DALLAS, TX – Many metro apartment markets that were on a downward trend for much of the past year showed signs of strengthening annual effective rent growth in May, and some of the hottest markets cooled off a bit.

The end result, according to Axiometrics, the leader in apartment and student housing market intelligence, was that national rent growth continued to moderate slightly, ending May at 3.8%, compared to April’s 3.9% and the 5.0% of May 2015.

“This decrease in the rent-growth rate falls in line with Axiometrics’ latest forecast, which predicts more moderation this year,” said Jay Denton, Axiometrics’ Senior Vice President of Analytics. “It’s vital to note that rent growth is still above the long-term average, and that the decrease from the heights of the past two years is all a part of the cycle.”

The metros were the top tale, as some markets that had experienced some rent-growth decline got a nice boost in May. For example:

Anaheim, which had been lagging the other Los Angeles-area metros, had the largest month-to-month increase in annual effective rent growth among Axiometrics’ top 50 markets, based on number of units.

St. Louis, which dropped by 300 bps from July 2015-February 2016, regained its velocity in May with the second highest month-to-month increase.

Virginia Beach had negative rent growth in November 2015, but surpassed 2.5% in May.

And Washington, DC, on a consistent upswing from the lows of 2013 and 2014, had its highest annual effective rent growth since August 2012.

On the other hand, some of the nation’s top markets sustained significant moderation in May, though they are still quite robust compared to other markets.

Sacramento, which continued to record the highest rent growth in the nation among the Axiometrics top 50, had the second largest decrease in its rate.

Portland, OR, which was No. 1 until Sacramento dethroned it in March, had the third largest decrease.

But, the double-digit rent-growth rates achieved by both those markets recently were unsustainable in the long run, and their current figures are certainly making property owners and investors pleased.

May’s occupancy rate of 95.2% was, when extended two decimal points, a slight increase from April and a slight decrease from May 2015.

Sacramento No. 1, but Below Double Digits

Sacramento recorded the highest annual effective rent growth among Axiometrics’ top 50 markets in May for the third straight month, though, as mentioned above, the metro moderated from its peak. Still, its 9.7% rent growth is quite strong. None of the top 50 reached double-digit rent growth in May.

Phoenix has risen from No. 5 last month to the No. 2 spot with 8.0% rent growth, while Seattle remained in third place at 7.8%.

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MIAMI, FL – Newport Property Construction has been tapped by Starwood Capital Group to complete two South Florida multifamily renovation projects including high-end luxury apartments at the Miami Beach Roney Palace, and hundreds of units at Palm Trace Landings in Davie, Florida.

The South Florida firm was contracted by Starwood Capital Group after the leading global investment firm bought a portfolio of 23,262 apartment units in a deal reported in October 2015. In South Florida, Starwood now owns 33 properties with 10,742 units.

“Newport Property Construction has the combined advantage of having a strong track-record in apartment repositioning, as well as experience as owners/operators of properties,” said Jose More, Director of Operations and founding partner at Newport Property Construction, Ltd. “With more than 13,000 multifamily units completed – in both high-end luxury and affordable housing – we are the ideal partner to support Starwood’s South Florida endeavors.”

Roney Palace is a 563 unit condominium attached to the One Hotel and Spa located on Collins Avenue, in the heart of Miami Beach. Newport will be renovating more than ten units for ownership with each unit’s sell price topping $1M.

Palm Trace Landings, located in Davie, Florida, is a 414 unit property that will undergo complete interior renovations that will include new kitchens, bathrooms, appliances, flooring and paint. The project will be completed in phases as tenant leases expire.

Newport Property Construction has completed hundreds of multifamily reconstruction projects in Florida alone, and has repositioned more than 13,500 units across 10 states.

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COLUMBUS, GA – Flournoy Development Company and Atlanta, GA based Thrive Senior Living announce the development Thrive at Green Island, an helped living and memory care community in Columbus GA. Flournoy will act as the lead developer on the project, and Thrive Senior Living will operate the community.

Thrive at Green Island will be the first of its kind in Columbus, offering a very unique and innovative approach to senior living. Focusing on resident engagement in connectivity in a resort-quality environment, Thrive at Green Island will use a blend of technology, highly trained care teams, and southern hospitality to make a senior living experience “like you’ve never seen before”.(TM)

Thrive at Green Island will include all of the amenities expected when senior living communities come to mind, but will feature some unexpected offerings as well. The Wellness Center, for example, will feature advanced pneumatic fitness equipment designed for seniors, which have large touch-screen controls, and simple access for those with limited mobility.

The 70 unit community will feature meeting and entertainment venues, healthcare facilities, a spa, salon, and world class dining. Licensed as an helped living community, Thrive at Green Island will cater to seniors ranging from those who are completely independent, to those who need more care. There will be two separate and distinct neighborhoods within the community, one for Helped Living and an adjacent Memory Care area dedicated to serving residents with varying levels of dementia. Using specialized technology and a focus on engaging each resident at their level of cognitive ability, Thrive’s highly trained care team aims to give meaning and a high quality of life to residents and to their families.

“There are some very passionate and gifted people in Columbus caring for seniors in somewhat dated environments. We look forward to seeing both the caregivers and our future residents Thrive in an environment that is radically different – using technology and some very innovative tools to improve quality of life in a huge way,” says Jeramy Ragsdale, founder and CEO of Thrive.

Tom Flournoy of Flournoy Development Company says, “We are proud to announce the development of Thrive at Green Island. A place where the latest in senior care technology will be used to provide state of the art helped and memory care service delivered in an environment specifically designed to enhance the engagement and wellness of seniors in our hometown of Columbus. Through our collaboration with Thrive Senior Living, we will help fill the growing need for quality, residential care for seniors in our community.

Located at the intersection of River Road and Mobley Road on the northwest side of Columbus, the community will break ground in late 2016 and open in late 2017. A welcome center will open for future resident and team member inquiries in the spring of 2017.

Flournoy Development Company is one of the largest private developers of institutional quality apartments in the United States. Founded in 1967, the vertically integrated development company has completed the construction of more than 41,000 apartment units. In 2015, Flournoy Development Company was ranked number 19 among the nation’s top developers by the National Multifamily Housing Council.

Thrive Senior Living is an owner, operator, and developer of world-class senior living communities throughout the US. Recognized as one of the fastest growing and most innovative companies in the senior living industry, Thrive serves over 1,000 residents in 18 communities, and provides employment for over 500 team members.

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