Author Archives: ipgocorp

Why the supply of homes for sale is the lowest since 1999

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(RECAP: House hunters out this spring will have to pound more and more pavement to find their home sweet home. The number of for-sale listings fell again in December to the lowest level since 1999, according to the National Association of Realtors. There were just 1.65 million homes for sale at the end of December, which at the current sales pace would take only about 3 ½ months to exhaust. A normal, balanced market has about a six-month supply. The shortage is being driven by surging demand and weak home construction. Single-family housing starts continue to rise, but very slowly each month. Builders are still operating at well below normal construction levels, and that doesn’t even account for pent-up demand from the housing crisis and growing household formation. Tight supply is pushing home prices past their peaks in some markets and well past income growth nationally. Mortgage rates were historically low in 2016, helping to offset the higher prices, but that is not the case this year.)

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U.S. Residential Combines Operations with Resource Residential to Create Leading Multifamily Firm

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DALLAS, TX – U.S. Residential Group, a national full-service, fee-based management company for conventional and affordable multi-housing communities, and a subsidiary of C-III Capital Partners, announced that it has combined its operations with Resource Residential, a former business unit of Resource America, Inc. The combination of US Residential and Resource Residential follows C-III’s acquisition of Resource America, Inc., in September 2016.

The newly combined Company manages over 200 properties and approximately 43,000 units in nearly 30 states. It also employs over 1,100 associates, ranking US Residential as one of the top 35 property management companies in the United States. US Residential’s and Resource Residential’s brands will continue to exist independently until property level transitions are completed.

The combined Company’s executive management team has extensive industry experience and expertise across all aspects of client service and operations. The management team is led by US Residential’s President, Stephanie Brock, an industry veteran with over 30 years of multifamily expertise, and includes Loyal Proffitt, Chief Operating Officer; Kelli Tomczak, Chief Administrative Officer; Caydee McCormick, Chief People Officer; and Mark Poston, Executive Vice President and formerly Chief Executive Officer of Resource Residential. The diverse skillset of the combined Company’s team furthers its industry leadership in delivering outstanding results to clients.

The combination of US Residential and Resource Residential leverages the best of both organizations to make a diverse suite of property management services and customized solutions covering property management, construction management, redevelopment, and lease-ups, all of which are carried out and delivered locally by experts in each of the markets that US Residential operates.

Stephanie Brock, President, US Residential, said, “The combination of our business with Resource Residential is a transformative milestone for both organizations and we look forward to collectively harnessing the talent and power of this new Company to make exceptional experiences for our associates, clients and residents. Through our expanded geographic footprint and newly combined platform, we will provide property management solutions to an even broader array of clientele. From coast to coast, from high-rise to garden apartments, from marketing and leasing to property repositioning, the US Residential team can meet your every need wherever you need us.”

US Residential is extraordinarily well positioned to grow both through third-party management contracts and with affiliate investment management businesses at Resource Real Estate and C-III Capital Partners, a commercial real estate services company.

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PRG Real Estate Acquires 208-Unit Garden Style Multifamily Community in Lexington, Kentucky

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PHILADELPHIA, PA – PRG Real Estate, a leading multifamily real estate investment and management firm, announced the acquisition of The Resort at Lake Crossing Apartments, located in Lexington, KY.

The Resort at Lake Crossing is a 208-unit garden-style apartment community located along the major thoroughfare of Richmond Road. The community’s location provides proximity to major employers such as IBM, Lexmark, and Trane along with regional attractions such as The University of Kentucky, Jacobson Park, and the Keeneland Horse Racing Track.

Built in 1999, The Resort at Lake Crossing provides a favorable mix of 1, 2 and 3 bedroom units with spacious floorplans averaging over 1,000 square feet. Unit interiors are well-appointed with oversized bathtubs, wood burning fireplaces, vaulted ceilings and large patios or balconies. The property also has a wide variety of unique amenities to offer residents such as a saltwater pool and sundeck, 24-hour health and fitness center and a full-service coffee bar and picnic area. PRG plans to further enhance the community by redecorating the clubhouse and upgrading the apartment homes with new appliances, flooring and fixtures.

“PRG is excited to assume ownership and management of Resort at Lake Crossing which will be our 4th acquisition in the Lexington market,” states CEO Sam Foster. “We have found that hands on management and focused customer service is the key to success. Our plotted capital improvements will enhance both the apartment interiors as well as common area amenity space, improving the resident living experience and increasing the value of the property.”

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