SUMMERVILLE, SC – Wood Partners, a national leader in real estate development and acquisition, announced today that it has broken ground on a 329-unit apartment community in Summerville, South Carolina.

Located 25 miles from Charleston, Alta Brighton Park will provide residents with convenient access to retail options, hotels, an extensive trail system, and major employers, including Volvo, Boeing, Mercedes and Blackbaud.

“We chose to develop Alta Brighton Park for a number of strategic and obvious reasons,” said Tom Burkert, director for Wood Partners for Western North Carolina and South Carolina developments. “With its ideal location and simple access to major employers, it also provides residents with access to the walkability of Charleston, along with the added benefits of ample space, and an outstanding school district, to name a few.”

The Class-A apartment community will include a pool deck and back porch with pond views, as well as a private resort-style salt water swimming pool, community room, fitness center, and resident library and business center. Parks are interspersed throughout the property, providing an attractive mix of private outdoor spaces and public gathering points, including a fireside inglenook and oyster pit. Each apartment will feature stainless steel appliances, granite countertops, wood plank flooring and individual balconies. 

Alta Brighton Park is located within Nexton, an emerging major employment center in the Summerville area that is bringing new shops, restaurants, events and nightlife to the area. Nexton offers a strong sense of community for all of its current and future residents. In early 2018, a dedicated interchange, Nexton Parkway, will open providing direct access into Nexton and Alta Brighton Park directly from I-26.

“We welcome Alta Brighton Park apartments to the Nexton community, a mixed-use neighborhood with proximity to Charleston’s major employment centers,” said Brent Gibadlo, vice president, general manager of Nexton. “The addition of these luxury apartment rentals will support the influx of new employment opportunities coming to the area. Residents will be able to walk or bike to multiple shops, restaurants and office spaces.”

Alta Brighton Park is expected to start leasing in Summer 2018.

Powered by WPeMatico

PHOENIX, AZ – A joint venture between Security Properties and funds managed by Oaktree Capital Management, L.P. bought Canyon Creek, a 440-unit property built in 1984 and located in Phoenix, AZ; Stillwater, a 516-unit property built in 1984 and located in Glendale, AZ; and Off Broadway, a 320-unit property built in 1986 and located in Mesa, AZ.  Security Properties now owns a total of eight assets in the Phoenix marketplace.

Metropolitan Phoenix is one of the nation’s fastest-growing regions, consistently recognized for strong job growth and an entrepreneurial environment. Affordability and a uniquely deep labor pool of applicable human capital continue to drive significant corporate investment in the market. Metropolitan Phoenix is forecasted to be in the top three major metropolitan areas in employment growth over the next two years. From 2017-2018, job growth is projected at 2.8% annually or roughly 112,000 jobs over the next two years. Metro Phoenix is also ranked #1 among major western markets for population growth through 2019.

The portfolio represents a value-add investment.  The joint venture plans to upgrade 100% of the units with a consistent renovation spec. The new spec will include a black appliance package, sprayed countertops, new flooring as well as updated lighting and plumbing fixtures. Additionally, 236 units will receive washer/ dryers.  Capital will also be focused on the upgrading of resident common areas/amenity space and addressing miscellaneous deferred maintenance items.

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “We are huge believers in workforce housing, especially in metros with substantial job growth.  The affordability of Phoenix relative to other west coast markets continues to attract renters and jobs to the area and this is why we are scaling up there.  Once our renovation is complete, we will be able to offer competitive units to the market while still maintaining a basis significantly below replacement cost.”

The property will be managed by Security Properties-affiliate Security Properties Residential.

Powered by WPeMatico

NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for May 2017 shows that home prices continued their rise across the country over the last 12 months.

YEAR-OVER-YEAR

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.6% annual gain in May, the same as the prior month. The 10-City Composite annual increase came in at 4.9%, down from 5.0% the previous month. The 20-City Composite posted a 5.7% year-over-year gain, down from 5.8% in April.

Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities. In May, Seattle led the way with a 13.3% year-over-year price increase, followed by Portland with 8.9%, and Denver overtaking Dallas with a 7.9% increase. Nine cities reported greater price increases in the year ending May 2017 versus the year ending April 2017. 

MONTH-OVER-MONTH

Before seasonal adjustment, the National Index posted a month-over-month gain of 1.0% in May. The 10-City Composite posted a 0.7% increase and 20-City Composite reported a 0.8% increase in May.  After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase. The 10-City Composite remained stagnant with no month-over-month increase. The 20-City Composite posted a 0.1% month-over-month increase. All 20 cities reported increases in May before seasonal adjustment; after seasonal adjustment, 14 cities saw prices rise.

ANALYSIS

“Home prices continue to climb and outpace both inflation and wages,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Housing is not repeating the bubble period of 2000-2006: price increases vary across the country unlike the earlier period when rising prices were nearly universal; the number of homes sold annually is 20% less today than in the earlier period and the months’ supply is declining, not surging. The small supply of homes for sale, at only about four months’ worth, is one cause of rising prices. New home construction, higher than during the recession but still low, is another factor in rising prices.

“For the last 19 months, either Seattle or Portland OR was the city with fastest rising home prices based on 12-month gains. Since the national index bottomed in February 2012, San Francisco has the largest gain. Using Census Bureau data for 2011 to 2015, it is possible to compare these three cities to national averages. The proportion of owner-occupied homes is lower than the national average in all three cities with San Francisco being the lowest at 36%, Seattle at 46%, and Portland at 52%. Nationally, the figure is 64%. The key factor for the rise in home prices is population growth from 2010 to 2016: the national increase is 4.7%, but for these cities, it is 8.2% in San Francisco, 9.6% in Portland and 15.7% in Seattle. A larger population combined with more people working leads to higher home prices.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

Powered by WPeMatico