Real Estate News

Greystone Monticello Provides $12.2 Million in Financing for Newly Converted Loft Apartments in New Jersey

Reimagined Packard Car Company Warehouse Includes 18% of Units Reserved for Affordable Housing

NEW YORK, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $12,165,000 bridge loan to refinance Packard Lofts Apartments, a mid-rise loft-style multifamily property located in Boonton, New Jersey.

Elme Communities Announces Third Quarter 2023 Results

BETHESDA, Md., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Elme Communities (the “Company”) (NYSE: ELME), a multifamily REIT with communities in the Washington DC metro area and the Atlanta metro area, reported financial and operating results today for the quarter ended September 30, 2023:

Financial Results

Net loss was $43.6 million, or $0.50 per diluted share, including a $41.9 million non-cash impairment charge as described belowNAREIT FFO was $20.1 million, or $0.23 per diluted shareCore FFO was $21.4 million, or $0.24 per diluted share, up over 4% from the prior year period primarily driven by rental rate growthNet Operating Income (NOI) was $36.9 million, up over 5% from the prior year period primarily driven by rental rate growth

Operational Highlights

Same-store multifamily NOI increased by 7.3% compared to the prior year periodEffective blended Lease Rate Growth was 3.0% during the quarter for our Same-store Portfolio, comprised of effective new Lease Rate Growth of 0.1% and effective renewal Lease Rate Growth of 5.1%Average Effective Monthly Rent per home increased 4.9% compared to the prior year period for our Same-store PortfolioSame-store Retention was 61% while achieving strong renewal lease rate growthSame-store multifamily Average Occupancy was 95.6% during the quarter, up 0.2% compared to the prior year periodSame-store multifamily Ending Occupancy was 95.7% as of September 30, 2023, up 0.4% compared to the prior year period

Acquisitions

Completed the acquisition of Elme Druid Hills in Atlanta, GA for $108.0 million on September 29, 2023Elme Druid Hills is a high-quality value-add community with extensive renovation potential in a submarket that is expected to continue to benefit from growing demand as a result of recent healthcare and medical facility investments.

La Rosa Launches its Proprietary Artificial Intelligence Technology System ‘JAEME’ to Support Real Estate Agents

Celebration, FL, Oct. 26, 2023 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ:LRHC) (“La Rosa” or the “Company”), a holding company for seven agent-centric, technology-integrated, cloud-based, multi-service real estate companies, today announced that it has launched its proprietary technology system – JAEME, part of My Agent Account.

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