Multifamily

Yardi: Multifamily rent growth shows no signs of tiring

Market conditions are still solidly on the side of rent growth despite continued deliveries
Rents are still on their way up nationwide. The industry just posted the seventh consecutive month with an all-time high average rent. Here's a look at the latest nationwide rent data. Plus, a glimpse of where rents will rise the most for the rest of the year.
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Bridge Investment Group hires Meena Thever as managing director, capital markets group

Thever will spearhead capital raising, investment analysis and more
Bridge Investment Group hired Meena Thever as the new managing director of its capital markets group. In this new role, Thever will be managing the capital markets group’s capital raising, investment analysis and investor relations across all asset classes including multifamily, affordable housing and senior housing.
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Co-living startup Bungalow launches with $64 million in funding

Pairs “early career professionals” with property owners in unique arrangement
Bungalow, a real estate startup, recently launched to bring a new renting option to some of nation’s largest cities. Think of the company as a cross between co-living and a short-term rental platform like Airbnb, because instead of co-living in an apartment building, Bungalow renters co-live in a house. And instead of only staying for just a few days, Bungalow renters stay for an average of 12 months.
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RealPage completes $100 million acquisition of LeaseLabs

Provider of digital marketing services and software is RealPage’s latest acquisition
RealPage’s $100 million acquisition of LeaseLabs is now complete. The acquisition of LeaseLabs is just the latest for RealPage, a provider of software and data analytics to the real estate industry. This is RealPage’s sixth since January 2017 and pushes the company’s total outlay for its recent expansion past $1 billion.
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Multifamily industry takes Capitol Hill for regulatory reform

NMHC, NAA, and industry heads met with Congress seeking regulatory, affordable housing crisis solutions
Multifamily industry heads met with Congress to hash out regulatory burdens and affordability last week. The National Multifamily Housing Council, National Apartment Association, Gables Residential CEO Sue Ansel and others gathered on Capitol Hill to seek solutions to regulatory burdens imposed at the local, state and federal levels as well as potential solutions for the housing shortage that is fueling the affordability crisis.
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Hard money lender Delancey Street bringing commercial bridge loans to NYC

Company uses AI in decision-making process
Delancey Street, a hard money lender based in New York City, is expanding and will begin offering commercial bridge loans in the city's five boroughs. And the company, which also has a lending presence in Los Angeles, said that it may soon begin offering commercial bridge loans in L.A. as well.
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Fannie Mae now offering new risk-sharing option for multifamily loans

GSE now selling credit insurance risk transfers to offload risk and attract new capital sources
Fannie Mae just rolled out its first credit insurance risk transfer program in the multifamily industry. The first transaction under the new program was announced last week, an $11.1 billion CIRT transaction covering multifamily loans originated between October 2017 and January 2018 and deferring that risk to seven undisclosed insurers and reinsurers.
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Mesirow Financial raises $567 million to invest in value-add multifamily properties

Just closed funding for its value-add fund and is positioned to acquire $1.6 billion in assets
Mesirow Financial raised $567 million in equity from a global pool of institutional investors for its value-add fund. According to its release, the closing of this fund (Mesirow Financial Real Estate Value Fund III) positions the firm to acquire more than $1.6 billion in real estate assets.
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Co-living startup Starcity launches expansion in California

Company is expanding into Los Angeles after success in San Francisco
Purveyors of a growing trend in the multifamily market, Starcity, is expanding its co-living operations to Los Angeles. Los Angeles is the second city Starcity is operating in. San Francisco, a city desperate for affordable housing, was the first.
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Rental management platform TurboTenant raises $2.2 million to fund growth

Will use capital raised to roll out new features and expand market share
TurboTenant, a free platform for landlords that includes rental marketing, online rental applications, tenant screening, renters insurance, tenant management and communication, is planning to grow thanks to some newly raised funding. The platform garnered new investments from Service Provider Capital; Michael Beaudoin, co-founder of HomeAdvisor; and Karl Sowa, former CMO of HomeAdvisor.
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