Commercial and Multifamily Briefs June 23, 2022
Rabbet Releases 2022 State of Construction Finance Report
Rabbet, Austin, Texas, released its 2022 Construction Finance Trends report.
The report found an ongoing concern about communication both internally and externally and a trend toward finding ways to improve it.
“Error and risk reduction have been prioritized and helped by technology,” the report said. “The focus has shifted from implementation of technology to leveraging technology to enhance current processes.”
Click here for more information about the State of Construction Finance Report.
TruAmerica Multifamily Launches Build-For-Rent Development Division
TruAmerica Multifamily launched a build-for-rent development division to build townhome and single-family rental communities in suburban submarkets.
The initial roll-out of TruAmerica’s in-house BFR platform will be in high-growth Southwest, Southeast and Texas suburban markets, which represents about 60% of the firm’s $16.1 billion multifamily portfolio.
“The changing demographics of the U.S., the ongoing affordability-challenges and credit qualification standards of homebuying for Americans has led to a steep decline in home ownership rates, but the desire to live in a home remains high,” said chief executive officer and founder Robert Hart. “BFR is a natural extension of our workforce housing platform because it complements the same demographics that make up our Class-B multifamily strategy. It provides yet another housing option for working-class Americans who can’t afford to own a home or would just prefer to rent.”
TruAmerica will focus on communities with townhomes ranging in size from 1,200 to 1,500 square feet and single-family homes between 1,800 to 2,200 square feet with rents affordable to working class American families.