BELLEVUE, WA – Quadrant Homes announced the grand opening of Viscaia, their new townhome community in the heart of Bellevue’s Crossroads neighborhood. The community will include premium townhomes starting ranging in size from 1,800 to 2,500 square feet, with up to four bedrooms and two-car garages.

Located in close proximity to Microsoft’s main campus and local interstates 90, 405 and 520, Viscaia is built to appeal to Seattle and eastside tech employees.

“We’ve seen a flood of interest from prospective buyers who want to live in a vibrant urban setting,” said Ken Krivanec, president of Quadrant Homes. “This is the ideal community for buyers looking for thoughtful, livable townhome design, complimented with close access to employers, restaurants, retail, and entertainment.”

Quadrant Homes partnered with Bellevue-based Medici Architects on Viscaia. Each townhome will offer Quadrant’s signature personalization, where buyers can select designer features that fit their lifestyle. They will also offer 10-foot ceilings, open railing staircases, and main-floor living with first floor bedrooms and baths.

One of Bellevue’s central neighborhoods, Crossroads is rated by Walkscore as the second most walkable neighborhood in the city with a neighborhood Walk Score of 60. The neighborhood is home to the Crossroads Bellevue Shopping Center, Bellevue Youth Theatre, Crossroads Community Center, and a slate of well loved parks.

“The overwhelmingly positive response has demonstrated that this is the right product, in the right location,” said Krivanec. “We suggest that interested buyers come see the community as quickly as possible.”

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NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for October 2016 shows that home prices continued their rise across the country over the last 12 months.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.6% annual gain in October, up from 5.4% last month. The 10-City Composite posted a 4.3% annual increase, up from 4.2% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, up from 5.0% in September. Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities over each of the last nine months. In October, Seattle led the way with a 10.7% year-over-year price increase, followed by Portland with 10.3%, and Denver with an 8.3% increase. 10 cities reported greater price increases in the year ending October 2016 versus the year ending September 2016.

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.2% in October. The 10-City Composite remains unchanged and the 20-City Composite posted a 0.1% increase in October. After seasonal adjustment, the National Index recorded a 0.9% month-over-month increase, while both the 10-City and 20-City Composites each reported a 0.6% month-over-month increase. 13 of 20 cities reported increases in September before seasonal adjustment; after seasonal adjustment, all 20 cities saw prices rise.

“Home prices and the economy are both enjoying robust numbers,” says David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. “But, mortgage interest rates rose in November and are expected to rise further as home prices continue to out-pace gains in wages and personal income. Affordability measures based on median incomes, home prices and mortgage rates show declines of 20-30% since home prices bottomed in 2012. With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends. Nevertheless, home prices cannot rise quicker than incomes and inflation indefinitely.”

“After the S&P CoreLogic Case-Shiller National Index bottomed in February 2012, its year-over-year growth accelerated to a peak rate of 10.9% in October 2013 and then gradually fell to its current rate of approximately 5%. During the same period, the highest year-over-year rate from any city was 29% in August and September 2013; currently the highest single city gain declined to approximately 11%. Both national and city growth in home prices slowed but remains above the growth rate of incomes and inflation.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

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PORT ST. LUCIE, FL – Bluerock Residential Growth REIT announced that it has bought the 320-unit, multifamily Apex Prima Vista Apartments in Port St. Lucie, FL. The Company bought the property through a joint venture for a total buy price of approximately $38.3 million, or approximately $120,000 per unit.

BRG invested 85% of the venture’s equity requirement, or approximately $11.3 million, with an affiliate of the Carroll Organization investing the balance for a 15% stake in the venture. The transaction was further capitalized with a senior loan in the amount of approximately $27 million.

The acquisition is projected to yield a stabilized pro forma cap rate of approximately 7.3% on execution of the Company’s Value-Add upgrade strategy. This compares favorably to estimated market cap rates of 5.0% – 5.5% for comparable assets.

Apex, which was built in 2003, features one-, two- and three-bedroom units averaging nearly 1,050 square feet. The property also features community amenities including a clubhouse, two large central lakes, two pools, recreation courts, a fitness center and a playground.

The property is located a half mile from Federal Highway/US-1, which provides access to major employment hubs. It is located within 20 minutes of The Torrey Pines Institute for Molecular Studies, The Tradition Center for Innovation and Treasure Coast Research Park, which have emerged as strong centers of science and technology employment within South Florida.

The Port St. Lucie market, which has had very limited new multifamily development in recent decades, is now reporting robust population growth. The city, which has nearly doubled in size since 2000, is now the eighth largest in Florida, surpassing Ft. Lauderdale, and is ranked among the fastest growing U.S. metropolitan areas for employment growth in the coming five years. Approximately 17,000 new jobs are forecasted in the MSA over the next five years.

“Apex presents a clear value-add opportunity in a growing market with constrained supply. The property is generating solid in-place cash flows today, and the rapid expansion of the Port St. Lucie MSA signals room for ample rent growth. Our ability to source Apex at a favorable cost basis makes it possible us to improve the property and meet the needs of the market’s expanding new employment base,” said Ramin Kamfar, Chairman and CEO of BRG.

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