Author Archives: ipgocorp

Millennials are tapping home equity for vacations and emergency cash

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(RECAP: Millennials are often described as prioritizing leisure and entertainment, but many are going into debt to fund them. Most financial planners caution homeowners against using home-equity loans to fund small-term expenses, including vacations. Yet that is the most well loved use of the money for the more than half of U.S. homeowners between the ages of 30 and 34 who have owned a home for three years or more and have taken out a home-equity loan, according to results of a Learn Home Equity Loans survey, released on Wednesday. Only 29.4% of those between 35 and 44, 19.9% of those between 45 and 54, 25.7% of those between 55 and 64, and 22.3% of those 65 and older also said they took out a home-equity loan against their home. The results come from a survey of 1,428 consumers, conducted earlier this year.)

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Some investors think a Fed hike could come in September thanks to a spike in Libor

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(RECAP: Wall Street now believes there’s a better chance of a September Fed hike, thanks to a rising benchmark interest rate that some experts believe will influence the central bank. The three-month London Interbank Offered Rate — more commonly known as Libor — is around the highest level it’s been since May 2009. The rate represents how much banks around the world charge each other for small-term loans, and helps determine global rates as well. While Libor had been dwelling below 0.3 percent for more than two years, it started rising a year ago and has been climbing steadily since late 2015. Much of the gain can be attributed to money market regulatory changes happening in October that are pushing on small-term rates. But, there could be more to it. Some experts believe it’s a telltale sign that the Fed could get pushed into hiking rates before it wants to and before much of the market expects it to.)

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McCann Realty Partners Acquires 165-Unit Marquis on Cedar Springs Apartments in Dallas, Texas

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DALLAS, TX – McCann Realty Partner and its joint venture partner, The Carlyle Group, bought Marquis on Cedar Springs, a 165-unit apartment community located in Dallas, TX. The property will be re-branded Radius Turtle Creek.

Built in 2001, the four-tale, mid-rise property with a below-grade, two-level parking garage is located at 3604 Cedar Springs Road in Dallas, TX. The community is within the exclusive neighborhood of Turtle Creek, and is bound by Uptown and Downtown Dallas to the south and the high-end residential neighborhoods of Highland Park and University Park to the north.

Residents are within walking and biking distance to a wide variety of shopping, dining, entertainment and recreational destinations including Katy Trail, West Village, Klyde Warren and Reverchon Parks, the Arts District, the American Airlines Center and Victory Park.

The property presents a compelling value-add opportunity. McCann’s business plot focuses on repositioning the property with a significant capital investment to upgrade the interior finishes, amenities, and clubhouse and leasing areas. The property will be managed by Pegasus Residential.

“The project has significant untapped value, plus a fantastic location in a high-end neighborhood providing access to a growing employment center of Dallas,” said McCann’s Managing Director, Tre Banks. “By investing capital on interior finishes and common area amenities, we will be able to make value for our partnership and enhance our residents’ lifestyles.”

“Radius Turtle Creek fits our core plus strategy with near-term opportunities to significantly improve the overall positioning of the property with a post-renovation cost basis below replacement cost,” said Matt Akin, President of McCann. “We are pleased to work with Carlyle on this transaction and look forward to building a long-term relationship with them.”

Headquartered in Richmond, VA with offices in Houston, TX, McCann Realty Partners is a real estate investment and operating company that specializes in acquisitions, development and management of multifamily communities in the Southeast, Southwest, Mid-Atlantic and adjacent regions. Since inception, McCann has bought 28 apartment communities totaling more than 7,695 homes in transactions valued at approximately $739 million.

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