Carmel Partners, San Francisco, has closed a second multifamily institutional real estate investment fund with $400 million in equity commitments, the firm said.The fund’s strategy is to buy underperforming multifamily assets and actively manage and renovate the properties, making improvements. Carmel Partners will also consider development and "strategic joint venture" opportunities with real estate operators. Ron Zeff, the firm’s founder, said, "We believe the current economic environment and pending demographic shifts will produce continued buying opportunities with higher long-term rent growth and improved occupancy rates." More than 95% of the investors in Carmel’s first multifamily fund have committed to the new fund, Carmel said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
2h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
6h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
9h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
11h ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24