Connect with us

Real Estate News

Harrison Street Acquires 24-Property Oakmont Portfolio for $1.2 Billion



Chicago-based private real estate investment management firm Harrison Street Real Estate Capital announced Tuesday that it had a portfolio of 24 senior citizen communities in California and Nevada operated by Oakmont Management Group for approximately US $ 1.2 billion -Dollars acquired.

Harrison Street is also selling a 14-property medical office portfolio to Healthpeak Properties (NYSE: PEAK) real estate mutual fund for $ 371 million. The MOB properties are located in California, Illinois, Minnesota, New Jersey, Oregon, Texas and Virginia and total 830,000 square feet.

Half of the Oakmont property was owned by Healthpeak, which is close to finalizing its plan to sell its senior rental apartments for up to $ 4 billion. The other senior residences will be acquired by Gallaher Companies.

Healthpeak communities averaged four years old, with a stabilized occupancy of 96% from 2016 to 2019, and are located in affluent markets such as Escondido, Alameda, Fair Oaks, San Jose, Huntington Beach, and Montecito.

The Gallaher properties are either recently built or under construction, in markets such as Novato, Sacramento, Fullerton, Simi Valley, Stockton and Oxnard. Harrison Street likes demographic trends in all of the markets involved in the acquisition, and the portfolio is focused on long-term growth as the industry ends the pandemic.

Establishing a quality provider in Oakmont was a key part of the deal, and Harrison Street included the Windsor, California-based provider at the start of the talks, Chief Investment Officer Michael Gordon told Senior Housing News.

“At the heart of our Senior Housing Investment thesis is aligning with world class operators and developers, so it is critical to ensure that our operators are in control of the process of both evaluating an opportunity and closing a deal from day one,” he said said.

The average age of the portfolio was another attraction for Harrison Street. This, combined with Oakmont and the emphasis on former owners’ investments, resulted in very limited capital requirements over the next several years.

“Independently of this, we evaluate large capital projects every year and place special emphasis on ongoing CapEx projects in order to ensure optimal framework conditions for our residents and employees as well as our competitiveness in our respective markets,” said Gordon.

Recommended SHN + exclusives

Oakmont anticipates a seamless transfer of ownership, Kevin Tyler, CFO and chief investment officer, told SHN.

“[We are] I look forward to see the continuation [our] History of operational excellence with the Harrison Street team, ”he said.

Harrison Street was busy on the acquisition front in 2021. In February, the company acquired 12 communities from Healthpeak, formerly operated by Atria Senior Living, in a $ 312 million off-market deal that allowed the company to “handpick” the properties it acquired.

In December 2020, Harrison Street reportedly raised $ 720 million for a new senior housing, life science real estate and data center mutual fund. The $ 1.5 billion fund could close with commitments of up to $ 2 billion.

Healthpeak is streamlining its portfolio to focus on medical office buildings, life science real estate and its portfolio of nursing homes that have high barriers to entry that cannot be duplicated in their markets.

The Denver-based healthcare REIT announced $ 1 billion in senior home sales in the first quarter of 2021 and previously sold $ 2.5 billion in assets in the fourth quarter of 2020.

Real Estate News

What Community Associations Should Know From HOA Attorneys – Real Estate and Construction



Servicing, repairs, upkeep and rule enforcement include for a. daily business Community association – now one of the most common forms of housing in North Carolina.

To date, nearly 27% of the state’s population lives in some type of single family home, townhouse, or condominium managed by a homeowners association known as an HOA.

With its explosive growth and abundance of housing options, from affordable new homes to multi-million dollar neighborhoods, the Triangle has become a hotbed for these types of planned communities. In response, the company recently announced a dedicated team to assist new and established boards of directors and managers of associations in Raleigh, Durham, Chapel Hill and the surrounding area in addressing the challenges of running an HOA.

The Triangle Team consists of litigation attorneys Amy Wooten, Lawyer for business and community associations Madeline Lipe, Real Estate Lawyer James Toddand creditor attorney Thomas Wolff. Each has a unique perspective to serve and guide a community organization at all stages of development and through all kinds of disputes and conflicts.

I recently asked my colleagues to share the most important things about HOAs. This is what they had to say:

“I would say that risk management is one of the most important things that community associations need to know and appreciate!”

