MULTIFAMILY & TECHNOLOGY NEWS
- The Online Reputation Assessment released it’s top properties in the U.S. Here they are based on states:–2701 Connecticut. Washington, DC. Managed by WC Smith.
–Sycamore at Tyvola. Charlotte, NC. Managed by Switzenbaum & Associates
–The Kensington. Boston, MA. Managed by Bozzuto.
–The Retreat at Trinity. New Port Richey, FL. Managed by Greystar.
–500 Crawford. Houston, TX. Managed by Finger Companies.
See an interactive breakdown by state here.
- PIXL smart condos coming to Plantation, Florida. 330 smart-home condos are set for a November 2019 groundbreaking. Target market: millennial buyers. Amenities to include a resort-style pool and spa, aqua theater, zen garden, dog park with dog beach, and rock-climbing area. Residents can also access a 24-hour virtual concierge, interactive VR training, and virtual reality arcade on-site.
- Freddie Mac’s Green Advantage Program is noticing unexpected benefits. Since its inception in 2016, the program has financed over $36 billion in loans to multifamily borrowers. In addition to water and energy improvements, the Green program is noticing a significant reduction in utility costs for hundreds of thousands of low and middle-income households.
- Bluerock acquires The Desota in Sarasota, Florida for $80m. The 180-unit property is bringing in some of the highest rents in the state of Florida. Located within walking distance of Sarasota’s central business district, The Desota also includes 15k SF of retail space.
NATIONAL NEWS
- CVS closes 46 stores. Considering the company has over 9,600 stores nationwide, the closures aren’t being looked at with doom and gloom. CVS is piloting more healthcare options at some of its locations including dietitian services, health-related digital tools, and health kiosks.
- As malls continue to close across the country, New York continues to build more. Brookfield Senior Vice President of Retail Leasing Michael Goldban said, “it used to be that mostly you would go [to a mall] to shop [but] now it’s a much broader experience that’s being offered.
- On-Demand Warehousing? With the current race to ‘one-day shipping,’ retailers are now embracing on-demand warehousing, which involves short-term leases of various sizes and durations. As on-demand warehousing needs grow, traditional leasing will have to pivot to these alternatives methods.
Real Talk is brought to you by Real8 Group, a real estate executive search firm. We send one email per week focusing on the real estate industry. Sign up here.