Kushner’s Post

Vistry Group has entered into a ground breaking partnership agreement with Leaf Living and Sage Homes, involving the acquisition of 2,915 units from Vistry, valued at a Gross Development Value (GDV) of £819 million. This substantial deal represents a significant stride in addressing the country’s pressing housing needs. - https://lnkd.in/ewJp7s6X Also in today's newsletter... In a bid to further stimulate the housing sector, LDS Sales Guarantees has announced an increase in the maximum Gross Development Value of projects they will consider, upping the limit from £35 million to £55 million. -https://lnkd.in/e9FBpE68 West One Loans has marked a significant milestone by completing its largest development finance deal to date, a £31.2 million facility to support a £48 million Gross Development Value housing scheme in Acton, West London. - https://lnkd.in/eER2cUgQ In a significant development for North London’s property market, United Trust Bank Limited and Iron Bridge Finance & Orlandis Capital have collectively provided over £10 million in funding. - https://lnkd.in/eJ3unjpb Hull City Council’s Cabinet is poised to deliberate on a pivotal report outlining the design brief for the West Docklands area. This ambitious plan is set to establish a comprehensive planning framework, paving the way for the area’s development and rejuvenation. - https://lnkd.in/ekqaEbu2 Ben Jenkinson - Guy Murray - Edward Weekes - Edward Alexson - Paul Drake-Davis

Boston's newest real estate pilot program aims to stimulate office-to-residential conversions to tackle both downtown's rising commercial vacancies and the citywide housing shortage. Launched in October 2023, the "Downtown Office to Residential Conversion Pilot Program" offers up to 75% in property tax waivers for up to 29 years, significantly benefiting those revitalizing Class B, C, and D commercial assets. It's a promising step toward addressing Boston's housing crisis. I'm hopeful that, in addition to pilots like this one, our current administration will focus on simplifying the zoning process and offering incentives for sustainable projects to further attract developer investment. The first pilot project, revitalizing a 145-year-old building on Franklin Street, received funding last week, offering a glimmer of hope for Boston's real estate future. #BostonRealEstate #HousingCrisis #UrbanRevitalization #SustainableDevelopment

Mixed-use developments in North Carolina have been on the rise in recent years, offering a blend of residential, commercial, and recreational spaces within a single project. These developments aim to create vibrant and walkable communities that cater to the diverse needs of residents. With a focus on creating live-work-play environments, mixed-use developments in North Carolina are designed to foster a sense of community and encourage social interactions. They often feature green spaces, bike lanes, and pedestrian-friendly pathways to promote a healthy and active lifestyle.u As the demand for mixed-use developments continues to grow, developers and city planners are working together to create innovative and sustainable projects that enhance the quality of life for residents. From revitalizing historic neighborhoods to creating new urban hubs, mixed-use developments are reshaping the way we live, work, and play in North Carolina. #brynthebroker #northcarolina #mixeduse #johnstoncounty #joco #developers #investors #brynharrington #commercialrealestate

The news is discouraging enough that residential redevelopment projects have all but come to a complete halt in downtown Pittsburgh. I thought it was important to detail all the added costs that now is making it too expensive to pull these projects off, detailing the limits of banking financing, just how much added costs comes from higher interest rates, etc. To top it off, I was able to include the expected cost in price per square foot, which I'm told now can range upwards of $250 a foot, to $400 or $500 a foot....which can result in some staggering price tags when you do the math. For example, the modest-sized Allegheny Building, now the Allegheny Apartments and fully converted, would now likely cost between $37.5 million and $75 million for a 150,000-square-foot redevelopment. Bigger buildings very quickly project into price tags in the hundreds of millions of dollars for conversions. Expect this to be a major hurdle going forward. Story from the other day that I think is worth your time.

