The newly configured REIT will aim to allocate $100 million to $300 million a year toward ground-up development. Ground-up projects offer cap rates that Steadfast estimates are 30 percent higher than those on acquisitions, says Rodney Emery, chairman of the three REITs. On top of that, the combined company expects annual returns on ground-up developments to average 40 percent more than returns on acquisitions of stabilized multifamily properties.
The majority of Americans aged 45 and older would like to stay in their current residence after retirement, according to a new report from data firm Property Shark, “Housing America’s Older Adults—Florida, Traveling & Roommates.” A survey Property Shark administered among Americans in that age group found that 56 percent plan to stay in their current home when they get older. Another 30 percent plan to downsize their homes and only 10 percent plan to move to a retirement community.
As the first half of 2019 comes to a close, the retail segment remains flat across the country, largely due to continued pressure from e-commerce and shifts in consumer spending, which have resulted in a high and stagnant retail vacancy rate.
Fed Chair Jerome Powell says central bank faces limitations in countering the impact of the administration’s trade wars, reports The New York Times. Mini-stores are working out for Target, according to CNBC. These are among today’s must reads from around the commercial real estate industry.
