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Mid-Atlantic Real Estate Investment Market Report: Nov. 2019

Dear Friends,

Today is an exciting day for us, as we have formally announced that we are combining our business with Trinity Merger Corp., and becoming a public company, listed on the New York Stock Exchange.  As of today, we are now Broadmark Realty Capital Inc.

This change will allow us to lend on a national basis for the first time and will also allow our customers across all our markets to access our full range of loan products, as well as loan amounts of up to $50 million.

While our name and website have changed, I want to personally assure you that our lending operations, including originating, underwriting, and funding loans, will remain substantially the same. Our management team will also remain in place. You’ll receive the same industry-leading service, from the same best-in-class team you’ve grown to rely on in the past.

Full details can be found here or visit our new website.

 

Sincerely,

 

Jeffrey B. Pyatt, CEO
Brian Dubin, EVP, Mid-Atlantic

Market Activity

Richmond, VA
Market Overview

Interest rates were cut by a quarter of a percentage point, citing concerns over slowing economic growth and the risk of a recession. In Richmond, the regional economy posted steady job growth as the unemployment rate remains near cyclical lows, at 3.0%, according to Cushman & Wakefield. With limited space, landlords are expected to stay firm on rental rates and assist in driving rates higher in the near term. Coworking spaces continue to seek more space in Richmond allowing for more flexible lease alternatives for tenants.

650
Homes Sold
$235,000
Avg. Home Price
$1,108
Median Rent
Data Source: U.S Census Bureau - Quarterly
7.5%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
2.5%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Christiansburg, VA
2.9%
Charlottesville, VA
2.6%
Harrisonburg, VA
2.7%
Kingsport-Bristol-Bristol, TN-VA
3.6%
Lynchburg, VA
3.2%
Richmond, VA
2.9%
Roanoke, VA
2.8%
Staunton-Waynesboro, VA
2.5%
Virginia Beach-Norfolk, VA-NC
3.1%
Washington-Arlington, DC-VA-MD-WV
3.2%
Winchester, VA-WV
2.6%

Market Activity

Philadelphia, PA
Market Overview

The Philadelphia suburbs continue to flourish. The combination of affordable rents and proximity to suburban offices supports the housing demand in Philadelphia’s western townships. Interest in rentals have been especially strong in King of Prussia and the Norristown/Merion area. Apartments with walkable activities, such as the shopping district, are particularly in high demand.

1,301
Homes Sold
$205,000
Avg. Home Price
$1,628
Median Rent
Data Source: U.S Census Bureau - Quarterly
6.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
3.9%
State Unemployment Rate
Metro Area Unemployment
Allentown-Bethlehem-Easton, PA-NJ
4.5%
Altoona, PA
4.6%
Bloomsburg-Berwick, PA
4.2%
Chambersburg-Waynesboro, PA
3.8%
East Stroudsburg, PA
5.3%
Erie, PA
4.3%
Gettysburg, PA
3.4%
Harrisburg-Carlisle, PA
3.9%
Johnstown, PA
5.6%
Lancaster, PA
3.6%
Lebanon, PA
4.0%
New York-Jersey City, NY-NJ-PA
3.9%
Philadelphia-Wilmington, PA-NJ-DE
4.3%
Pittsburgh, PA
4.4%
Reading, PA
4.5%
Scranton-Wilkes-Barre-Hazleton, PA
5.5%
State College, PA
3.1%
Williamsport, PA
4.5%
York-Hanover, PA
4.0%
Youngstown, OH
6.0%

Market Activity

Washington D.C.
Market Overview

As demand for multifamily assets remain high among all investor types, the $20 million-plus transaction market is on pace to at least match the volume and velocity posted in 2018. Amazon’s HQ2 announcement at the end of 2018 has played a vital role in the continued high demand for the region. The HQ2 location has buyers’ focused on the Arlington and Alexandria location as they have seen the highest concentration of sales thus far in 2019.

769
Homes Sold
$558,000
Avg. Home Price
$2,232
Median Rent
Data Source: U.S Census Bureau - Quarterly
5.3%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
Rental vacancy, homeowner vacancy and state unemployment rates are from the U.S Census Bureau. Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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