NEW YORK, NY – The Praedium Group, a New York City-based national real estate investment firm, today announced the acquisition of Fox Hill Apartments in Austin, TX and Park Place at Maguire in Orlando, FL.  The two well-located multifamily communities comprise a total of 530 residences.

Fox Hill, built in 2010, consists of 288 one-, two-, and three-bedroom units ranging in size from 899 square feet to 1,313 square feet. Unit interiors include nine-foot ceilings, black or stainless steel appliances, granite countertops, faux wood flooring throughout the kitchen and living areas, large walk-in closets, garden tubs, washer/dryers or connections, and patios/balconies with storage. Community amenities include a swimming pool, conference center, business center, clubhouse with lounge area, outdoor playground, BBQ grills, electric car charging station, dog park, and walking path.

The Praedium Group plans to further enhance the resident experience at Fox Hill through a targeted capital improvement program, consisting of unit interior and common area renovations.

According to Peter Calatozzo, Managing Director of The Praedium Group, “Fox Hill is a high-quality property which provides us with the opportunity to capitalize on Austin’s steady population growth, educated workforce, and employment drivers.”

Austin ranked first among the fifty largest U.S. metros based on net migration as a percentage of total population from 2010-2014. Due to this large influx to the region, the Austin metro population has expanded by 37% over the past decade. Austin’s unemployment rate currently sits at 3.2% compared to the state of Texas at 4.8% and the nation at 4.7%. Forbes recently ranked Austin #1 for “America’s Fastest Growing Cities” and “Cities Most Likely to Prosper Over the Next Decade.” Tech employment in Austin has grown at triple the national pace over the past five years, fueled by a population where the percentage of people with a bachelor’s degree or higher exceeds the national average by over 30%.

Park Place at Maguire, built in 2016, consists of 242 one-, two-, and three-bedroom units ranging in size from 650 square feet to 1,273 square feet. Unit interiors feature nine-foot ceilings, granite counters in kitchen and bathrooms, sinks with brushed nickel hardware, 42-inch cherry wood cabinetry, stainless steel appliances, faux wood plank flooring in living areas, designer track and pendant lighting, and kitchen islands with plumbing and deep bowl stainless steel sinks. Community amenities include a swimming pool and expansive sundeck, 24-hour fitness center, 5,600-square-foot resident clubhouse with a wet bar and billiards lounge, business center, internet café with a coffee bar, children’s playground, car care center, summer kitchen with grills and a covered dining area, leash-free dog park, and controlled access gated entry.

Twenty nine percent of Orlando’s job growth has been from professional and health service jobs, the largest driver in employment growth throughout the country. Orlando added 50,900 jobs in the year finished February 2017, an annual increase of 4.3% (over twice that of the national average). Orlando is expected to add another 171,000 jobs in the next 5 years, a 14.2% increase.

“Park Place is a high-quality asset in the Windermere/Ocoee submarket with barriers to entry and proximity to the town of Windermere,” said Chris Hughes, Principal of The Praedium Group. “We believe the property is well-positioned to benefit from the projected growth in Orlando in the coming years.”

“Orlando had an average annual employment growth rate of 4.3% over the past five years, compared to the U.S. average of 2.6%, ranking the MSA third amongst the top 50 metros,” added Lindsay Schuckman, associate of the Praedium Group.

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IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 15, L.P. (CA 15), an $85 million institutional low-income housing tax credit (LIHTC) fund.

The fund will buy eight properties in both suburban, urban and rural parts of California within the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo, Napa and San Luis Obispo. Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.

CA 15 is WNC’s 20th closed institutional fund focused on the development or rehabilitation of quality affordable housing in California, where demand far exceeds supply. Upon completion of all eight property acquisitions, WNC will have bought more than 300 properties within California.

“For 15 consecutive years, WNC has successfully offered and closed a LIHTC fund focused solely on supporting the affordable housing stock within the state of California, which is particularly limited,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Amid ongoing dialogues between the Trump administration and Congress regarding potential tax reform, WNC overcame unique structuring challenges to close this fund, working together with its development and investment partners to provide quality affordable housing units throughout the state.”

CA Fund 15 includes six institutional investors, five of which have previously participated in WNC funds.

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has bought more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands.

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NEW YORK, NY – Trepp, LLC, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, released its June 2017 US CMBS Delinquency Report.

The Trepp CMBS Delinquency Rate climbed by its highest amount in more than five years last month. The delinquency rate for US commercial real estate loans in CMBS is now 5.75%, an increase of 28 basis points from May. The jump in June’s reading is the highest rate increase measured since March 2012. The June 2017 rate is now 115 basis points higher than the year-ago level.

“After months of marginal increases, the ‘wall of maturities’ finally took a meaningful toll on the CMBS delinquency rate,” said Manus Clancy, Senior Managing Director at Trepp. “June’s climb is well below the rate increases regularly seen in 2010, but the reading should still be anticipated to go somewhat higher through the rest of the summer as pre-crisis loans reach their maturity dates.”

A whopping $2.4 billion in CMBS loans became newly delinquent in June, with two-thirds of that total coming from notes that hit their balloon date and were not paid off. More than $400 million in loans were cured last month, which helped push delinquencies lower by 10 basis points. About $1.3 billion in CMBS loans that were previously delinquent were resolved with a loss or at par in June, and that pushed the rate down by 31 basis points.

Delinquency readings for all five major property types increased last month. June’s largest increase belonged to the multifamily sector, as that rate shot up 110 basis points to 3.92%. As a result, the multifamily segment is no longer the best performing major property type. The office delinquency rate jumped 21 basis points last month to 7.46%. Industrial delinquencies spiked 20 basis points to 7.57%.

For additional details, such as delinquency status and historical comparisons, download the June 2017 US CMBS Delinquency Report.

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