Tag Archives: buying

The coming Real Estate bubble


By Megan McArdle

Three and a half years ago, my newly married household acquired an actual house, a 1,750-square-foot slice of paradise in Washington’s Eckington neighborhood. In real estate euphemism, the house is what’s known as “lightly renovated,” the neighborhood “transitional.” “Lightly renovated” meant that some stuff had been done, most of it badly, but the HVAC dated from the Paleozoic, and the yard . . . um, better not to speak of the yard, unless you’re a Hollywood location scout looking for somewhere for your heroin-addict protagonist to bottom out.

Transitional” meant . . . oh, you can figure it out. We had gone north of H Street and east of North Capitol to the unfashionable precincts of the city’s Northeast quadrant. The most common response, when we told people where we lived, was “Where the hell is Eckington?” The second-most-common response was, “Wow [rapid eye-blinking]. I could never live there. It’s too far from everything.”

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Filed under Commericial Real Estate Articles & News, Investment Real Estate

Blackstone to buy $1 billion worth of Tampa Bay homes for rentals

Blackstone to buy $1 billion worth of Tampa Bay homes for rentals

Distressed Housing in Florida Market

By Drew Harwell, Times Staff Writer
In Print: Friday, September 21, 2012

A Wall Street behemoth plans to spend $1 billion on Tampa Bay’s hobbled housing market, dispatching teams of brokers to scour neighborhoods and buy hundreds of homes a month.

But rather than resell the homes, the Blackstone Group is opting to become a landlord, renting the homes to tenants including foreclosed ex-homeowners burned by the housing crash.

Blackstone, one of the nation’s largest private-equity firms, plans to buy as many as 15,000 homes in Tampa Bay over the next three years, many of them foreclosures, capitalizing on decimated home prices and growing rents.

The shopping spree, and those of half a dozen other big investment firms and hedge funds, could radically change the local home landscape, as big-money brokers compete with first-time buyers and mom-and-pop landlords over homes in tight supply.

“It’s a land grab unlike anything we’ve ever seen,” said Peter Murphy, CEO of Home Encounter, the largest manager of rental homes in Tampa Bay. “You’re going to drive through parts of town and all of it is going to be institutionally owned.”

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Holliday Fenoglio Fowler has arranged $37.15 million in new financing for a 379-unit apartment community in Tampa.

story via Globe St

Ringling Bridge by Sean Dreznin

TAMPA, FL-Holliday Fenoglio Fowler has arranged $37.15 million in new financing for a 379-unit apartment community in Tampa. Millennium Westshore Apartments is situated near Tampa International Airport and International Plaza.

HFF secured the five-year loan for AIG Global Real Estate through Federal Home Loan Mortgage Corp.
The multifamily community comprises 5 four-story buildings with single-, double- and three-bedroom units. Elliott Throne and Matthew Schoenfeldt of HFF represented the borrower in the deal. For the full story, go to Tampa Bay Business Journal .

For full story at Tampa Bay Business Journal by Mark Holan, click on “Done Deals: Westshore apartments get financing “

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Sarasota / Manatee Herald Tribune Business Weekly Real Estate Press Release

Sarasota / Manatee Herald Tribune Business Weekly Real Estate Press Release

NAI Manasota - Sean Dreznin

NAI Manasota, based in Lakewood Ranch, has added hired two commercial real estate specialists, Sean Dreznin and Richard Sellers….

Dreznin is a commercial property management professional who owned and operated a professional services management company for several years. He will work with NAI’s Commercial Investment Sales &; Special Asset Services group.

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