IRVINE, CA – CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released its CoreLogic Home Price Index (HPI) and HPI Forecast for April 2017, which shows home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 6.9 percent in April 2017 compared with April 2016 and increased month over month by 1.6 percent in April 2017 compared with March 2017, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.1 percent on a year-over-year basis from April 2017 to April 2018, and on a month-over-month basis home prices are expected to increase by 0.7 percent from April 2017 to May 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity,” said Dr. Frank Nothaft, chief economist for CoreLogic. “In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home. This has led home-price growth to outpace rent gains. Nationally, home prices were up 6.9 percent over the last year, while rent growth for single-family rental homes recorded a 3 percent rise through April, according to the CoreLogic Single-Family Rental Index.”

“Interest rates on fixed-rate mortgages are down by one-fourth of a percentage point since mid-March, just in time to support the spring home-buying season,” said Frank Martell, president and CEO of CoreLogic. “Some metro areas have low for-sale inventory, small time-on-market trends and homes that sell above the list price. Geographically, gains were strongest in the West with Washington and Utah posting double-digit gains.”

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SEATTLE, WA – Security Properties and Intercontinental Real Estate Corporation bought Echo Lake Apartments, a 289-unit apartment property with 8,999SF of retail built in 2009 and located in Shoreline, WA. Security Properties now owns a total of 18 assets in the Puget Sound region.  The asset was bought in the fourth joint venture between Security Properties and Intercontinental.

Echo Lake Apartments are located in the Seattle suburb of Shoreline, WA. The community offers convenient access to major employment, transportation, retail and recreation. Twenty minutes south of Echo Lake is Seattle’s Central Business District, the Pacific Northwest’s largest employment center accounting for over 300,000 jobs. Twenty minutes to the north sits Boeing’s Everett Factory. The factory employs over 40,000 workers and produces Boeing’s large aircraft, 747s, 767s, 777s and the new 787 Dreamliner.

The location offers a wide range of transportation options as mass transit, SR 99 and I-5 are all easily accessible. The site is located directly on the rapid ride “E Line”, neighboring the Shoreline Park & Ride and blocks from the Aurora Village Transit Center. Echo Lake is also adjacent to SR 99 and a 5-minute drive to I-5, offering direct routes north to Everett and south into the Seattle CBD. Additionally, the future Shoreline Light Rail Station site is less than 5 minutes southeast of the property.  

The property is situated in a unique setting along the shores of Echo Lake. Immediately next to the resident clubhouse lies the 12-acre Echo Lake Park with expansive green space, boating, fishing, picnic areas, and a lake trail that connects into the 24-mile Interurban Trail.

Living at Echo Lake also provides residents access to Shoreline’s top performing schools. The highly desired Shoreline School District is rated 9/10 by greatschools.org and #10 on the Niche.com 2017 list of Best School Districts in Washington.

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket.  With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting over other apartments in the area.  Once we do our business plot, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline.”

According to Jessica Levin, Senior Director, Acquisitions for Intercontinental, “Seattle is a dynamic market and we are excited about the employment drivers in the area. Upon the execution of our business plot, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. This compelling combination makes Echo Lake Apartments an brilliant long term investment for our investors.”

Allen Logue, Associate Director, Acquisitions for Intercontinental added, “Intercontinental is excited to expand its Seattle area portfolio with our sixth acquisition. Echo Lake Apartments benefits from a ‘first ring’ suburban location exhibiting strong market fundamentals and close proximity to major arterials and public transportation nodes.”

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

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MIAMI, FL – Robbins Electra, one of the fastest-growing multifamily owner-operators in the Southeastern U.S, has announced the acquisition of Broadwater at the Hammocks, a 424-unit apartment community in Miami, Fla. The company intends to renovate and rebrand it as “Lago Paradiso.”

This acquisition in Miami increases the company’s Florida presence to 31 properties with approximately 9,000 total units. Nationally, Robbins Electra’s portfolio includes over 23,000 apartment units totaling over $2.5 billion in value.

“The acquisition of Lago Paradiso demonstrates our confidence in Miami’s strong job market and continued population growth,” said Joe Lubeck, CEO of Robbins Electra. “The conditions of the market have made a healthy demand for apartments. We plot on upgrading the apartments’ interiors as well as the community amenities, ensuring that it remains a welcoming, reasonably priced community for professionals and working families.”

According to the U.S. Census Bureau, Miami-Dade is the most populous county in Florida with a population of 2.69 million, rising by 7.8 percent in the past five years. The county has also experienced strong employment growth, with the adjusted unemployment rate falling to 5 percent in April.

Robbins Electra will carry out a multimillion-dollar property renovation at Lago Paradiso, upgrading apartment interiors and enhancing the community’s amenities. Located at 15000 SW 104th Street, Lago Paradiso features one- and two-bedroom apartments in two-tale buildings, and offers resort-style amenities including two swimming pools, a fitness center, a jogging trail, a sand volleyball court, and an indoor racquetball court.

The community is conveniently located near the Florida Turnpike, the Palmetto Expressway, as well as Miami International Airport and Miami Executive Airport. Within walking distance, residents can also take advantage of nearby shopping centers, fine restaurants, entertainment, and a public library. The property is currently 98% occupied with average monthly rents of approximately $1,218.

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