aside for students and teachers at the college. Initial plans called for the development team to subsidize the costs of 66% of the project’s proposed 550 affordable units through the market-rate rents, while the city would identify gap funding for the remaining 33%. Reported by San Francisco Business Times (April 6, 2020) Brooklyn Warehouse Site To Be Developed into Apartments Los Angeles-based developer Gemini Rosemont Commercial Real Estate, paid $18.2 million for a Brooklyn, N.Y., development site where it plans to develop a multifamily property. JLL Brokers brokered the sale of the property located at 167 N. 1st St. in the Williamsburg neighborhood. The lot currently houses a 13,867-square-foot warehouse with 17-foot ceilings that was constructed in 1920. Gemini plans to demolish the warehouse before beginning ground-up construction. No further details of the development plan were disclosed. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Stanislaw Rys/Kevsta Inc. Reported by REBusiness Online (April 9, 2020) |
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