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12 Must Reads for Real Estate Investors (Oct. 6, 2023)

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12 Must Reads for Real Estate Investors (Oct. 6, 2023)
Nightingale struck a deal to sell assets in order to pay back CrowdStreet Investors, reported Bisnow. Forbes listed 25 real estate tycoons among its latest list of billionaires. These are among the must reads from the real estate investment world to end the week.
WMRE Staff | Oct 05, 2023[/font][/size][/color]
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  • Nightingale Strikes Deal To Pay Back CrowdStreet Investors By Selling Its Assets “The agreement could see investors receiving quarterly installments of roughly $4M over the next three years as the New York-based commercial real estate investment firm liquidates portions of its portfolio to satisfy the capital lost by investors who were led to believe they were buying slices of prime office buildings in Atlanta and Miami Beach.” (Bisnow)
  • A ‘Shadow’ Lending Market in the U.S., Funded by Insurance Premiums “Carlyle, KKR and Blackstone are among the private equity behemoths that have bought either stakes in other insurers or books of business from them. As of the second quarter of 2023, such firms owned nearly 9 percent, or about $774 billion, of the U.S. life insurance industry’s assets, up from just 1 percent in 2012, according to the most recent data from the insurance ratings agency AM Best.” (The New York Times)
  • The Richest Real Estate Billionaires In America 2023 “There are 25 billionaires on the 2023 Forbes 400 list who primarily owe their fortunes to real estate. These property tycoons are worth a collective $139 billion—about $5 billion more than the 24 in real estate were worth on the 2022 ranking.” (Forbes)
  • It’s official: Rent control is about wrecking apartments “Now the Supreme Court of the United States, in rejecting landlords’ challenge to rent stabilization Monday, has tacitly endorsed this affordability strategy. It allowed the state to continue capping rents in old apartment buildings, the properties most in need of upkeep.” (The Real Deal)
  • 70% of Households Finding It Harder to Pay the Rent “For the first time in decades, the rent-to-income ratio has reached 40%, marking one of the least-affordable rental markets ever, according to a new report from CoreLogic’s Economist and Principal, Yanling Mayer.” (GlobeSt.com)
  • Blackstone's Americas Real Estate Division Bets on Canada. Here's Why. “The head of Blackstone's real estate group in the Americas says Canada's growing population has the world's largest alternative asset manager looking to step up investments in the country's logistics and residential property.” (CoStar)
  • Commercial Real Estate Could Bring Out More Bears “Higher interest rates aren’t just a thorn in the side of prospective residential real estate buyers and owners. Additionally, commercial real estate is feeling the pangs of a high-rate environment. That could bring out more bears in the sector.” (VettaFi)
  • KKR’s Matt Salem Talks New Strategies and Fresh Products in Tough CRE Market “Since 2017, its real estate credit division has grown from $2.5 billion in assets under management to $33.9 billion today; its total originations have skyrocketed from $2.4 billion to more than $35 billion today; its real estate investment trust — KKR Real Estate Finance Trust — has grown from $2.5 billion to $7.9 billion; and it’s now invested in $9.4 billion of securities, compared with $400 million back then.” (Commercial Observer)
  • U.S. Architecture Billings Index Reports Softening Business Conditions in August “Based on the latest AIA/Deltek Architecture Billings Index for August 2023, market conditions eased with a score of 48.1, marking the eleventh consecutive month of essentially flat billings at architecture firms. Any score below 50.0 indicates decreasing business conditions.” (The World Property Journal)
  • Could Discounted Loan Payoffs Be What Finally Restarts The CRE Debt Market? “Barring a shocking economic reversal, some regional banks will be forced to make a deal or foreclose on delinquent loans, which continue to rise in number. One form of deal that could rise to prevalence is the discounted payoff, or DPO, debt negotiators told Bisnow.” (Bisnow)
  • More Rentals Are on the Market. Why Are They So Hard to Find? “More than half the markets studied were less competitive than they were a year ago, when an average of 15 renters competed for each unit; this year it’s down to 10. Apartments are staying vacant longer, too, giving renters more time to search and consider.” (The New York Times)
  • Gensler taps new co-CEOs “The move comes as the firm's longtime co-CEOs step up to become co-chairs.” (San Francisco Business Times)