Commercial Real Estate & Business News – June 23, 2016

The rental market continues to drive housing's recovery-36% of U.S. households opted to rent in 2015, the largest share since the 1960s. Posting the largest 10-year gain on record, the number of renters increased by 9 million over the past decade, according to the annual State of the Nation's Housing 2016 report released today...»
Companies formed by Wentworth Property Co. LLC in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) and Northwood Investors in New York City, N.Y. (John Kukral, pres.) paid $122 million ($191 per foot) to acquire 638,717 sq. ft. of buildings within the Perimeter Center business park in Scottsdale. The sellers of the portfolio were five...»

Delinquency rates for commercial and multifamily mortgage loans hit new lows in the first quarter of 2016 as liquidity conditions for real estate investors remain extremely favorable. "Strong fundamentals and strong property prices, as well as still low interest rates, continue to support the performance of commercial and multifamily mortgages...»

Federal banking regulators are closely monitoring real estate loan performance as banks have stepped up their commercial real estate and multifamily lending in the last several years. After another quarter this year of strong growth, many analysts also are beginning to believe risk related to CRE lending has also increased....»
Luxury rental home developer, BB Living opened its newest for-lease neighborhood in the award-winning Vistancia master plan. The neighborhood features 134 well-appointed townhomes in Acacia Grove in The Village at Vistancia and offers three- and four-bedroom with two-and-a-half baths starting in the $1,300s per month....»

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