CWD Real Estate Investment’s Post

Over half a million apartments are slated to complete construction this year, up 9% from 2023 and 30% from 2022. As highlighted by GlobeSt.com, over 60% of this new supply is concentrated in just 20 metros with the total number of apartments being added enough to roughly house the entire population of Atlanta. Of the metropolitan areas set to receive a majority of the new inventory - Arizona, New York, and Texas are notable standouts. The Mogharebi Group recognizes the potential for opportunity in these growing #multifamily markets, with a particular interest in #Phoenix.

The transformation that the Eglinton Line 5 Crosstown LRT is bringing to Midtown Toronto is simply astounding. From its western terminus at Mount Dennis to its eastern terminus at Kennedy, tens of thousands of new residential units are planned along its route as part of a long list of master-planned communities, all of which are looking to transform the many under-utilized properties along Eglinton into complete transit-oriented neighbourhoods, reported UrbanToronto.ca. "One such property is SmartCentres’ Westside Mall, located at 2400 Eglinton West near Caledonia Road, where SmartCentres REIT, under its residential sub-brand SmartLiving, have big plans to establish a new transit-oriented community directly adjacent to the new Caledonia transit station." "The property is currently home to Westside Mall, a big box retail plaza housing several establishments including FreshCo and Canadian Tire. SmartCentres is planning to transform the existing retail plaza with a phased development that includes 8 new mixed-use residential towers ranging in height from 24 to 60 storeys and two new 8-storey residential mid-rises, along with a new public park proposed to be over one acre in size. In total, 4,045 residential units are planned, with a variety of local and large-format retail spread out across the podiums of the towers." https://lnkd.in/g5MnSqRj

More growth underway!

What are your thoughts on Dallas potentially dropping the minimum size of lots for single-family housing to 1,500 vs. its usual 5,000-7,500? Duplexes and quadplexes next to single-family homes? A lot on the construction horizon in Dallas in 2024! "The most immediate concern will be debating allowing more people to live on a single lot. At least 60 percent of Dallas land is zoned for single-family housing, and the minimum size of those lots is between 5,000 and 7,500 square feet. The City Council will soon be briefed on an analysis of what would happen if that drops to 1,500, following similar efforts in cities like Houston and Austin. The next step would be to exploring allowing two to four separate units on a single lot, which amount to duplexes, triplexes, and quadplexes next to single-family homes." https://lnkd.in/gW3sJ56t

Over half a million apartments are slated to complete construction this year, up 9% from 2023 and 30% from 2022. As highlighted by GlobeSt.com, over 60% of this new supply is concentrated in just 20 metros with the total number of apartments being added enough to roughly house the entire population of Atlanta. Of the metropolitan areas set to receive a majority of the new inventory - Arizona, New York, and Texas are notable standouts. The Mogharebi Group recognizes the potential for opportunity in these growing #multifamily markets, with a particular interest in #Phoenix. https://lnkd.in/gk3MXUFD

Orange County in Southern California is preparing for even greater expansion and development well into 2024 and beyond with new large scale developments being planned or already underway. Throughout the county, multiple vacated or semi-abandoned shopping malls and regional shopping centers are being converted or redeveloped into multifamily projects with mixed use and retail. The sheer volume is expected to add more than 12,000 apartments in 10 malls throughout the core areas of the OC. Here's a highlight of the properties coming available > 309-unit Paloma apartments at Main Place in Santa Ana > Metro Town Square in Santa Ana is the largest with 3,700 residences in the works > Adjacent South Coast Plaza Village 1,583 homes are being planned > Westminster Mall into Bolsa Pacific, a complex of 1,065 apartments across three five-story buildings > Currently there are nearly 500 residences at Bella Terra in Huntington Beach with plans to develop a 300-unit apartment building > Laguna Hills Mall is turning into the Village of Laguna Hills, with approximately 1,500 apartments With one of the lowest apartment vacancy rates in the nation, it is no surprise that developers are rushing to fill the demand. MARQUIS Commercial Properties has commercial land available for multifamily, self storage and retail development in the Inland Empire and surrounding areas. CONTACT US FOR DETAILS #banking #finance #innovation #multifamily #realestate #marquiscommercialproperties

