2020 – Page 31

Brett Meringoff Joins Fairstead

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Brett Meringoff, a prominent affordable and mixed-income housing developer has steppedin to help lead Fairstead’s expanding development business across the country. In his new role as senior vice president, he will be based in the firm’s Bethesda, Maryland, office. Fairstead is a fully-integrated real estate firm committed to affordable housing. Meringoff will work on ground-up developments and new acquisitions for both affordable and mixed-income projects across the country. Meringoff most recently served as senior vice president for Winn Companies, where he was responsible for the company’s Mid-Atlantic affordable housing development and asset management activities, as well as its market-rate investments. Under his leadership, his team entitled, developed and completed more than 4,900 units across 19 properties. Before joining Winn, Meringoff founded BEM Companies LLC and BEM Consulting LLC, aVirginia-based real estate organization that specializes in affordable housing development andconsulting services to small-and medium-sized companies in all areas of multifamily real estate.He earlier served as director of development for Coalco International (now operating asCorigin), a global real estate development and investment company. He began his career with The Related Companies in New York City. Meringoff has led several well-known developments throughout his career, including the restructuring and repositioning of the Sursum Corda site in Washington, D.C.; major acquisition rehabilitation affordable housing projects such as Sencit Liberty Apartments in Atlantic City, New Jersey; Venango House and Breslyn House Apartments in Philadelphia, Pennsylvania; and ground-up affordable housing projects such as Southern Hills Redevelopment in Washington, D.C., and Gordon Mansfield Veterans Village in Tinton Falls, New Jersey.

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Hilltop Residential, a Houston-based multifamily real estate investment company, has brought in Craig Marbach as executive vice president. Marbach will help lead the firm as it extends its portfolio into the Southeast, specifically the Georgia and Florida markets. Craig previously served as managing director at Venterra Realty Management, where he was responsible for acquiring 11,198 units through 40 deals in the Southeast during his 13-year tenure. Since launching in 2017, Hilltop Residential has acquired 15 assets and 4,100 units in major Texas markets, totaling over $600 million. It recently closed Fund IV, which provides an additional $500 million in buying power.

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Neighbor.com has expanded into Dallas, Texas, the second-largest self-storage market in the nation. The company offers a sustainable alternative to traditional self-storage that allows local residents to rent out extra space in their homes to their neighbors. The arrangement allows homeowners to accumulate monthly passive income. “Texas is the second largest self-storage market in the United States, so it’s fitting that Neighbor’s peer-to-peer storage marketplace has grown organically in Dallas, where many homeowners are looking for reliable passive income and renters want to save an average of 50% on storage,” said Joseph Woodbury, CEO and co-founder of Neighbor.com. “Neighbor.com has been rapidly expanding by word of mouth across the U.S., but now is the right time to build out our community management team in Dallas to bolster access to storage for one of the most in-demand storage regions in the country. This team, along with our increased investment in new front- and back-end technologies, will ensure DFW residents continue to have unmatched access to safe and affordable storage options.” Neighbor connects “renters” in need of storage space with “hosts” in their neighborhood who are willing to lease extra storage space in their home or garage. Renters can store anything from boats to furniture to boxes of extra stuff in nearby basements, sheds and garages for half the cost of traditional storage options.

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Homesnap has introduced All-New Homesnap Pro, the next generation of its home search platform. Homesnap, which offers a national home search platform that provides MLS data in real time, says that the newest version provides real estate professionals with more than 500 data sources on a single platform. One of the platforms features is Off- Market Marketplace, which uses machine learning to assign homes a “Likelihood to List” score.

Apartment Market Growth in 2019

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Apartments.com and CoStar Group looked at rental markets in the U.S. with more than 50,000 units and have compiled the hottest markets of 2019 according to number of new units, highest rent levels and rent growths, and decreases in vacancies. With 19,522 apartment units built in 2019, Dallas-Fort Worth, Texas, leads the nation with the highest number of new units. For renters looking for a new home in Dallas, there are nearly 28,000 places to live available on Apartments.com currently. The average market rent was $1,191 a month, growing about 2.3% last year. According to Apartments.com, the average apartment rent in Dallas is $969 for a studio, $961 for one bedroom, $1,436 for two bedrooms, and $1,652 for three bedrooms. Following behind Dallas-Fort Worth is New York City with 17,075 new units, Washington, D.C. with 12,852, Chicago with 10,012 and Denver with 9,547. San Francisco had the highest recorded market rent level of 2019 in the nation. In the past year, apartment rent in San Francisco increased by 1.8%, with the market rent level now averaging at $3,110. There are more than 4,000 apartments available on Apartments.com for renters searching for a new home in San Francisco. Renters should be prepared to pay an average rent of $2,381 for a studio, $3,018 for one bedroom, $4,128 for two bedrooms, and $4,893 for three bedrooms. After San Francisco, New York CIty has the next highest rent level of $2,833, followed by $2,770 in San Jose, California, $2,525 in San Rafael, California and $2,314 in Boston, Massachusetts In 2019, Phoenix saw a 6.8% increase in market rent growth—the largest increase in the nation. Phoenix apartment rents average $828 for a studio, $975 for one bedroom, $1,139 for two bedrooms and $1,457 for three bedrooms. Other markets that saw great market rent growth in 2019 include Tucson, Arizona, with a 5.7% increase; Albuquerque, New Mexico, 5.1% increase; Las Vegas, Nevada, 4.6% increase; and Raleigh, North Carolina, 4.6% increase. Charleston, South Carolina, saw the largest vacancy decrease of 300 basis points in 2019. The vacancy rate moved from 12.2% at the end of 2018 to 9.1% at the end of 2019. The top five markets that saw the largest vacancy percentage decreases include Charleston, South Carolina; Baton Rouge, Louisiana; El Paso, Texas; Madison, Wisconsin; and Grand Rapids, Michigan.

U.S. Foreclosure Activity Drops to 15-Year Low

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ATTOM Data Solutions’ Year-End 2019 U.S. Foreclosure Market Report shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 493,066 U.S. properties in 2019, down 21% from 2018 and down 83% from a peak of nearly 2.9 million in 2010 to the lowest level since tracking began in 2005. Those 493,066 properties with foreclosure filings in 2019 represented 0.36% of all U.S. housing units, down from 0.47% in 2018 and down from a peak of 2.23% in 2010. ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,200 counties nationwide, with address-level data on nearly 25 million foreclosure filings historically, also available for license or customized reporting. The report also includes new data for December 2019, when there were 53,279 U.S. properties with foreclosure filings, up 7% from the previous month and up 2% from a year ago.