Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 05 October 2017

Electra America Buying Apartment Properties in Southeast and Texas

Electra America, a unit of a Tel Aviv real estate company, is actively buying up class-B apartment properties in certain markets in the southeastern United States and Texas. So far this year, it's purchased 15 properties for $638 million and has another six properties under contract. Meanwhile, it's selling seven properties.

Commercial Real Estate Direct Staff Report

This year, Electra America has paid $638 million, or about $123,643/unit, for 15 apartment properties with a combined 5,160 units in Georgia, Florida, North Carolina and Texas.

The Tampa, Fla., company also has agreed to buy six other properties, with a total of 1,500 units, for $200 million, or about $133,333/unit. The deals are expected to close by the end of the year.

Meanwhile, it's selling seven of its properties for some $200 million as it fine-tunes its portfolio's geographic diversity.

The transactions are part of Electra America's strategy to invest in class-B properties in major metropolitan areas in the southeastern United States and Texas.

Joseph Lubeck, the company's chief executive, has identified the following markets as having strong job growth and population increases, particularly among the 24 to 36-year-old age category: Charlotte and Raleigh, N.C.; Miami, Jacksonville, Orlando, Tampa, and...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

REITCafe

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  • US REITs Feeling Effects from Turmoil in Greece and China
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  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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