Unless you're starting at a basis of $20-$30 / SF for the base building. You will have a $400 / SF real cost to convert many, if not most of the buildings in question. That's why the conversions that have been done to date were market rate projects when you could sell a white box for $1M. Or that those with any momentum today are driven by legacy owners whose basis is close to that $20-$30 number. Anything else is going to be tough to pull off at today's construction costs and mortgage rates. It can happen, but the incentives need to grow significantly. Moves like the one that Councilman Bobby Wilson have put on the table are a very good start. But they are a start. We need more governmental leaders thinking outside the box like he is though. I’m excited to see how it goes. #residentialdevelopment #residentialconversion #downtown

Blue Ridge Year-End Updates 2023 🏢 Apartment Complex in Greenville, SC MSA (Piedmont): We successfully purchased, fully renovated, and have currently leased up 83% of an apartment complex. We anticipate full stabilization by Q1 of the next year. 💵 SFR/Duplex Portfolio in Greenville, SC MSA: Sold 25% of our portfolio. Plans are in place to continue dispositions throughout 2024. 🛠 Clemson, SC Apartment Complex: Acquired and initiated renovations on an apartment complex, transitioning it to student housing. Expected stabilization is set for August 2024. 🏠 Dunean Mill Neighborhood Initiatives: We maintained our momentum in purchasing, renovating, renting, and selling homes in the Dunean Mill neighborhood of Greenville, SC. 🛍 Family Dollar Tree Store Development (Hickory Tavern, Greenville, SC MSA): Successfully completed development and executed the sale of a Family Dollar Tree store. 🏆 Recognition for Founding Principal: Taylor Vick has been honored as one of Greenville’s Best and Brightest under 35. 🔎 Current Pursuits: • Value-add investments in Industrial/Flex Space. • Developments anchored by Publix. • Value-add multifamily projects. 2024 Outlook The recent decrease in interest rates presents excellent opportunities to either refinance our stabilized projects from 2023 or sell them at more favorable prices than initially projected. Blue Ridge is committed to continuing its focus on value-add opportunities in single-family and multifamily sectors in the upstate of South Carolina. Moreover, we are exploring promising joint venture prospects with other investment firms. These ventures include the development of Publix shopping centers, value-add industrial investments, and multifamily investments in additional markets #realestatefunds #realestateinvesting #greenvillesc #yeahthatgreenville #greenvilleinvesting #investingreenville #portfoliomanagement #privateportfolio #investmentfirm #investing #blueridgeassetmanagement #blueridge

Great write up! Happy to announce our latest acquisition of a vacant 39 unit building in Hell’s Kitchen we purchased off the bank of china. You might say how does someone buy from the bank of china in fact this isn’t the first group like this we purchased from. We also purchased a similar building in Brooklyn heights from Brooklyn law school. If you have serious sellers let them deal with serious buyers. Simple as that. We know how to get the deal to the Finnish line. If you have deals you want to get to the Finnish line email me Bernard@kingscapitalre.com - - - - #deals #commerical #realestate #conversions #realdeals

🔍 Case Study: From Distressed to Dividends in Birmingham 🏡✨ Transforming a distressed property often seems like an uphill journey, but it can be incredibly rewarding when done right. Take, for example, this recent project in Birmingham: What seemed like a dilapidated structure was turned into gold, boasting an impressive 20% ROI. How did we get there? Let's break it down. 1️⃣ Initial Acquisition: We spotted a distressed property in a burgeoning yet undervalued neighborhood. Acquired at a below-market price due to its dire state, this was step one. 2️⃣ Comprehensive Assessment: A deep dive into the property revealed hidden charms. We scrutinized everything from foundation integrity to potential zoning issues. The key? Detailed due diligence. 🔎 3️⃣ Strategic Renovation: Focused efforts on: - Restoring structural soundness - Modernizing interiors while preserving original charm - Enhancing curb appeal with strategic landscaping 4️⃣ Community Engagement: Involving local artisans not only elevated craftsmanship but also fostered goodwill in the neighborhood. This liaison created buzz and elevated community value. 5️⃣ Smart Financial Moves: Secured favorable financing terms and rebates connected with urban renewal initiatives. Leveraged tax incentives for green renovations too. 💡 6️⃣ Marketing Excellence: Launched a vibrant marketing campaign, highlighting both the property's transformation and the neighborhood's evolution. Emphasized proximity to transport links, schools, and amenities. 7️⃣ Final Result: Transformed completely, the property didn't just become a home; it became a sought-after asset. Listed above initial estimates, the property sold quickly, reflecting a stellar 20% ROI. 📈 📢 Key Takeaways: - **Vision & Patience**: Look beyond the surface. Distressed properties harbor immense potential. - **Thorough Planning**: From acquisition to renovation and marketing, detailed planning is crucial. - **Community Connection**: Engaging with and uplifting the surrounding community isn't just ethical; it’s profitable. - **Financial Savviness**: Leverage all available incentives and make informed financial decisions. Investing in distressed properties isn’t merely about profit; it's about constructing value from the ground up and contributing to urban rejuvenation. 🤝 Your thoughts? Any similar successes or strategies you’ve employed? Let's share our insights and drive this conversation forward! 🔗 Feel free to comment below or connect with me directly for an in-depth discussion! #RealEstateSuccess #InvestmentStrategy #UrbanRenewal #ROI #BirminghamHomes

