LOS ANGELES, CA – LMC, a leader in apartment development and operations, announced the start of leasing at The Highland Residences, a luxury boutique apartment community located along North Highland Avenue in eclectic Hollywood.

The mixed-use community, featuring 76 apartment homes and world-class amenities, is six tales and includes 4,300 square feet of ground-floor retail. Its rooftop boasts a swimming pool, fitness center and clubhouse in addition to expansive views of Hollywood Hills and Downtown Los Angeles.  

“With only 76 apartments homes, we will know every one of our residents on a first-name basis and will provide them with an unmatched personalized experience,” said J.J. Abraham, divisional president of the California Region for LMC. “This is luxury living at its finest in an eclectic neighborhood that is on the upswing as several prominent national companies start to relocate to the area.”

Fender Musical Instruments Corp. set up shop in Hollywood in September, and Viacom and Netflix are among the additional well loved companies in the process of relocating their national headquarters to the neighborhood. Netflix is set to double its office space by moving from Beverly Hills into The Icon at Sunset Bronson Studios sometime in 2017. The site is less than two miles from the community.

Situated at 1411 N. Highland Avenue, The Highland Residences benefits from a prime location that is both walkable and commuter-friendly. Hollywood Bowl and Hollywood & Highland are both less than two miles from the community, and Universal Studios is four miles to the north. The community is located just south of Sunset Boulevard, a few blocks north of Santa Monica Boulevard and a small drive from US Route 101, the gateway to downtown Los Angeles and many key destinations across the metropolitan area. A Metrorail station is within walking distance of the community.  

The Highland Residences, named a 2016 Gold Website winner by W3 Awards, consists of 1, 2, and 3-bedroom apartments with some 3-bedroom, 3-bathroom premium and penthouse homes available. The sixth-level is exclusively home to private penthouses, which include cutting-edge features such as mirror televisions with a full DirectTV lineup. The penthouses are also fully equipped with LMC Dream Suites by Lutron, a system that empowers residents to control their lights, shades and temperature through their mobile devices and the touch of a button.

Additional community amenities include an onsite pet park, outdoor fireplaces, barbecue grills and meticulous landscaping. Private technology-equipped co-work spaces are also available onsite. A state-of-the-art resident portal and app allow residents to pay rent, submit service requests and track packages from their computers or mobile devices. Other lifestyle enhancing services will include dry cleaning delivery, a home-delivery café, a pet-grass delivery service and weekly Pilates and yoga classes.

Apartment interiors contain high-end stainless steel appliances, quartz countertops, modern cabinetry, sleek hardwood-style flooring, spacious closets, in-home washers and dryers, designer kitchen and bath fixtures and glass-enclosed showers with a master suite view.

Including The Highland Residences, LMC has over 1,700 apartment homes plotted or under construction in Southern California.

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HOUSTON, TX – Reven Housing REIT announced that it has bought a portfolio of 97 single-family homes in Houston, Texas.  The buy price for the portfolio was approximately $9,091,000, exclusive of closing costs.  The Company funded the buy by utilizing proceeds from its most recent public offering. 

As part of the initial closing of the public offering the Company up-listed to NASDAQ in September 2016.

The bought properties average 1,482 square feet and are mostly three-bedroom, two bath homes.  Of the bought properties, 55 are currently subject to one-year leases, 5 are vacant, and 37 are subject to month-to-month leases. 

Chad M. Carpenter, Chairman and Chief Executive Officer of Reven, commented, “We are very pleased with our new portfolio acquisition of homes in Houston. This market has proved to be one of our strongest markets. Reven now owns 624 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta.”

Michael Soni, Senior Investment Advisor who is in charge of acquisitions for Reven states, “This portfolio of homes is similar to, and complements, our existing portfolio. This acquisition increases our total portfolio of homes in Houston to 265.”

Reven Housing REIT (NASDAQ: RVEN) engages in the acquisition and ownership of portfolios of occupied single family rental properties in the United States. RVEN currently owns and operates SFR’s in Florida, Georgia, Mississippi, Tennessee and Texas.

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WASHINGTON, DC – The Multifamily Production Index (MPI), released by the National Association of Home Builders (NAHB), posted a gain of three points to 53 in the third quarter. The MPI has been at 50 or above since the beginning of 2012.

The MPI measures builder and developer sentiment about current conditions in the apartment and condominium market on a scale of 0 to 100. The index and all of its components are scaled so that a number above 50 indicates that more respondents report conditions are improving than report conditions are getting worse.

The MPI provides a composite measure of three key elements of the multifamily housing market: construction of low-rent units, market-rate rental units and “for-sale” units, or condominiums. All three components increased in the third quarter. Low-rent units rose two points to 54, and market-rate rental units and for-sale units both increased four points to 57 and 59, respectively.

The Multifamily Vacancy Index (MVI), which measures the multifamily housing industry’s perception of vacancies, remained unchanged at a reading of 42, with lower numbers indicating fewer vacancies. After peaking at 70 in the second quarter of 2009, the MVI improved consistently through 2010 and has been honestly stable since 2011.

“Overall, multifamily developers remain positive about the market,” said Andrew Chaban, CEO of Princeton Properties in Lowell, Mass., and chairman of NAHB’s Multifamily Council. “But, in some areas of the country developers have to overcome challenges of labor and lot shortages to meet demand.”

“This quarter’s MPI reading is consistent with our projection that the multifamily housing sector will have a strong year in 2017,” said NAHB Chief Economist Robert Dietz. “The multifamily sector has led the housing recovery and should continue to be supported by favorable demographics.”

Historically, the MPI and MVI have performed well as leading indicators of U.S. Census figures for multifamily starts and vacancy rates, providing information on likely movement in the Census figures one to three quarters in advance.

For data tables on the MPI and MVI, visit www.nahb.org/mms.

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