Amy Wooten, Litigator

It is vital that community associations take a proactive approach to managing risks that they may face for many reasons. One of these reasons is that proactive risk management can reduce the likelihood of litigation against a community association or enable the community association to defend itself in the event of a legal dispute. It can also better enable a community association to cope with the financial difficulties and other stressors that often arise when a community association finds itself in a situation where it is the party to litigate. In short, an association’s risk management strategy should include seeking legal advice and advice early on when a potential dispute or legal problem arises. This requires the community association to invest in legal fees. In my experience, however, these dollars are mostly well spent. Whereas, skipping this investment, among other negative consequences, will result in community associations incurring significant legal fees that could be avoided or significantly reduced if they had been proactive in finding an attorney.

“When it comes to a community union question, the starting point is almost always the same … start with the administrative papers.”

Madeline Lipe, Lawyer for business and community associations

The relevant documents of a community association (declaration, statutes and statutes) form the basis for understanding the role of the community association. The purposes of the community association are set forth in its administrative documents which, along with the applicable North Carolina bylaws, outline the association’s responsibilities, define the rights and obligations of owners, and generally set the framework of the community. Accordingly, it is important to know what is in the relevant documents so that the powers, duties and limits of the association are understood.

“Community associations are empowered, governed, and constrained by the real estate contracts that create their communities.”

James Todd, Real estate attorney

It is important that ward associations understand the authority and limits of their covenants. We often come across church associations that “for as long as everyone can remember” have been operating in a certain way without understanding why. We can help analyze and change the covenants – whether it be a review of decades-old covenants that do not meet the current needs of the fellowship, or proposed changes to bring the covenants into line with longstanding practice. A community association’s covenants are the framework in which it operates – we can help ensure that this framework meets the needs of your community association. “

“One of the most important things to keep in mind when dealing with overdue accounts is taking action early and being consistent in enforcing a homeowner’s payment obligations.”

Thomas Wolff, Attorney for creditors’ rights

Homeowners can find it much easier to pay off their arrears when they are still manageable and relatively small. Contacting them early and being ready to work out an appropriate payment plan can help prevent major problems before they arise. However, there will always be accounts that can prove to be disruptive and ultimately require legal help. In these cases, it is still important to contact the association’s legal advisor to take swift action to maintain the repayment claim and mortgage the defaulting homeowner’s property. In most cases, the lien covers not only the overdue reports, interest and other charges but also the legal fees of the association. Acting quickly helps the association to achieve an optimal repayment position and makes the growing debt difficult for the homeowner to overlook – especially if he wants to sell or refinance his property. By acting early and dealing consistently with overdue accounts, an association can help increase its chances of recovery.

Not every community association conflict may need an attorney, but having qualified legal representation can go a long way towards ensuring the health and peace of your HOA. Our triangle team, supported by our full service, nationwide Practice of community associations, is ready to support your community association.

The content of this article is intended to provide general guidance on the subject. You should seek expert advice regarding your specific circumstances.

Continue Reading

Real Estate News

Cushman & Wakefield Echinox Adopts Yardi to Manage Commercial Real Estate Portfolio



The independent and operated subsidiary of Cushman & Wakefield will use fully connected cloud-based software to manage commercial real estate

AMSTERDAM, June 22, 2021 / PRNewswire / – Cushman & Wakefield Echinox, a leading real estate company in the Romanian market, has selected Yardi® as its technology partner for commercial property management in. elected Romania. The platform will offer investors, developers, owners and tenants a full range of services. Cushman & Wakefield Echinox manages around 50,000 square feet of office buildings in Bucharest.

Cushman & Wakefield Echinox launched Yardi® Voyager Commercial to streamline property and financial management. Yardi Voyager combines real estate management and accounting with property, finance, budgets, forecasting, construction and maintenance and offers a holistic view of an entire commercial real estate portfolio.

“We chose Yardi Yoyager Commercial as an integrated platform for real estate, finance and ancillary cost management, tenant settlement, accounts receivable, accounts payable and budgeting. Yardi gives us the ability to provide improved access to data, which will improve the quality of reporting to our customers and will help us meet our growth goals, “said Mihaela Petruescu, Partner Asset Services Cushman & Wakefield Echinox.

“We are excited to have Cushman & Wakefield Echinox as our newest customer in Romania, “said Neal Gemassemer, Vice President for International at Yardi. “We look forward to working with Mihaela and her asset services team as their passion for exceeding customer expectations and their experience guarantee adaptable customer-centric solutions.”

Learn more about how Yardi supports real estate and property management clients in all areas Europe.

