JACKSONVILLE, FL – Resource Apartment REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, completed the buy of Bay Club Apartments.

Built in 1990, the 220-unit community features numerous amenities, including a resort-style pool, a fitness center, a business center, and a clubhouse. Each spacious apartment includes a private garage.

Located in the heart of Jacksonville’s desirable Southside/Bay Meadows area, the community is just 12 miles from downtown Jacksonville and 15 miles from the Atlantic Coast beaches. It is close to several major employment centers such as the Deerwood Park Office Campus, Bank of America/Merrill Lynch Campus, and St. Vincent’s Medical Center Southside. The community is conveniently situated within ten minutes of major retail options including the Southside Square Shopping Center, Avenues Mall, and the St. Johns Town Center Mall.

The REIT’s Chief Executive Officer, Alan Feldman, said that the acquisition represents an exciting opportunity to gain exposure to the vibrant Jacksonville market.

“We are excited to buy a fantastic community in a fantastic city. We like Jacksonville’s solid real estate fundamentals and its growth potential. Bay Club Apartments is a sought-after apartment community in a desirable location.”

Jacksonville is the largest city in Florida and has a diverse economy and an attractive quality of life. In the last two years, the Jacksonville area has made nearly 40,000 new jobs and, in March 2017, Temperamental’s Economy.com ranked it in the top quarter of all domestic urban areas for economic diversity.

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WASHINGTON, DC – Besyata Investment Group and The Scharf Group, both NY-based single family offices, have bought Arbor Vista in Washington D.C. metro for a buy price of $90 million.

Besyata and Scharf Group have been on a winning streak of successful acquisitions, only a few months ago closing on a $74 million 1,033-unit Multifamily Portfolio in Atlanta and Louisville.

BH Management, Besyata’s long-standing partner and leading property manager of 70,000 apartments in 23 states, will oversee the day-to-day property management and leasing.

Arbor Vista, Sienna Creek, and Sienna Gardens, together a 675-unit 1960-vintage garden style multifamily apartment complex in Adelphi, M.D., offers superior amenities, including a pool, playgrounds, community, fitness and business centers, laundry, and soccer field.

The community benefits from a convenient inside-the-beltway location within a few-minute drive from major roadways I-495 and I-95, allowing for an simple commute to downtown D.C., University of Maryland, The Mall at Prince George’s, and throughout the entire metro area.

The metro area has a diverse economy with strengths in core sectors, including professional and business services, education and health services, and agencies supporting the federal government. The submarket has an established hub of large employers, including University System of Maryland, FDA, Joint Base Andrews Naval Air Facility, IRS, Census Bureau, UPS, and NASA.

With the continued population growth and low unemployment, the submarket has a strong demand for class B units.

Besyata and Scharf Group plot to add value to the communities by creative modernization of the amenities and gradual unit renovations. The property will benefit from strong market fundamentals and organic rent growth. Besyata believes that investing in value-add class B multifamily transactions in well-positioned class B suburbia presents a prime opportunity to generate attractive risk-adjusted returns in the multifamily space.

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SEATTLE, WA – Rising rents in the nation’s booming urban areas are making crisis levels of homelessness that will continue or even accelerate as rents rise, Zillow research has found. The connection between homelessness and increasing rents is especially strong in places that are already facing rapidly growing homeless populations: New York, Los Angeles, Washington, D.C. and Seattle.

A five percent increase in New York rents over the next year would force nearly 3,000 more people into homelessness, according to a new analysis from Zillow. In Los Angeles, the homeless population would grow by roughly 2,000, and Seattle would see its homeless population increase by nearly 260. While the connection between the rising cost of housing and homelessness is generally accepted, Zillow’s statistical analysis is the first to forecast for each city how many people will be pushed into homelessness as rents increase over time.

Relying solely on the number of homeless people counted during a one-night survey is an imperfect method. Previous research has found that as few as 59 percent of unsheltered homeless people are included in a given countii. Weather, the number of volunteers and even the count methodology can change from year to year, affecting the accuracy of the count. This new research predicts the total number of people experiencing homelessness, expanding on the counted number.

Rents are at record highs across the country, and income growth did not keep pace as rents grew, making paying the rent increasingly unaffordable. Seattle and Portland, Ore. have declared states of emergency in response to the number of people experiencing homelessness. The median rent payment in Los Angeles requires 49 percent of the typical household income, leaving small opportunity to save in case of an unexpected medical bill, or loss of a job – events which could push a family into homelessness.

“We’ve seen so much pressure in rental housing markets that it’s made a rental affordability crisis that has spilled over into a homelessness crisis at lower income levels,” said Zillow Senior Economist Dr. Skylar Olsen. “Often, the rental demand in these markets isn’t being met with a sufficient supply. There are several cities grappling with this problem, but there is no one-size-fits-all solution for everyone. This report puts a number on the link between rising rents and homelessness, highlighting the very real human impact that rent increases are having across the country.”

Homelessness rates in New York, Los Angeles, Washington, D.C. and Seattle increased by at least four percent between 2011 and 2016, and these cities have a strong relationship between rising rents and growing homeless populations. Philadelphia, Chicago, Minneapolis, Detroit, and Pittsburgh also show a significant connection between rising rents and homelessness rates.

Not all markets in this analysis have a strong relationship between rents and the number of people experiencing homelessness, indicating that they have found a way to interrupt the trend. Even as rents have risen in Houston and Tampa, for example, the homeless population in each city fell. Other cities where the homelessness rates also fell include Chicago, Phoenix, St. Louis, San Diego, Portland, Detroit, Baltimore, Atlanta, Charlotte, and Riverside.

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