A California real estate investment firm with a portfolio of more than 80 properties coast to coast is setting up shop in St. Petersburg.
Cypress Equity Investments, which specializes in multifamily development but also has mixed-use and affordable projects, is opening the Tampa Bay office and another in Fort Lauderdale as part of an expansion into Florida.
“We’re super bullish on Florida due to the continued migration from the northeast and west coast,” said senior vice president of development Wesley Geys, who will lead the St. Petersburg office. “There’s no income taxes, favorable business terms, and rent growth continues to be very strong. There’s plenty of renter demand, which spurs continued investment from our capital partners.”
Geys will lead a small team out of the Expansive co-working space in downtown St. Petersburg, but Cypress plans to expand as it builds out its Florida portfolio.
Cypress’ business is a mix of new builds and acquisitions; its portfolio includes 9,000 residences and another 11,000 in development. Only a couple of its projects are in Florida, including a 212-unit complex in Tamarac and two complexes in Miami with a combined 437 units of affordable senior housing. Geys said the company has offers out on projects in Tampa, Orlando, Fort Lauderdale and Hollywood.
“We are very pragmatic, entrepreneurial, nimble, and we’re not bureaucratic, so we can move really, really, really quickly,” Geys said. “We can get a project approved within a day or so with our investment committee, and that allows us to just be that much faster. We’re aggressive, but we’re also cautious at the same time.”
Cypress has offices in Chicago, Boston, New Jersey and Aspen, Colo.; and since October has also opened offices in Dallas and Denver.
Over the next 12 months, Zillow predicts that U.S. home values will climb 1.4%. Here’s the forecast for your local housing market.
A property trust is a legal entity that holds property for designated beneficiaries. Let's review how a property trust works and how to set one up.
This four-structure, 6,926 square-foot family compound will be up for auction in Sumter soon.
Real estate is something I only started investing in recently. And that's a shame, because I know a lot of people who have done quite well for themselves by putting money into real estate from a fairly young age.
The number of people wanting to sell an apartment in Ukraine’s Russian-occupied Crimea almost doubled in September against April.
Finland's president said Thursday that he wants to make it harder for Russians to use owning real estate in the Nordic nation – usually apartments or summer cottages – as justification for obtaining travel visas. “Getting a visa to a country is not a subjective right for anyone, but the visa issuer always has discretion,” President Sauli Niinisto told journalists in Helsinki. Regional newspaper Etela-Saimaa reported in August that Russian citizens purchased property in Finland at an increased rate this year despite the war in Ukraine and Western economic sanctions against Russia.
It's fair to say that 2022 has been quite the year for the real estate market. The housing market sorely lacked inventory, and home prices went through the roof. Over the past few months, though, the available inventory on the market has ticked upward and home prices have started to retreat.
With their daughter off to college, Leah Remini and husband Angelo Pagán are looking to downsize and hopefully, set a real estate record with the Studio City home they just put on the market for a whopping $12.995 million. The estate is in the coveted area of Fryman Canyon in Los Angeles (George and Amal […]
The mall, now named the Shops at Santa Anita, will continued to be managed by French retail property giant Unibail-Rodamco-Westfield.
Housing prices and rents are rising even as construction is in recession. Monetary policy is the culprit, Susan Wachter writes.
It now takes 35.51% of the median household income to make a principal and interest payment on the average home.
Real estate is a great way to build wealth, but not everyone can afford to plunk down hundreds of thousands of dollars to purchase a rental property. That makes fractional real estate ownership — or buying a percentage of a property — an attractive alternative to owning it outright. The cost of the property is split between multiple shareholders, who also share the profit and the cost of upkeep. Owners of fractional properties usually pay a fee to a real estate management company for taking on t
Prior to the pandemic, remote work was something mostly reserved for freelance employees and a small percentage of salaried employees whose companies were very flexible. But if you don't mind living far from the action, Brownsville is a great place to buy a place of your own given that the median home value is just $92,400.
Finding an affordable, year-round rental on Cape Cod can be a job itself. "There’s no easy quick fix," says Ronald Bourgeois of Bass River Properties.
The listing comes amid speculation that the point guard may be traded from the Los Angeles Lakers
Apartment complex investors invest in real estate by buying apartment buildings. Wholesale real estate investors make money contracting homes with buyers at higher prices than sellers. While they are quite different approaches to real estate investing, both are alternatives to … Continue reading → The post Apartment Complex Investing vs. Wholesale Real Estate appeared first on SmartAsset Blog.
The rate on the 30-year fixed mortgage jumped to 6.02% from 5.89% the week prior, according to Freddie Mac.
The Columbus area needs to double home construction to meet demand over the next decade, which will accelerate with Intel, according to a new report.
A 350-unit apartment community near Universal Orlando that began leasing just last summer has sold for an eye-catching price tag. The buyer is Beverly Hills, California-based OpenStreet Capital LLC, a privately held investment firm with a focus on acquisition and management of assets in California, the Pacific Northwest, Nevada and Florida. The property was sold by its original developer, Foster City, California-based Legacy Partners, and its joint venture partners Phoenix Capital Management LLC and Silverpeak Real Estate Partners.
As of March, the average monthly Social Security benefit is $1,618.29 for an individual, according to the Social Security Administration (SSA). Doubling up for a couple, that's $3,236.58. Explore:…
About Author
