MESA, AZ – Local real estate developer, Bela Flor Communities, announced Bella Victoria, a smart-tech, luxury apartment home community located at 1350 S. Ellsworth Road in Mesa, Arizona, a 2019 WalletHub top-ten city.
Each of the 236 units has a private, direct-access garage and a dedicated 220-volt circuit to charge electric vehicles from Tesla, Porsche, Nissan, Audi, and Volkswagen. In addition, the Energy Star certified smart homes include Nest thermostats, LED lighting, natural gas ranges and electric, tankless water heaters by TruTankless with a 99% efficiency rating, on-demand heating and a smart app for the ultimate in control. Finally, residents can stay connected to their world via gigabit fiber optic networks, HD cameras and high-speed wireless access points found around the property.
“If you have an EV, living at Bella Victoria is the pinnacle of convenience. No need to waste your time or range trying to find a public station. Every home has its own charging outlet in the garage so you can relax inside while your battery recharges outside,” states Hudd Hassell, President of Bela Flor.
Lacy Hillard, Community Manager, says, “Bella Victoria is well-located near major freeways and shopping malls and maintains the highest standards. We proudly offer spacious two- and three-bedroom condo homes ranging from 1,000 to 1,650 sq. ft. in an inviting setting. As a non-smoking and pet-friendly community, our goal is to ensure you delight in your time here.”

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BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson (NYSE: KW) has completed the sale of Pioneer Point, a wholly owned 294-unit multifamily community with 35,000 square feet of fully leased commercial space, for $130 million to RealStar, a real estate investment and management company focused on the rental residential, hospitality and alternative asset classes. Pioneer Point, located in the London suburb of Ilford, was unlevered and the $127 million of net proceeds from the sale will be recycled into new investment opportunities.
Kennedy Wilson bought the non-performing loan secured against the freehold interest of Pioneer Point in May 2015 and took direct ownership in February 2016, implementing an ambitious asset management program and transforming the property to materially improve occupancy and more than double the NOI.
This program included lengthening leases in the north tower, commissioning and leasing the empty south tower and converting vacant ground floor space to an enhanced amenity offering including a dedicated on-site concierge and property management suite as well as resident lounges, meeting spaces and work pods, a silent lounge, entertainment spaces with open plot kitchen and dining rooms, a kids zone, games room and cinema.
Since opportunistically acquiring Pioneer Point, we executed a wide ranging, value enhancing asset management program that place a spotlight on the breadth of our asset management expertise and brought new life to this landmark building, said Mike Pegler, Head of UK at Kennedy Wilson. The renovations, top-tier management and continued demand for rental housing in this local market resulted in a strong total return to Kennedy Wilson as we continue to focus on disposing non-core assets, recycle capital into other investment opportunities and to fund existing development projects. We are delighted that a long-term multifamily operator will continue delivering a positive experience for the residents of Pioneer Point.

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HAMILTON, NJ – Total construction starts slipped 6% from December to January to a seasonally adjusted annual rate of $759.2 billion, according to Dodge Data & Analytics. All three major categories went lower in January — residential building starts fell 8%, nonresidential building lost 6%, and nonbuilding starts went 2% lower.
With only one, limited month of data available for 2020, it is hard to ascribe a 2020 trend. Some perspective can be gleaned, but, by examining a 12-month moving total. For the 12 months ending January 2020, total construction starts were 1% higher than during the previous 12-month period. By major category, residential building starts were 1% lower and nonresidential building starts were down by less than a percentage point, but nonbuilding construction was 8% higher during the 12 months that finished in January 2020.
In January, the Dodge Index went downward to 161 (2000=100) compared to the 171 posted in December 2019 and was 8% lower than its most recent 12-month average.
Coming in slightly weaker than the previous month, January s starts did small to change our view that construction starts will remain near their recent highs in 2020 even though they are likely to fall as the economy slows, stated Richard Branch, Chief Economist of Dodge Data & Analytics.
Nonbuilding construction starts went 2% lower in January, falling to a seasonally adjusted annual rate of $167.2 billion. In January, gains were seen in highways and bridges as well as miscellaneous nonbuilding categories, which went up 15% and 12% respectively. Meanwhile, the utility/gas plant and the environmental public works sectors both pulled back, falling 29% and 10%.
The largest nonbuilding construction project to break ground in January was the $705 million extension of the South Central LRT in Phoenix AZ. Also starting in January was the $575 million Permian Energy Center solar project in Andrews county TX and the $550 million Wheatridge wind and solar project in Lexington OR.
For the 12 months ending January 2020, total nonbuilding starts were up 8% compared to the 12 months ending January 2019. On the plus side, environmental public works were up 4% and the utilities/gas plants were up an impressive 116%. Streets and bridge starts, but, were 8% lower and miscellaneous nonbuilding starts were down 19%.
Nonresidential building starts fell 6% in January to a seasonally adjusted annual rate of $266.6 billion. But, if not for the start of a large manufacturing project nonresidential building starts would have declined 11%. In January, manufacturing starts more than doubled, while commercial building starts slipped 16%, and institutional starts fell 6%.
The largest nonresidential building project to break ground in January was the $475 million Cree Semiconductor plant in Marcy NY. Also starting was the $476 million BMO Office Tower in Chicago IL and the $400 million Husky Superior refinery in Superior WI.
On a 12-month total basis, total nonresidential building starts were less than one percentage point lower than they were in the 12 months ending in January 2019. Commercial starts were 5% higher, while institutional starts fell 3% and manufacturing starts were down 10%.
Residential building starts dropped 8% in January to a seasonally adjusted rate of $325.4 billion. During the month single family starts fell 5%, while multifamily starts lost 15%.
The largest multifamily structure to break ground in January was the $300 million Liberty on the River Apartment Tower in Philadelphia PA. Also starting in January was a $260 million mixed-used building on 10th Avenue in New York NY as well as the $249 million Downtown Fifth Luxury Apartments in Miami FL.
For the 12 months ending in January, total residential starts were 1% lower than the previous 12 months. Single family starts gained 1%, but multifamily building starts were 5% lower.

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