The 234 Apartment

Multifamily sales totaled $147 million in the Buffalo area market in 2016, up from $127 in 2015 and again above the $ 100 million dollar level achieved each of the last five years.  The investment market is most active in suburban garden apartment complexes . Private locally based principals were active as both buyers and sellers with prices at all-time high per unit valuations . These older apartment properties comprise the majority of the existing inventory and are often fully occupied with rising rents. From a tenant perspective they are often the best housing available at a given price. Located in dense residential neighborhoods , they are near employment, shopping, entertainment and within desirable suburban school districts . It would be impossible to duplicate them today in the same locations with the same rent structure and consequently they have little competition in their price range. This drives the rent growth that attracts investors. In April of 2017, RENTCafe’s surve...

Hunting for a new apartment to rent can lose its excitement very quickly, but in some cities the search gets much worse, much faster. If you’ve ever been on the lookout for a new home in Philadelphia, you may have experienced the worst of renting, according to a new study. A recent report from financial website WalletHub cultivated a list of the 150 best and worst cities to live in, and while smaller cities in states such as Arizona, Nebraska, and South Dakota topped the rankings, big cities like Detroit, Baltimore, New Orleans, and, yes, Philadelphia, were staggered at the bottom of the rankings, with Philadelphia falling at No. 128 in the 150-city survey. Rankings were defined in a couple ways: rental market and affordability (weighing factors such as rent-to-price ratio, security deposits, cost of living, historical rental price changes, and others) and overall quality of life (weighing factors such as job market, driver friendliness, and the weather). Considering the weight on ...

Jorge M. Perez and his Related Group are bullish on Tampa Bay. How bullish? Some $350 million worth. That's how much the Miami-based company has invested so far in the area, particularly in the city of Tampa. "We love cities, and this is a can-do city," says Perez, who founded Related in 1979 and built it into one of the nation's largest real estate conglomerates . PREVIOUS COVERAGE: Related Group breaks ground on complex at old Tampa Tribune site Perez was in Tampa on Wednesday for the official groundbreaking of Manor Riverwalk, Related's 400- unit luxury apartment project where the Tampa Tribune once stood; and a visit to the site of Town Westshore, where Related plans 396 apartments in the Westshore Marina District near the Gandy Bridge. The company also expects to start construction in September on the 368-unit Icon St. Petersburg in the city's Edge District, and is lead developer on Tampa's $750- million West River redevelopment . In an interv...

T wo weeks ago, a Manhattan Supreme Court judge handed down a decision designed to strike fear in the hearts of landlords. Justice James d’Auguste ordered that an independent receiver be appointed to manage two Midtown residential buildings where the landlords allegedly allowed illegal Airbnb rentals to occur. The case, which began when the city sued the landlords in February 2015, has become one of the battlegrounds in a larger war between city enforcement agencies and short- term rental sites like Airbnb. Airbnb, which was recently valued at $31 billion, refuses to release the exact addresses of hosts who break the law by renting their entire apartment for less than 30 days without being present. Without the addresses and names of Airbnb violators , the city mostly targets the owners of buildings that rack up the most illegal hotel complaints from 311 calls and the New York City Department of Buildings. “This entire model—and it was intentional [by the city]—is complaint-drive...

When Matt Metzger and Carly Wingert showed up to view apartments early Friday afternoon at a complex on the south end of town, the property management office was closed. Another tenant pointed them to the mailbox with applications they could take and fill out. But it was empty. So they were off to make more calls. They'd already looked at a couple of places, including one that still was under renovation. "The struggle is real," Wingert said, still cheerful nonetheless. "It's not easy at all," Metzger said. After looking at just a handful of units, they were already talking about how to adjust their budget and possibly work overtime to afford a suitable home.  Wingert and Metzger plan to finish their degrees at the University of Montana — he's studying wildlife biology and she's interested in literature and the environment. They're among a slew of students looking for housing around the same time. Despite all the construction that's been ...

AvalonBay Communities, Inc. (NYSE:AVB) Q2 2017 Earnings Call August 03, 2017 1:00 pm ET Executives Jason Reilley - AvalonBay Communities, Inc. Timothy J. Naughton - AvalonBay Communities, Inc. Sean J. Breslin - AvalonBay Communities, Inc. Matthew H. Birenbaum - AvalonBay Communities, Inc. Kevin P. O'Shea - AvalonBay Communities, Inc. Analysts Nicholas Joseph - Citigroup Global Markets , Inc. Nick Yulico - UBS Securities LLC Richard Allen Hightower - Evercore ISI Juan Sanabria - Bank of America Merrill Lynch Andrew T. Babin - Robert W. Baird & Co., Inc. Austin Wurschmidt - KeyBanc Capital Markets , Inc. Dennis Patrick McGill - Zelman & Associates Wes Golladay - RBC Capital Markets LLC Alexander Goldfarb - Sandler O'Neill & Partners LP Vincent Chao - Deutsche Bank Conor Wagner - Green Street Advisors , LLC Richard Hill - Morgan Stanley & Co. LLC Robert Stevenson - Janney Montgomery Scott LLC Operator Good morning, ladies and gentlemen, and welcome to AvalonBay...