Articles Tagged with ''multifamily properties''

Phoenix leads nation in multifamily rent growth

As employment rates surge, so do rent prices
As of May, rents in Arizona’s capitol rose 6.8% in the past 12 months, a study by Yardi showed. That rate is almost three times the U.S. average, while Phoenix’s employment growth rate in the past year – 3.1% – was nearly double the national rate. 
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Multifamily tech company Livly launches with $10 million seed funding round

Company seeks to bring a "modern approach" to rentals
Tech-driven multifamily operations company Livly officially launched this week and is seeking to digitally disrupt the renting and the property management process. The company has a considerable amount of money behind it, announcing it raised $10 million in capital during its seed funding round.
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TIAA’s Nuveen Real Estate plots massive expansion in multifamily market

Launches multifamily fund with $550 million in initial funding
Nuveen Real Estate, a global real estate investment manager owned by TIAA, is planning a significant expansion of its multifamily real estate business in the U.S. Nuveen announced this week that it launching what it calls the “U.S. Cities Multifamily Fund,” a real estate investment vehicle that just closed on its first investment round, which raised $550 million to invest in multifamily real estate.
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New York landlord accused of running sham co-ops, overcharging renters for decades

Units will be turned into rent-stabilized apartments
Two New York City co-op corporations overcharged renters for decades by operating apartment buildings as for-profit rental buildings instead of as co-ops. According to the New York Attorney General, the buildings rented out the apartments at market rate, thereby denying residents the homeownership opportunities that come with a co-op and overcharging them for their apartments.
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NRP Group rolling out multifamily property management services

In-house services now available to third parties
The NRP Group, a developer, builder, and manager of multifamily housing, is set to begin offering its property management services to third parties. NRP Group announced this week that it is rolling out NRP Management, which will allow other multifamily developers and property managers to use NRP Group’s property management services.
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WhyHotel raises $10 million to expand service that turns empty apartments into hotels

Works with developers to use new units as hotel rooms during lease-up
WhyHotel, a company that works with developers to turn newly built unleased luxury apartments into hotels, is set to expand thanks to a new capital raise. The company announced this week that it raised $10 million in its Series A funding round. The news comes just a few months after the company raised just shy of $4 million in its seed funding round.
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TCI, Southern Properties Capital, Macquarie partnering to build significant multifamily portfolio

Joint venture already has 10,000 units, with plans for much more
Southern Properties Capital, a subsidiary of real estate investment company Transcontinental Realty Investors that operates primarily in Texas and specializes in Class A multifamily, is forming a joint venture with a subsidiary of Macquarie Group, the global finance giant. According to the companies, the joint venture will focus on creating a “business platform that will allow dramatic expansion in the multifamily arena.”
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