Multi Housing Advisors Brokers $22.3 Million Sale of 248-Unit Foxcroft Apartments in Chapel Hill, N.C.

  

CHARLOTTE, N.C.  — Multi Housing Advisors (MHA) has brokered the $22.3 million sale of Foxcroft Apartments, a 248-unit community in Chapel Hill, N.C.

Marc Robinson

 Marc Robinson and Jordan McCarley of MHA’s Charlotte office represented the seller, Douthit & Co., in the transaction.

An affiliate of Eller Capital Partners purchased the 40-year-old property, which was 95 percent occupied at the time of closing, and will undertake an extensive renovation of the property. The sale marks only the second time that Foxcroft Apartments has been sold.

 “This is a notable sale due to the fact that apartments in Chapel Hill change hands very rarely,” Robinson said. “The town’s extremely high barriers to entry and strong market fundamentals create a unique dynamic that favors long-term ownership.

Jordan McCarley

“ The buyer is planning a property-wide renovation that will significantly enhance the community’s physical appearance and interior unit features to bring it to a quality level that will allow the property to compete with much newer properties.”

 MHA recently expanded its Charlotte office and intends to open additional offices in the South. The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.

 For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

 www.usmha.com.

MBA to Promote Fratantoni to Chief Economist

  

Michael Fratantoni

WASHINGTON, DC–  David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) announced today that Michael Fratantoni, currently MBA’s Vice President, Single Family Research and Policy Development will be appointed Chief Economist and Senior Vice President, Research and Industry Technology, reporting directly to MBA’s President and CEO David Stevens. 

Mr. Fratantoni will succeed Jay Brinkmann, and his appointment will be effective February 1, 2014. 

Jay Brinkmann

Mr. Fratantoni will bring two decades of industry experience to his new position.  In his current position, he serves as Brinkmann’s top deputy on residential real estate and economic issues, managing MBA's industry surveys, economic and mortgage originations forecasts, industry technology efforts, and policy development research for issues impacting single-family lending.

 He is also Executive Director of MBA's Research Institute for Housing America (RIHA) and President of the Mortgage Industry Standards Maintenance Organization (MISMO).

David H. Stevens

“Mike has been an invaluable resource to MBA and its members as we try and navigate an ever-changing industry and economic environment,” said Stevens.  “Mike’s ability to compile and analyze data and apply it to complex public policy discussions has been a major factor in MBA effectively representing its members as policymakers implement many post-crisis reforms. 

“His work has enabled us to make fact-based arguments about the impact of proposed rules, arguments that were critical in improving many of the Dodd-Frank reforms during the notice and comment period."

  

For a complete copy of the company’s news release, please contact:

John Mechem 

(202) 557-2727

Home Sweet Home: Housing Market Recovery Continues

  

Michael Bull

 ATLANTA, GA– As the single-family housing market continues to recover, prices and sales volume are nearing pre-recession levels. Furthermore, with the population and household formations rising, the housing market shows no signs of slowing down.

 Those were a few of the points made during the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests discussed home sales, supply and demand, and land costs.

Brad Hunter

 The lack of supply of newly built homes and available lots is causing an increase in pricing, said Brad Hunter, chief economist of MetroStudy.

 “Compared to this time last year, prices are up approximately 15 percent nationally,” said Jed Smith, managing director of quantitative research for the National Association of Realtors. A medium-priced house today is selling for $212,000, compared to $176,000 in 2012, he said.

Jed Smith

 “We have tracked submarkets where builders have raised prices by as much as 20 percent during the last 12 months,” Hunter said.

 By the end of 2013, the volume of home sales is expected to reach more than 5.2 million sales, up 13 percent from 4.7 million sales in 2012, Smith added.

 “In Class A and B submarkets around the country, there’s a one- to one-and-a-half-month supply of new homes and as low as a 10- to 15-month supply of lots,” Hunter said. Depending on the market, the normal supply of newly built homes is about two-and-a-half months, he added.

Steve Palm

 Nationwide, two kinds of supply shortages are occurring — one of newly built homes and one of building lots, Hunter said. Developers are complaining that they can’t find lots in areas where there used to be a plethora to choose from, he added.

 Developable lots are disappearing at a rapid rate in Class A submarkets, said Steve Palm, president of Smart Numbers. “In the Southeast, lots have been gobbled up in central locations in Atlanta, Charlotte and Orlando,” Palm said.

 “We have been saying since 2011 that we think America will face its biggest land shortage in history,” added Sebastian Drapac, executive director of Drapac USA.

Sebastion Drapac

 Pent-up demand, the growing population and a continued trend of household formations all indicate a booming housing market is on the horizon, guests said. “It’s going to be an interesting next two years,” Drapac said.

 The entire episode on the rebirth of the housing market is available for download at www.CREshow.com.

For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com