INTERNATIONAL REALTY LAUNCHES INVESTMENT STRATEGY

Real estate private equity firm Madison International Realty launched a product line expansion focused on providing equity capital to dynamic, real estate investment management platforms seeking liquidity solutions and growth capital.

The strategy seeks to combine the merits of property level investment returns with participations in sponsor level cash flows aiming to generate alpha returns for investors. Madison will provide a broad spectrum of liquidity options for established, middle market sponsors and utilize an asset-heavy value attribution across its investments.

PROLOGIS TO ACQUIRE 14MSF BLACKSTONE INDUSTRIAL PORTFOLIO FOR $3.1B

In a cash deal valued at approximately $3.1 billion, Prologis has agreed to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusted to current market rents.

The acquisition expands Prologis’ presence in key markets, including Atlanta, Baltimore/Washington D.C., California (Southern California, Central Valley, Bay Area), Dallas, Las Vegas, New York/New Jersey, Phoenix and South Florida.

Chase Expands Grant Program To Aid Hispanic And Black Homeownership

Chase Home Lending has expanded its $5,000 Homebuyer Grant Program to include additional Hispanic and Black communities in 16 markets. The Chase Homebuyer Grant can be applied toward two of the biggest barriers to homeownership — the upfront cash needed for a down payment and closing costs.

Chase launched the program in 6,700 predominantly Black census tracts in 2021. It has expanded to markets including Atlanta, Georgia; Austin, Fort Worth and San Antonio, Texas; Baltimore, Maryland; Las Vegas, Nevada; Minneapolis, Minnesota; Fort Lauderdale and Orlando, Florida; New York and Washington, D.C.

ASHA REPORT DETAILS BABY BOOMERS' SENIORS HOUSING PRIORITIES

As they age and begin to consider senior housing, baby boomers will continue to want major amenities, said a report from the American Seniors Housing Association. These include a full kitchen, laundry room with washer/dryer, living room, windows with natural light and additional storage.

Up to 83% of respondents rated exterior home maintenance, lawn and landscaping, 24-hour security and maintenance of appliances in residences as essential or desirable. Walking trails, indoor fitness centers, activity rooms, family-friendly lounges and ATMs were rated as essential or desirable by many.

Damac International Submits Plans For Miami Condominium Project

Damac International submitted its application for planning approval of a 12-story ultra luxury boutique oceanfront condominium development at 8777 Collins Ave. to the Town of Surfside, incorporating Zaha Hadid Architects' (ZHA) design.

ZHA has produced a pair of design variations the 57-residence development. Both designs feature a twin-building duality, with a sculptural form modulated with nested crescents that coalesce at the corners. These soft, cloud-like elements stretch, pull and contract, emulating the ebb and flow of the ocean to animate the façade.

Fort Development Breaks Ground On Fort Luxe

Forté Development celebrated the groundbreaking of Forté Luxe, a luxury boutique waterfront community in Jupiter, Florida. The residential development consists of 15 multi-level residences surrounded on three sides by Intracoastal Waterway views.

The four-story development will include residences that range from 3,550 square feet to over 5,000 square feet. The architecture is by Alfonso Jurado and interior design by The Decorators Unlimited. KAST Construction is the contractor.

Forté Luxe is slated to be complete in March 2025.

ONE IN FOUR HOMEBUYERS LOOKING TO RELOCATE: REDFIN

A record one-quarter (25.4%) of homebuyers nationwide are looking to move to a different metro area, according to Redfin. That is up from 23% a year ago and less than 20% before the pandemic.

High mortgage rates have made housing more expensive, making relatively affordable areas more attractive. Despite ever-worsening climate risks like heat, drought and flooding, Phoenix, Las Vegas and Miami — where the typical home is much less expensive than coastal cities — are the most popular metros for homebuyers moving to a different part of the country.

WESTCHESTER APPROVES FUNDS FOR ARMORY PLAZA, MODERA WHITE PLAINS

The Westchester County Industrial Development Agency (IDA) voted final and preliminary approvals of financial incentives for two residential developments in White Plains — Armory Plaza and Modera White Plains. The two projects represent a total private investment of $121.5 million.

The IDA voted final approval of financial incentives for a $32.3 million renovation of Armory Plaza. Project developer The Related Companies is seeking to redevelop the 52-unit senior apartment complex which is located at 35 South Broadway. Built in 1909, the four-story castle-like property is 100% affordable.