Les Shaver

Sr. Reporter at Multifamily Dive

[Les Shaver @ShaverLes]

For the first time in more than three years, the Federal Open Market Committee raised interest rates, increasing the target range for the federal funds rate by 25 basis points. Multifamily leaders seemed to greet the announcement with a shrug. https://t.co/hfTXfD9kz8

[Les Shaver @ShaverLes]

UrbanStreet GroupGroup and Wingspan Development Group agreed to combine their multifamily development efforts to "activate more projects quicker," said Nick Papanicholas Jr.
https://t.co/ilzdPUroIv

[Les Shaver @ShaverLes]

Another day, another Texas multifamily deal. Fogelman Properties announced the acquisition of The Ovilla, a 288-unit multifamily community in Red Oak, Texas. "Ellis County provides us with DFW-adjacent fundamentals..." VP of investments Thomas Henry said.
https://t.co/BMnOsGduzs

[Les Shaver @ShaverLes]

Earlier today, Knightvest Capital announced the acquisition of three apartment properties totaling 1,027 units within the Austin metropolitan area. And CEO David Moore told me that more acquisitions are in the pipeline for his firm. Here's the story: https://t.co/DBeb7BqxHI

[Les Shaver @ShaverLes]

Camden Property Trust has activated its succession plan, with Alexander Jessett becoming CEO and Laurie Baker becoming the REIT’s president and chief operating officer. As part of the process, Richard Campo will serve as executive chairman of the board. https://t.co/2f9pa7jhOZ

[Les Shaver @ShaverLes]

Another apartment firm has announced it will exit property management to focus on its core strengths.

Seattle-based Security Properties said Wednesday that Bozzuto will operate half of its apartment properties in the Pacific Northwest.

https://t.co/p8RJq7kmR8

[Les Shaver @ShaverLes]

Another multifamily REIT goes private. Today, Veris Residential agreed to be acquired by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners in a $3.4 billion all-cash transaction.

https://t.co/OUmNX4we8j

[Les Shaver @ShaverLes]

Oakline Properties has bought Top 50 apartment operator @druckerandfalk, which manages over 43,000 apartment units.

The move comes less than three months after Alpine Investors launched Oakline and bought Cirrus Asset Management.

https://t.co/D8ftVNwmTU

[Les Shaver @ShaverLes]

Asset Living Chief Human Resources Officer Rulissa Trout filed a notice in California stating that competitor FPI Management will lay off employees, indicating a merger between the two management firms despite no official announcement.

https://t.co/XESeTqSU1w

[Les Shaver @ShaverLes]

Apartment sales volume fell 8% year over year to $12.5 billion in August, according to MSCI. However, sales of individual properties, a gauge of sector health, rose 11% YOY to 11.2 billion. 

Here's more from MSCI's monthly report: https://t.co/B8RtoGcSic

[Les Shaver @ShaverLes]

Earlier this week, Virtú Investments acquired Link and Mural — separate apartment properties that are operated together due to their close proximity in West Seattle, according to company execs Erik Reif and Michael Green. Here's more on the deal:
https://t.co/4ilf0Xmr1Y

[Les Shaver @ShaverLes]

In the 2010s, major homebuilders made bets on the apartment business. But some of those companies are leaving, as shown in today's announcement that Toll Brothers will exit the apartment business with a $347 million sale to Kennedy Wilson. https://t.co/j8jLvRfVCV

[Les Shaver @ShaverLes]

Delinquency rates for apartment commercial mortgage-backed securities hit a nine-year high in August, according to @TreppWire.

CMBS delinquency rates for apartments jumped 71 basis points in August to 6.86%.

https://t.co/itBpx7RBdl

[Les Shaver @ShaverLes]

@truamericamulti 's Noah Hochman tells me how last week's $1B affordable housing deal with @Manulife Investment Management came together and how affordable housing fits within the firm's investment strategy.

https://t.co/dClRrrrGad

[Les Shaver @ShaverLes]

@jayparsons @OG_ut_TL Thanks @jayparsons ! To give proper credit, CoStar actually had this first.
I'm trying to track some of the biggest apartment deals of 2024 for an end-of-year story, and this certainly seemed worth writing up. Lots of action from Blackstone and KKR this year.

[Les Shaver @ShaverLes]

The apartment deals that have gone bad are recieving extensive news coverage. But what happens to the apartment operators who run these properties? Here a few managers tell me how they identify and handle problem clients.
https://t.co/NokbfrOSiB

[Les Shaver @ShaverLes]

UDR assumed the ownership interest of a 173-unit lease-up property in Oakland, California, built by Mill Creek Residential. Last year, the Atlanta-based developer told the REIT it would not fund its share of a capital call.

https://t.co/VuAR1OnlFw

[Les Shaver @ShaverLes]

Media outlets reported @NityaCapital, facing $60 billion in increased interest costs, was selling a large portion of its portfolio. Recently, CEO Swapnil Agarwal, spoke with me, defending his track record.

https://t.co/OwdpYDOMMm

[Les Shaver @ShaverLes]

Haven Realty Capital, J.P. Morgan form $1B BTR joint venture.

https://t.co/sEx1SRE9no

[Les Shaver @ShaverLes]

Haven Realty Capital, J.P. Morgan form $1B BTR joint venture.

https://t.co/sEx1SRVKeW