RealtyTrac Analyzes Residential Rental Affordability in 2016

 

IRVINE, CA -- RealtyTrac analyzed recently released rental data from HUD, wage data from the BLS along with public record sales deed data we collect in 504 counties with a population of at least 100,000 and found the following regarding rental affordability in 2016.

Highlights in the report:

·         It is more affordable to buy than to rent in 58 percent of the 504 counties (with a 3 percent down payment).

·         Rents are rising faster than wages but slower than home prices

o   Rents on 3-bedroom properties in 2016 up 3.5 percent on average from 2015

o   Average weekly wages up 2.6 percent year-over-year

o   Median home prices up 5.0 percent year-over-year

·         Most affordable and least affordable rental markets for average wage earners

o   Across all 504 counties average rent requires 37 percent of average wages

o   Top five least affordable counties for renters are in Honolulu, Washington, D.C., New York City (Brooklyn), and Northern California metros of Salinas, Santa Cruz and San Francisco. Average rent requires more than 60 percent of average wages in all five least affordable counties.

·       Top five most affordable counties for renters are in Huntsville, Alabama; Peoria, Illinois; Davenport, Iowa; Atlanta; and Pittsburgh. Average rent requires 25 percent or less of average wages in all five most affordable counties.Boston Bruins 1950-51 Roster

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

 Jennifer von Pohlmann

 Sr. Data PR Manager

 Office: 949.502.8300 ext 139

 jennifer.vonpohlmann@realtytrac.com

Wyndham Hotel Group Brings Flagship Brand to Argentina; Reaches 35th Hotel in the Country

Paulo Pena

BUENOS AIRES, ARGENTINA – Building on more than 16 years of experience in Argentina, Wyndham Hotel Group announced the debut of its namesake brand, Wyndham Hotels and Resorts®, in Argentina with the opening of the 141-room Wyndham Nordelta Tigre Buenos Aires.

"Famous for its culture, customs, geography and cuisines, Argentina continues to be a favorite destination for global travelers and a key market for Wyndham Hotel Group,” said Paulo Pena, president and managing director for Wyndham Hotel Group in Latin America and the Caribbean.

 “Adding our world-renowned upscale brand to the country complements our existing portfolio of 34 hotels, which not only includes the Ramada and TRYP by Wyndham brands, but also the largest network of Howard Johnson hotels in Latin America, and the award-winning global Wyndham Rewards loyalty program. ”

  

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

Paula Carreiro

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-7927

paula.carreiro@wyn.com

112 acres of industrial development land in Lakeland, FL Sold; Buyer plans to develop Class A distribution centers

  

 

Dolores Seymour

LAKELAND, FL  (Dec. 29, 2015)  – As the I-4 corridor continues to be a prime focus for industrial development, a 112-acre land parcel located at I-4 exit 38 near Florida Polytechnic University has sold.

 The buyer plans to build Class A distribution centers to accommodate companies that require 200,000 to over 1 million square feet of space. 

This is the largest speculative industrial project in Lakeland in nearly a decade.

The seller, RG-Lakeland LLC, an entity of New York-based The Rockefeller Group, was represented by Edward Miller, CCIM, SIOR; Dolores Seymour, CCIM, MCR, SIOR; and Deborah Mickler, CCIM, SIOR of Colliers International Tampa Bay.

The buyer is Big Acquisitions LLC, an entity of Brennan Investment Group, a private real estate investment firm based in Rosemont, Ill.

Deborah Mickler

Brennan Investment Group acquires, develops and operates industrial properties nationwide, and previously worked on the development of a nearby land parcel off I-4 that is now successfully operating as First Park at Bridgewater. That park is fully occupied at over 2 million square feet.

“This is a massive project for Lakeland and a significant endorsement for the I-4 corridor,” said Colliers’ Miller. “This development together with recent market activity confirms Lakeland’s place as a growing distribution market of national importance.”

The land is located at 3401 Old Polk City Road in Lakeland, near I-4 Exit 38.

 

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

Leah Saunders 

Senior Account Executive

B2 Communications

p 727.895.5030 x104 | c 813.924.0367

www.B2Communications.com

HFF closes $165.4 million sale of 12-property Mid-Atlantic apartment portfolio

 

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a 12-property apartment portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware. 

