GLENDALE, AZ – National Asset Services (NAS) is one of the Country’s leading commercial property management companies has been selected to be the Asset Management Company for Paradise Vista Apartment Homes in Glendale, AZ.

NAS’ proven track record, objective management style, transparent communication and expertise in strategic plotting and repositioning and upcycling commercial properties to maximize revenue while optimizing expenses were primary factors in the company being chosen to assume management of the multifamily property.

“Paradise Vista Apartment Homes has been an underperforming property, but with promising upside potential,” commented Karen E. Kennedy, President and Founder of National Asset Services. “In addition to looking at ways to further elevate the living experience for residents, we are moving quickly to develop and aggressively implement sound strategies to maximize value for our client by capitalizing on submarket fundamentals.”

Paradise Vista Apartment Homes is a 173,700 square-foot, 352-unit, garden-style community, located about 10 miles northwest of downtown Phoenix. 

Built in 1974, the property lies on approximately 9.24 acres and is made of block construction with pitched composition shingle roofs.  The unit mix consists of studio, one and two bedroom floor plans that range in size from 330 to 750 square feet.  Interior unit features include fully appointed kitchens, a breakfast bar, high-speed internet access, walk-in closets, ceiling fans and vertical blinds. Community amenities include a fitness center, leasing office, clubhouse, sport court, playground, four swimming pools, a spa, six laundry facilities, monitored security and covered parking.

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NEW YORK, NY – Mortgage rates pulled back this week to levels not seen since early July, with the benchmark 30-year fixed mortgage rate falling to 3.54 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.22 discount and origination points.

The larger jumbo 30-year fixed tied a record low at 3.54 percent, while the average 15-year fixed mortgage rate fell to the lowest level since May 2013, at 2.82 percent. Adjustable mortgage rates were lower as well, with the 5-year ARM sinking to 3.04 percent and the 7-year ARM dropping to 3.21 percent.    

Mortgage rates staged the sharpest pullback since early July following last week’s meeting of the Federal Open Market Committee. The Fed did not raise interest rates and in addition to pointing out that inflation remains below their intended target, economic projections released following the meeting revealed that they aren’t expecting core inflation to hit 2 percent until 2018. The combination of no rate hike now, low inflation with very modest increases, and a possible small-term rate hike later this year is excellent news for long-term bonds, and by extension, mortgage rates. Higher inflation erodes the value of the fixed payments bondholders receive, but projections of low inflation and measures to keep it in check tend to push yields lower. Mortgage rates, which are closely related to yields on long-term government bonds, have directly benefited from this.

At the current average 30-year fixed mortgage rate of 3.54 percent, the monthly payment for a $200,000 loan is $902.56.

SURVEY RESULTS

30-year fixed: 3.54% — down from 3.62% last week (avg. points: 0.22)

15-year fixed: 2.82% — down from 2.91% last week (avg. points: 0.18)

5/1 ARM: 3.04% — down from 3.09% last week (avg. points: 0.26)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. A small over half of respondents – 58 percent – expect mortgage rates to remain more or less unchanged over the next week, while 25 percent predict further declines. Just 17 percent forecast an increase in mortgage rates over the next seven days.

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WASHINGTON, DC – Berkshire Group announced the buy of Berkshire15 in Washington, D.C., from Bozzuto Homes, Inc. The 96-unit high-rise is located in the historic U Street corridor, providing convenient access to public transit on the metro, downtown Washington, D.C. businesses, entertainment venues, a dedicated bike lane and a well loved neighborhood park.

“Washington, D.C. is a gateway market, and we believe it will continue to drive strong population and job growth in the future given the metro area’s global importance,” noted Jack Dent, Managing Director, Portfolio Manager, Berkshire Group. “Berkshire15 fits well into our strategy of building a first class core apartment portfolio in markets expected to outperform national apartment fundamentals over the long term.”

Berkshire15 apartments feature high-end finishes such as European-style cabinets, quartz countertops, and wood flooring. Community features include a ground-level patio, rooftop deck, a parking garage, extra storage units and bicycle storage.

Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group.

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