Connect CRE

The publishers of Connect Commercial Real Estate are excited to announce the launch of Connect Money, covering the business of financial services. With a focus on Alternative Assets, Direct Investment, and Financial Advisory, Connect Money will deliver the stories with the biggest impact, distilled to their most important, useful facts. Sign up today to get the most relevant, important news on real estate investing delivered to your inbox. www.connectmoney.com #ConnectMoney

A surge in multifamily construction pushed U.S. housing starts up 3% in June to a seasonally adjusted annual rate of 1.35 million units, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau said Wednesday. New construction in the volatile multifamily sector rose 19.6%, while single-family starts were down 2.2% for the month. #cre #multifamily

President Joe Biden on Tuesday called on Congress to enact legislation that would give “corporate landlords” the choice of either limiting annual apartment increases to 5% or risking the loss of faster depreciation write-offs. The proposal was one of three Biden announced on Tuesday that are intended to address rental affordability. #cre #multifamily

Billionaire entrepreneur Elon Musk said Tuesday he is moving the headquarters of two of his companies, X Corp. and SpaceX, to Texas from California. SpaceX will relocate from Hawthorne, CA to southeast Texas, where SpaceX has been expanding its Starbase manufacturing and launch site, while X, formerly known as Twitter, will decamp from its longtime home in San Francisco to Austin. #cre #breakingnews

Lineage Inc., a cold storage REIT, has announced the pricing of its initial public offering, valuing the company at around $19 billion. The offering consists of 47 million shares of common stock and a usual 30-day, 15% option (for an additional 7.05 million shares) to the deal underwriters. The company’s stock will trade on the Nasdaq under the ticker “LINE.” The price range was set between $70 and $82 per share. #cre #industrial #breakingnews

Cleveland-Cliffs has agreed to acquire Hamilton-based steel manufacturer STELCO - The Steel Company of Canada for approximately C$3.4 billion in cash and shares, the companies announced Monday. #cre #industrial #breakingnews

CAPREIT has agreed to sell its manufactured rental home portfolio to global asset management giant TPG for $740 million. Mark Kenney, Julian Schonfeldt, CFA, CPA, CA, CBV #cre #multifamily #breakingnews

It’s a phenomenon that historically has been a familiar aspect of the biggest holiday weekends: major transportation hubs and arteries jammed with travelers all looking to get out of town, although their destinations may differ. A similar effect has been seen lately in commercial real estate funds. MarketWatch, National Council of Real Estate Investment Fiduciaries (NCREIF), Adrianna Giesey, Russell Investments #cre #finance

In 2020, Fay Yachetti, MBA decided to change career paths. She had spent the previous six years excelling as a human resources professional for the Guelph, Ont.-based Skyline Group of Companies. During that time, she progressed from the role of intern to HR manager. Congratulations to Fay for being recognized as a winner of Connect Canada CRE's Next Gen Awards! #cre #canadacre #canadiancre

Builders obtained permits to construct 13 multifamily housing units for every 10,000 people in the U.S. year to date, down nearly 30% from an average of 18 during the same periods in 2021-2023, immediately following the pandemic. That’s according to a new report from Redfin, which analyzed Census Bureau data on properties with five or more units. #cre #multifamily