HFF marketed the offering exclusively on behalf of the seller, AIG Global Real Estate Investment Corp.  An undisclosed buyer purchased the portfolio for approximately $165.4 million free and clear of existing debt.  

This transaction represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.

The well-leased, garden-style communities offer a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size.  

Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks.  

Several of the properties have undergone interior unit upgrades with proven rental premiums.  Seven of the properties are located New Jersey; three in Pennsylvania; and two in Delaware.

Andrew Scandalios

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz, Andrew Scandalios and Mark Thomson, managing director Kevin O’Hearn and associate directors Michael Oliver and Steve Simonelli.

“We had a significant amount of interest on these assets given their upside potential and given the size of the portfolio,” stated Cruz.  “The buyer performed very well and on-time given the complexity of the deal.”

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

NAI Realvest Negotiates Sale of Office Building on Maitland Ave. in Altamonte Springs, FL for $205,000

   

 

Chris Adams

 ORLANDO, FL – NAI Realvest recently negotiated the $205,000 sale of a single-story, stand-alone office building located at 657 Maitland Ave. in Altamonte Springs. 

Chris Adams, associate at NAI Realvest negotiated the transaction representing the seller, Habib Properties Florida LLC based in West Branch, Michigan. 

The building, with 1,518 useable square feet, was purchased by Winston A.R. McClean PA for its law practice.     Mike Phillips of Keller Williams represented the buyer.

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

Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Marcus & Millichap Arranges Sale of Logan’s Roadhouse in Orlando, FL for $3.8 million

Logan's Roadhouse Restaurant, 3060 West Sand Lake Road, Orlando, FL

Barry M. Wolfe

ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Logan's Roadhouse, a 7,995-square foot net-leased property located in Orlando, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,800,000 equating to $475 per square foot.

Barry M. Wolfe, a first vice president investments, Alan Lipsky, an associate, and Howard Bregman, a senior associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Toronto, Canada. The buyer was a limited liability company from Miami.

“Strong investor demand for triple-net-leased Orlando properties has created bidding competition and allowed the average sales price per square foot to rise 2.9 percent to $390 per square foot over the past year. This is nearly 25 percent higher than other Florida metros and more than 50 percent higher than the U.S. average,” says Bregman.

“We received multiple offers on Logan’s Roadhouse and it ultimately traded at $475 per square foot,” says Lipsky. “The restaurant is located in a busy retail corridor and has more than 14 years remaining on its lease. It’s an excellent long-term investment for the buyer.”

The 7,995-square foot restaurant was built in 1999. Logan's Roadhouse is located at 3060 West Sand Lake Road.  It is less than six miles from SeaWorld and Universal Studios, 10 miles from Walt Disney World and 11.5 miles from Orlando International Airport..

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

  Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

PM Hospitality Strategies, Inc. Announces the Opening of Hampton Inn & Suites by Hilton Washington, DC--Navy Yard

Joseph Bojanowski

  WASHINGTON, DC, Dec. 29, 2015—Officials of PM Hospitality Strategies, Inc. (PMHS), a leading, national hotel management company, today announced the opening of the 168-room Hampton Inn & Suites by Hilton Washington, D.C.-Navy Yard.

Located at 1265 First Street SE, in the heart of our nation's capital, the hotel is well positioned near iconic monuments, national parks and one block from the metro station where access to Capitol Hill, The White House and the National Mall areas are readily available.

            "In addition to our five, recently announced management agreements throughout Pennsylvania, the Hampton Inn & Suites by Hilton Washington, D.C.-Navy Yard keeps us on pace to have one of our most active years in our history," said Joseph Bojanowski, president of PMHS.

"Washington, D.C., which receives approximately $1.9 billion from tourists on lodging annually, also happens to be our headquarter location, making this a particularly gratifying addition to our growing portfolio of third-party management contracts with reputable owners of well recognized and respected hotel flags.” 

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

Sonia Abdulbaki, media

  (703) 435-6293

  sonia@dalygray.com

www.pmhs.com.