Delighted to have contributed to this piece on the #BuildToRent sector, by David Byers in today's 'Bricks & Mortar' section of The Times. A comprehensive overview of where the sector has got to so far, and the challenges that it faces into the future - both immediate and longer term. We need to tackle the perception issue pretty urgently, especially given the opportunity of a new incoming Government. This will need to address the many myths and misunderstandings around the nature of #BTR, but also must explore how the planning system could enable the sector to diversify its offer of better renting to more households across the country - not only in different housing types (e.g. #SingleFamilyHousing, #Coliving, etc.) but to widen access through expanded affordability levels. Great quotes from Bella Peacock, Brendan Geraghty, Ryan Prince and Oscar Brooks, as well as data from British Property Federation and references to BTR communities by Moda, Realstar Corp., UNCLE Living, Greystar (International), Quintain Limited, Legal & General Investment Management (LGIM), Related Argent, Way of Life, John Lewis Partnership and Vita Group. David has kindly used one of my quotes to conclude the article: “The challenge ahead is for the sector to have a more mature dialogue with national and local policymakers about the country’s future housing needs," Pargeter says. “Build-to-rent can really help to deliver a genuinely continuous spectrum of affordability, in which renters have quality and aspirational choices available in the places they want to live — but it will require understanding and change. I don’t expect either language or policy to alter in advance of a general election — but future renters won’t forgive us if we don’t take the opportunity of a collective fresh start thereafter to make a real difference for them in the future.” https://lnkd.in/e8ADKhEr

LME Investments: Weekly Newsletter: 5/12/2024 - Happy Mother’s Day, DTLA graffiti towers for sale! Hi All Thank you for taking the time to read the LME Investments / Local Multifamily Experts Meetup weekly newsletter. We strive to highlight the most relevant insights, trends, and issues impacting real estate investing, with a focus on the multifamily sector in the nation's largest county - Los Angeles. To all the incredible mothers out there, we want to wish you a day filled with love, appreciation, and relaxation. Your strength, love, and sacrifice shape the world around us, and today, we celebrate you. Whether you're a mother, grandmother, stepmother, or mother figure, your impact is immeasurable. Thank you for all that you do. Wishing you a Happy Mother's Day from all of us! Our next meetup is at Three Weavers Brewing on Wednesday, 5/22. Come hang out with your fellow real estate professionals in a relaxed setting. Here is the link to RSVP. A financing gap could stop the redevelopment of the West LA Civic Center, into residential units, offices and retail. Financing and other costs have reduced the return on the project, so the developers (AvalonBay Communities and Abode Communities) are collaborating with the city council member for the district, Traci Park, to figure out solutions. Oceanwide Plaza, aka the "Grafiti Towers' in downtown Los Angeles, have been put up for sale after bankruptcy proceedings. Colliers and Hilco Real Estate are marketing the site. An appraisal from Colliers, submitted during the bankruptcy proceedings, suggests the project is worth $434 million. As it is 60% complete, it will require around $865 million to complete. The owners of the home Marilyn Monroe last lived in (and passed away in) are suing the city of Los Angeles, for what they argue was a flawed process to designate the property as a landmark last fall. The couple argue that the process was not conducted in a neutral, fair manner, as is required by local law. That's it for now. We'll see you next week! Warm Regards, Sanjeev Bhatia & Shiva Bhaskar, Esq. info@lmeinvestments.com WWW.LMEINVESTMENTS.COM https://lnkd.in/ezbpQMqW