IRVINE, CA – CoreLogic, a leading global property information, analytics and data-enabled services provider, released its CoreLogic Home Price Index (HPI) and HPI Forecast data for May 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 5.9 percent in May 2016 compared with May 2015 and increased month over month by 1.3 percent in May 2016 compared with April 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from May 2016 to May 2017, and on a month-over-month basis home prices are expected to increase 0.8 percent from May 2016 to June 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.

“Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

“Price appreciation continues to be honestly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way,” said Anand Nallathambi, president and CEO of CoreLogic. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”

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FREMONT, CA – The Bascom Group has bought Camden Village Apartments, a 192-unit garden style apartment community located at 38000 Camden Street, Fremont, California 94536.  The $63 million sale closed on June 24, 2016 and marks Bascom’s 36th apartment acquisition in the past twelve months.  Stanford Jones, Salvatore Saglimbeni, and Philip Saglimbeni with IPA were the brokers for the sale.  Brian Eisendrath and Annie Rice with CBRE arranged the $44.7 million loan with CIT Bank N.A.

The community was built in 1966 and consists of 21 buildings, situated on 10.77 acres. Rental offerings include a range of studio through three-bedroom floor plans, with studios accounting for 5% of the total units, one-bedrooms accounting for 35%, two- and three-bedroom units accounting for 53% and 7% respectively. Common area amenities include a gorgeous park-like open area, two pools, fitness center, and clubhouse. Additionally the property has five retail spaces located in an adjacent building. Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.

Chad Sanderson, Senior Principal of Bascom, states “Camden Village is an exceptionally well-located property in one of the top East Bay submarkets.  This property offers tenants access to some of the best schools in the area, an incredible breadth of retail options, and proximity to many of the Bay Area’s top employers. Moreover, residents benefit from substantially lower rents, in Fremont, compared to many other Bay Area submarkets.”

Lee Nguyen, Senior Vice President of Bascom, comments “The property consists of a mix of one-, two-, and three-bedroom floorplans which appeal to both young professionals and families. Camden Village has such a low density that it has an nearly park like feel with walking trails, a dog park, a diversity of natural landscaping and units with oversized patios.”

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PETALUMA, CA – Sequoia announced the acquisition of Azure Condominium Rentals, a 147-unit building in Petaluma, California. This acquisition brings the company to more than 4,100 units under management in the Bay Area. The property was developed in 2007 and is comprised of 149,753 rentable square feet in five, two and three-tale residential buildings.

Petaluma is located 15 minutes from Marin County and 45 minutes from San Francisco. The City’s affordability, revitalized downtown, riverfront access, and simple access to both Wine Country and the Point Reyes National Seashore provide residents with a high-quality of living. Petaluma’s combination of a commuter-friendly location and small town charm have been key in driving demand to the area. Azure’s amenities complement the local culture well; the property features condo quality finishes, a modern amenity complex, farm-to-fork garden boxes, and a dog run.

General Partner, Director of Acquisitions Pat Reilly says, “Azure presented a unique opportunity to buy additional units adjacent to another Sequoia property, Park Central. While they are two distinct buildings, the upside for us was in consolidating the day-to-day property management operations. As a result, Azure and Park Central will operate as one.” To complete the vision, Sequoia will paint the exteriors of each building and synchronize the marketing name and signage.

The acquisition was facilitated by HFF. Sequoia will provide the day-to-day management services for the building.

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