DALLAS, TX – Network Acquisition Partnership Alliance LLC, or NAPA Ventures, an Austin, TX based multifamily and commercial real estate investment company co-founded by Glenn Gonzales and Shravan Parsi announced the acquisition of Eagle Point and Pleasant Creek Apartments.

“As a team, we couldn’t be more pleased with the closing of Eagle Pointe and Pleasant Creek which completes our 1450-unit multifamily portfolio with eight properties in Dallas and Fort Worth MSA,” said Shravan Parsi, Co-CEO of NAPA.

DFW MSA is No. 3 in population growth in U.S. cities in 2016 per Realtor Magazine, “which gives us (NAPA) fantastic confidence in the buy of these properties,” Parsi said.

Eagle Pointe and Pleasant Creek Apartments were the last two in the portfolio of eight that were bought by the real estate investment firm. The two properties are a combined 315 units nestled in the DFW MSA area conveniently close to major employers such as PepsiCo, L’Oreal, and Proctor & Gamble. The units were bought in partnership with a local private equity group.

“With our deep knowledge in multifamily acquisitions and renovations, coupled with our innovative way of funding projects we are confident that we will be successful with this portfolio,” said Glenn Gonzales, Co-CEO of NAPA. “Our combined 50 years of experience in multifamily and our well-designed business plot is what sets us apart.”

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COLUMBUS, OH – Redwood Living and RED Mortgage Capital, the mortgage banking arm of RED Capital Group, LLC (RED), recently celebrated a significant milestone in their relationship with the closing of a $4.17M bridge loan for an eventual FHA 223(f) refinance on the Lakes of Ridgecrest Phase 4 in North Ridgeville, Ohio. With this closing, the two firms have now collaborated to close 50 unique financings for Redwood-owned assets, totaling in excess of $340M.

Redwood, one of the nation’s largest developers of single-tale apartment homes, currently manages over 9,000 units across the Midwest and into the Carolinas. RED is a Fannie Mae DUS lender and the number one producer of FHA insured mortgages by loan count of total closings in HUD FY15 and FY16.

The lending relationship started in February 2009 with the Fannie Mae DUS® loan closing of Plum Creek Apartments Phase 1 in Brunswick, Ohio. The loan, a $3.9M refinance of 54 units, was Redwood’s first non-CMBS loan closing.

“Redwood was growing rapidly in the early 2000s, but the housing crisis led to a distressed lending environment,” stated Andy Warnock, Director of Multifamily Housing for RED. “Redwood was looking for options outside of Wall Street to provide permanent financing to their newly constructed projects. We introduced Steve Kimmelman, CEO of Redwood, and his team to agency lending options and a deep relationship – and meaningful friendship – commenced.”

Since that first Fannie Mae DUS® transaction nearly eight years ago, RED has also arranged financing via multiple FHA-insured programs, through multiple CMBS securitizations, and utilizing its proprietary balance sheet. Additionally, RED has brokered Freddie Mac and Life Company business on behalf of Redwood.

“We trust RED,” said Kimmelman. “Andy and his team share a similar mindset and culture to our team at Redwood. Our finance department often communicates as frequently with RED employees as they do their own colleagues. That foundation of trust and the open lines of communication have allowed for tremendous success by both firms during – and after – one of the most challenging real estate markets in recent history.”

As Redwood’s portfolio has grown, so too has their need for permanent financing. RED closed three transactions with Redwood in 2009 totaling $12.18M. In 2016, RED closed and/or arranged financing for 14 Redwood assets exceeding $107M in loan volume.

David Conwill, President of Redwood Living, credits much of Redwood’s positive growth to its relationship with RED, stating, “RED Capital Group gets it. They are more than a lender; they are a trusted advisor who helps manage our pipeline, strategize new construction and refinance opportunities, attends internal committee meetings and champions the Redwood brand. Without the combination of resources between the two firms, Redwood’s torrid growth would be far less manageable.”

Redwood has grown from 17 properties and 1,536 units in 2009 to 110 properties and 9,032 units today (some of which are currently under construction), an annualized growth rate of 29%. Redwood has also expanded their footprint outside of Ohio to include assets in Michigan, Indiana, Kentucky, Iowa, North Carolina, and South Carolina, with plans for further expansion.

“We appreciate Redwood’s loyalties,” Warnock said. “Here’s to the next 50 closings.”

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SEATTLE, WA – The total value of the U.S. housing stock grew to a record-high $29.6 trillion in 2016, according to a new Zillow analysis. The housing market saw a strong year of appreciation, growing 5.7 percent in value, or $1.6 trillion.

The U.S. housing market has regained all the value lost during the housing crisis. The cumulative value of all homes in the U.S. declined by $6.4 trillion between 2006 and 2012 as the housing market collapsed.

A home is typically the largest part of an individual or family’s wealth, and the cumulative value of the U.S. residential housing stock is similarly significant to the national economy. The U.S. GDP is an estimated $18.7 trillion, nearly $10 trillion less than the value of all homes in the country.

Los Angeles and New York metros hold the highest shares of the country’s overall housing value, at 8.6 percent and 8 percent, respectively. The next most valuable metro is San Francisco, worth 4.2 percent of the overall housing value.

While several markets are now more valuable than they were at the height of the housing bubble, about 60 percent of the markets in the U.S. are still below the maximum values reached during the bubble years. For example, Chicago is still about $134 billion below the highest value it reached in 2006.

“Housing is incredibly vital to us personally and to the economy as a whole,” said Zillow Chief Economist Dr. Svenja Gudell. “The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery. As buying a home gets more expensive, affordability remains a concern for many, and these numbers highlight just how much people are spending on housing. The total value of the housing stock grew nearly 6 percent this year, a pace that will likely mean some American families are priced out of homeownership.”

Renters this year paid $478.5 billion, a $17.7 billion increase from 2015. About 635,000 new renter households formed in 2016, contributing to the amount of rent spent even as rent appreciation slowed. Apartment renters spent nearly $50 billion more than renters of single-family homes, as more multifamily construction became available this year.

Renters in the New York/Northern New Jersey metro paid the most this year, spending nearly $55 billion on rent.

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