IRVINE, CA – CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released its CoreLogic Home Price Index and HPI Forecast for July 2016 which shows home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 6 percent in July 2016 compared with July 2015 and increased month over month by 1.1 percent in July 2016 compared with June 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.4 percent on a year-over-year basis from July 2016 to July 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from July 2016 to August 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home buys are likely to rise in the coming year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5 percent over the next year.”

“The strongest home price gains continue to be in the western region,” said Anand Nallathambi, president and CEO of CoreLogic. “As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the past year.”

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LAS VEGAS, NV – The Siegel Group Nevada, a real estate investment and management company, announced that it had bought the former Somerset Apartments. The sale was a quick off-market transaction.

Built in 1961 and situated on 1.24 acres, the two-tale complex totals approximately 31,500 square feet and is comprised of a mixture of 40 large one and two bedroom apartment units.

The property, which will be renamed Siegel Gardens, has an exterior courtyard, outdoor swimming pool and laundry facility and is centrally located on Kishner Drive contiguous to the parking lot of the Las Vegas Convention Center (LVCC) to the east and adjacent to the former site of the Riviera Hotel that was bought by the LVCC. Additionally, the complex is just one-half block from the Las Vegas Strip and the multi-billion dollar development site for Resorts World Las Vegas.

This is the sole property located on the cul-de-sac of Kishner Drive that is not owned or controlled by the Kishner family. For the near term, the property will continue to be operated as a traditional apartment complex while The Siegel Group investigates alternative redevelopment uses and further expansion opportunities.

Stephen Siegel, President of The Siegel Group, stated: “I’m pleased to have added this vital and strategically located asset to our growing portfolio. This marks the second location we have recently bought in this vicinity which we believe will be the center of the largest redevelopment plot to occur in Las Vegas since exiting the downturn.”

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CHICAGO, IL – Northbrook, Illinois-based Prime Property Investors Co-CEOs Barbara J. Gaffen and Michael H. Zaransky announced the sale of The Arbors of Brookdale in Naperville, Illinois, a 281 Unit, full amenity Class A Garden Style Apartment Community. The yucky sales price was $60.0 million equating to approximately $214,000 per unit. Prime bought the property in December of 2009 for $32.0 million. The yucky sales price was 187% of Prime’s initial buy price. The fully stabilized property was 100% occupied at closing.

The Arbors of Brookdale is a unique asset located in a highly desirable location within Naperville only 2 miles from the I-88 Corridor. Situated on 26 lushly landscaped acres, the community consists of thirty-five buildings, a clubhouse and 138 private garages. All 281 apartment homes are corner units with private direct entry doors. The clubhouse contains the leasing and management office, as well as indoor and outdoor pools, Jacuzzi, sauna, fitness center and business center. Additional amenities include two tennis courts and a children’s Playground.

Gaffen stated, “The Arbors is a special property in the growing Naperville sub-market, with significant barriers to entry and a proven value add opportunity for a new buyer.” Zaransky added, “This institutional quality asset acquisition opportunity attracted over 20 highly qualified offers in a competitive sales process.”

PPI was represented by the Chicago-based Institutional Properties Multi Family Group at CBRE consisting of Executive Vice Presidents Dan Cohen and John Jaeger, and Senior Associate MJ Zaring.

Prime Property Investors (PPI) is a real estate investment firm with a national portfolio of Class A suburban garden style apartment communities and healthcare-medical office properties as well as student housing properties on major college campuses. Barbara J. Gaffen and Michael H. Zaransky, co-CEOs of PPI, co-founded the company in 1993.

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