Overtown, once the "Harlem of the South," contrasts with the sleek Downtown and Brickell areas of Miami. Historically underinvested, it is now experiencing significant development, attracting investors due to its prime location near major transit routes and adjacent to vibrant districts like Wynwood. Landmarks like the Overtown Lyric Theater add cultural depth. Recent multifamily developments address the demand for affordable housing, revitalizing retail and commercial spaces. The new Brightline station and projects like the Underdeck Park enhance connectivity and amenities. Overtown's history, central location, and ongoing revitalization efforts present a promising opportunity for real estate professionals. Read more and also explore recent development in the area: https://bit.ly/4bhFd2z #MarketRent #OvertownRealEstate #WalkableNeighborhoods #UrbanInvesting #OvertownMiami #WalkableCities #AffordableHousing

Exciting News for NYCHA Residents: The Edenwald Houses, part of the largest-ever $930 million deal, are joining NYCHA's PACT program for upgrades! Here's a summary... Renovations Worth $480 Million: The 70-year-old Edenwald complex will undergo a massive transformation with $480 million in renovations—$236,000 per apartment—funded by NYCHA, private developers, and HUD's Rental Assistance Demonstration program. PACT Conversion Process: Edenwald is the latest addition to 62 developments, including Baychester, already converted under the PACT program. This involves three phases: predevelopment, construction, and completion. Construction Timeline: Anticipate a three-year construction period, targeting completion in the summer of 2026. Each unit will receive six to eight weeks of attention. Temporary relocations are planned for some residents, focusing on lead abatement work. Community Outreach: Despite skepticism, New York City Housing Authority (NYCHA) is actively engaging residents through monthly meetings and information distribution. Tenant Association President Walter McNeil encourages visits to Baychester to witness positive impacts firsthand. Modernization Plans: HUD Regional Administrator Alika-Ampry Samuel envisions a modernized Edenwald, featuring upgraded apartments, a fully renovated senior center, a new laundry facility, and improved greenspaces. Development Partners: Selected partners include Camber Property Group, Steward Alexander and Associates, Henge Development, and L and M Builders Group, known for their successful role in the Baychester Houses' $261 million PACT renovation. Positive Impact at Baychester: Baychester Houses, part of the previous PACT project, showcases remarkable improvements with cleaner surroundings, appealing aesthetics, and enhanced maintenance—winning over even the initially skeptical residents like Angelo Ocasio. A Better Future Awaits: Amidst doubts, the PACT program promises a brighter future for NYCHA residents. Edenwald's transformation aims to provide housing that residents can be proud to call home. https://lnkd.in/ehSys-w4 #NYCHA #PACTProgram #EdenwaldTransformation #HousingUpgrades

Boston's first office to residential conversions are underway, and success hinges on several critical factors. Building vintage, location (including access to transportation and proximity to food sources), and floor plates all play a key role in the outcome. As the city continues to evolve, it's exciting to see these transformations take shape. Find these properties using Trepp, Inc. tools. #BostonDevelopment #RealEstate #ResidentialConversions https://lnkd.in/efMM9YM2

Crombie REIT and Westbank Corp have decided to revise their redevelopment of a Canada Safeway store in Vancouver’s Commercial Drive area yet again, reported Connect CRE. "The proposed project situated at Broadway and Commercial Drive has already undergone several revisions. At the developers’ request, the city has now postponed an information session and online question-and-answer period related to the project’s zoning application." “The upcoming information session and online Q&A period for 1780 E Broadway was postponed in order to continue working on project refinements,” state Crombie and Westbank on the project’s website. The companies plan to resubmit an advanced proposal." "The postponement comes after Crombie and Westbank decided to offer rental apartments instead of strata condominiums in the proposed project at Broadway and Commercial. New Glasgow, N.S.-based Crombie and Vancouver-based Westbank opted for rental residential exclusively in the mixed-use project. A development plan was originally filed in 2019 and adjusted in 2020 and 2021." https://lnkd.in/da_ExuBr #vancouver #redevelopment #transitoriented