Author Archives: ipgocorp

Inland Real Estate Acquires Vanguard Northlake Apartment Community in Charlotte, North Carolina

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CHARLOTTE, NC – Inland Real Estate Acquisitions announced that it facilitated the acquisition of Vanguard Northlake, a newly developed 204-unit multifamily property located in Charlotte, North Carolina. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 11010 Northlake Landing Drive in Charlotte, Vanguard Northlake consists of eight three-tale buildings containing 60 one-bedroom, 108 two-bedroom and 36 three-bedroom units. Each unit includes granite countertops, gourmet kitchens, nine-foot ceilings, oversized walk-in closets, a nine-inch television built into the master bathroom mirror, a full size washer and dryer and a private balcony or patio. The property offers residents a variety of community amenities, including an outdoor saltwater swimming pool, a state-of-the-art fitness center, an outdoor grilling kitchen, a fireside lounge, a sundeck with cabanas, a dog park, bicycle storage and a business center.

“We are pleased to have closed on this high quality multifamily property ideally located in the Northlake area of Charlotte, which has strong demographics and has experienced substantial growth over the past few years,” said Tice. “We were particularly interested in the property due to Inland Real Estate Acquisitions’ history of facilitating two shopping center buys in the Charlotte area, totaling more than 430,000 square feet. Having a previous knowledge and understanding of the Northlake area, combined with the town’s recent growth, made this an attractive acquisition.”

As of the acquisition date, the property was 95 percent leased.

To date, Inland Real Estate Acquisitions has facilitated $44 billion of buys including retail centers, apartments and single-tenant properties.

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Home Prices Are Approaching Record Highs, But S&P/Case-Shiller Says This Isn't A Bubble Set To Blow

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(RECAP: Home prices continued their steady ascent in July but there’s no reason to believe a collapse in prices is on the horizon, according to S&P/Case-Shiller. On a national basis, single-family home prices rose by 5.1% in July, according to the S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions. Home prices have risen by about 5% annually for the last two years and are approaching the record highs seen before the financial crisis. In seven out of 20 major cities, houses are more expensive than ever. As housing prices have soared, the amount people are borrowing hasn’t swelled nearly as much as it did before the financial crisis. Currently, outstanding mortgage debt on family homes for four people or less is 13% below the peak in 2008.)

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NAR President Tom Salomone Calls HUD Condo Rule a “Start,” but Says More Changes Needed

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(RECAP: When H.R. 3700, the “Housing Opportunity Through Modernization Act,” was signed into law earlier this year, HUD was given notice that they had 90 days to weigh in on regulations related to FHA financing for condominiums before changes automatically went into effect. These included rules regarding owner-occupancy rates and treatment of spot loans. In response to H.R. 3700, HUD today released a proposed rule on condominiums that includes positive changes, like a return of spot loans and an extension of the certification period, but also includes a proposal to set owner-occupancy rate requirements within a range of 25 percent to 75 percent. This is despite a 35 percent requirement laid out in H.R. 3700. The National Association of Realtors® praised sections of the rule, but remains concerned about the possibility of an overly high owner-occupancy threshold. NAR cited estimates showing that that less than 10 percent of all condos are FHA certified as evidence that more needs to be done.)

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