About Cushman & Wakefield Echinox

Cushman & Wakefield Echinox is a leading real estate consultancy in the local market and the exclusive subsidiary of Cushman & Wakefield infield Romania, owned and operated independently, with a team of over 60 professionals and employees offering a full range of services to investors, developers, landlords and tenants. You can find more information at

About Cushman & Wakefield

Cushman & Wakefield is one of the world’s leading providers of commercial real estate services with 50,000 employees in over 60 countries and a turnover of 7.8 billion euros. More information is available at

About Yardi

Yardi® develops and supports industry-leading investment and real estate management software for all types and sizes of real estate companies. Yardi was founded in 1984 and is based in Santa Barbara, California.and serves customers worldwide from offices in Australia, Asia, the middle East, Europe, and North America. Visit for more information.


Continue Reading

Real Estate News

Work From Home Drives Vacation Real Estate



The vacation rental market has caught fire in counties across the country as vacation home sales have risen 16 percent since 2020 – almost tripling profits on existing homes, up 5.6 percent according to the National Association of Realtors.

That push is another work-from-home effect, according to Bloomberg, that has been seen since the COVID-19 pandemic began 16 months ago and workers moved from offices on large subway trains to offices in their private homes can log in remotely.

And once they started logging in remotely, reports found that urban consumers with funds realized they could do it just as well, if not better, from Aspen, Martha’s Vineyard or Miami Beach. And as these urban shoppers flocked to town, the county’s average vacation home sales prices rose 14 percent, compared to a 10 percent increase in non-vacation districts, according to a NAR report last week.

“Vacation rentals and second homes will continue to be popular choices with buyers,” said Lawrence Yun, chief economist for the National Association of Realtors.

Limits to the holiday home boom

A popular choice, but one that may ultimately be limited. An analysis by Redfin Corp. showed that while last month’s purchases were up year-on-year, they had cooled from the frenzied levels of some markets that spiked massive peaks at various points in 2020. Crystal Bay, Nevada, in one example: saw its price per square foot increase 72.2 percent. Similarly, Aspen, Colorado saw prices per square foot increase 31.9 percent while Chilmark, Massachusetts on Martha’s Vineyard saw prices increase 30.6 percent.

In addition, the surge has created tension in local communities, so vacation communities like Nantucket are now considering local restrictions like Article 90, a proposal to significantly reduce the number and duration of short-term rentals on the island. That rule was overturned in a public vote, but most agree that as long as the tourism boom continues in places like Nantucket, the issue will come back – fueled by workers who can do business almost anywhere they have an internet connection to have.

The bigger shift that WFH created

In addition, the sudden surge in vacation home values ​​is a small part of a larger story of the changes the employee shift to home work has made in the past 16 months, and which of those changes are likely to stay close when office buildings come back open for operations and employees return to their desks.

Will consumers return to the weekly walk to the grocery store, as was their pre-pandemic habit? According to PYMNTS research, some will but many will not, and those who don’t will be the coveted millennial demographic who represent what the future of shopping will be like.

PYMNTS consumer studies of US consumers’ grocery shopping habits show that while around 80 percent of consumers say they still go to the grocery store to buy their groceries, 20 percent of consumers now buy more of their groceries online than they did in the past the US physical store. And of these digital shifters, 60 percent are millennial and bridge millennial cohorts whose purchasing power supermarkets want to win and grow. In addition, other PYMNTS data showed that 62 percent of consumers who shop less frequently than they did before the pandemic say that when they are no longer bound by a 9-to-5 work schedule, they are no longer bound by one 9-to-5 work schedules are bound just as they were before the pandemic broke out.

And if you look at the data more broadly, employees are not that excited about going back. Work from home consumers have liked it more and more over time and are less interested in ever returning to their physical workplace. Seventy-nine percent of teleworkers said they don’t want to return to a physical office, and statistically put that behind meeting friends, traveling abroad, and shopping at a grocery store on their list of things to do again earlier this year would do.

Which means the housing boom that homeworkers have sparked over the past 16 months may cool off. But the shifts caused by the WFH economy could stay with us for some time, especially if the shift back to the office is much slower and less robust than originally expected.



About the course: The AI ​​In Focus: The Bank Technology Roadmap is a research- and interview-based report examining how banks are using artificial intelligence and other advanced computer systems to improve credit risk management and other aspects of their business. The playbook is based on a survey of 100 bank managers and is part of a larger series evaluating the potential of AI in finance, healthcare and other sectors.

Continue Reading