DANBURY, CT – Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of, a 192-apartment home multifamily community located in the hills of Danbury, Connecticut. The $32.25 million sales price equates to just under $168,000 per unit.

“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club just minutes from the Richter Park Golf Course,” said Victor Nolletti, an executive director who heads the Northeast for IPA’s Northeast and Florida team. “Previous ownership constructed a club room, fitness center and leasing center that positions the property to further benefit from an simple-to-do floor plot reconfiguration.”

“Danbury has solid historic occupancy and effective rent growth,” added Steve Witten, an executive director of IPA in the Northeast and Florida. “The city attracts lifestyle renters, renters by choice and young professionals, and provides them all with urban and suburban lifestyles at significantly less cost than comparable rental housing options in the Stamford-Norwalk metro and Westchester County.”

Nolletti and Witten, along with Eric Pentore, an IPA associate, and Wes Klockner of Marcus & Millichap’s New Haven office, represented the seller, Par Hillcroft LLC, and procured the buyer, Timberline Real Estate Ventures LLC.

The community is located at 10 Clapboard Ridge Road in Danbury, 20-25 minutes from Stamford and 30-35 minutes from White Plains, New York. Local employers include Boehringer Ingelheim Corp., Danbury Hospital, Pitney Bowes, UTC, Duracell Inc., GE, Lowe’s and the Danbury Honest Mall.

Powered by WPeMatico

IRVINE, CA – CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI) and HPI Forecast for December 2016 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 7.2 percent in December 2016 compared with December 2015 and increased month over month by 0.8 percent in December 2016 compared with November 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 4.7 percent on a year-over-year basis from December 2016 to December 2017, and on a month-over-month basis home prices are expected to increase by 0.1 percent from December 2016 to January 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.

“As of the end of 2016, the CoreLogic national index was 3.9 percent below the peak reached in April 2006,” said Dr. Frank Nothaft, chief economist for CoreLogic. “We expect our national index to rise 4.7 percent during 2017, which would place homes prices at a new nominal peak before the end of this year.”

“Last year finished with a bang with home prices up over 7 percent nationally, led largely by major metro areas,” said Anand Nallathambi, president and CEO of CoreLogic. “We expect prices to continue to rise just under 5 percent in 2017 buoyed by lack of supply and continued high demand.”

November data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Powered by WPeMatico

SOMERVILLE, TN – FOURMIDABLE, a national real estate property management and brokerage firm currently managing 15 communities throughout Tennessee, announced the opening of Turnrow, its newest community in Somerville.  

“FOURMIDABLE is proud to be part of the city and looking forward to managing such an upscale community,” said Michael Schocker, President of FOURMIDABLE. “Turnrow is going to be a wonderful addition to the Somerville area.” 

Turnrow offers residents 56 one, two and three bedroom homes. The newly constructed, energy efficient community features fully equipped kitchens with dishwasher, and in-unit washer and dryer.

The community will also offer residents an outdoor pool, business center, fitness center, furnished clubhouse and complimentary Wi-Fi throughout the property.

Turnrow is being developed in cooperation with the Tennessee Housing Development Agency under the Low-Income Housing Tax Credit program. The general contractor is BACAR Constructors of Nashville, Tenn. The developers for the property are Turnrow 2015 Limited Partnership.

The first residents went into their gorgeous new homes in January. Rental rates for Turnrow range from $490 to $590 a month. There are income limitations for residential applicants based on the area median income, but no direct rent subsidies are offered at the community.

FOURMIDABLE is a national real estate management and brokerage company that specializes in managing, marketing and leasing market rate, tax credit, senior and family government helped, public housing and rural development apartment communities. Founded in 1975, FOURMIDABLE currently manages 87 communities in 10 states, with more than 9,256 units under management.

Powered by WPeMatico