Bell Partners Announces Venture, redIQ Unlocks Map: April Multifamily News Roundup
The Biggest April 2021 Real Estate News
We have summarized the biggest multifamily and real estate stories to emerge in April of 2021. In April, Bell Partners has announced its intention to acquire some $1.5 billion worth of multifamily properties, redIQ released an interactive map, lumber prices remained high, and more.
redIQ Unlocks Interactive Multifamily Map
In the last week of April, redIQ launched its inaugural data visualization map. The fully interactive map allows anyone interested to view the markets which were most popular with redIQ users over the last thirty days. The map, now unlocked, can allow multifamily professionals to form an idea of a market’s competitiveness.
Bell Partners to Expand Presence in Key Markets
Bell Partners, one of the country’s largest operators of apartment communities, has announced an $800 million venture focused on acquiring multifamily properties. Bell secured capital from partners on past vehicles. The venture aims to increase Bell’s presence in markets including Atlanta, Nashville, and Austin, Texas.
Lumber Prices Remain High
Lumber prices have soared as demand for wood continues, driven by home improvement projects and new construction. Owners of sawmills, such as Canadian firm Interfor and American company Weyerhaeuser have benefited. These producers of lumber have benefited both from constrained supply caused by limited ability to operate sawmills and low prices for unrefined logs on the other. Depressed prices for timber have come from the over-planting of cheap trees in the southern United States.
For would-be home buyers, this price increase has added some $36,000 to the cost of a new home. Prices will remain elevated until at least July, as contracts for delivery then still trade at a premium.
Interest in Converting Empty Buildings Grows
More than a year into the pandemic, tremendous progress has occurred in vaccination campaigns. However, challenges including variants and uneven distribution of vaccinations across the globe likely mean some offices and hotels will remain empty for longer than predicted.
Speculation has occurred since travel and office work first ceased about the potential conversion of office and hospitality properties in housing. Despite roadblocks to such conversions, capital has started to flow in seeking such deals. Issues that face these investors include sacrificing space to add kitchens in hotel conversions and marketing apartments with windowless rooms in office conversions. However, as occupancy remains low, purchase prices will likely make such deals lucrative even with challenges.
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