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Mountain West 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
Tom Gunnison, EVP, Mountain West

Market Activity

Denver, CO
Market Overview

Key traits such as a deep pool of newly constructed infill mid-rise/high-rise properties in live/work/play urban locations, transit-orientated suburban developments, and high educated workforce stand out in the market. These attributes spur high-profile investor to make long-term bets on the market. Additionally, recent purchases have been strongly focused on the city of Denver’s urban core and southeastern neighborhoods.

1,333
Homes Sold
$432,000
Avg. Home Price
$1,673
Median Rent
Data Source: U.S Census Bureau - Quarterly
4.6%
Rental Vacancy Rate
0.8%
Homeowner Vacancy Rate
2.2%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
2.4%
Colorado Springs, CO
3.2%
Denver-Aurora-Lakewood, CO
2.6%
Fort Collins, CO
2.3%
Grand Junction, CO
3.2%
Greeley, CO
2.5%
Pueblo, CO
4.1%

Market Activity

Salt Lake City, UT
Market Overview

According to CBRE, Salt Lake City’s market reflects a market that is robust with record sales volume, strong year-over-year rent growth, healthy absorption and low vacancy. Multifamily investment product continues to outperform all other commercial investments in total sales volume, rent growth and new development, as manifested by this year’s record-setting sales volume of $1.44 billion.

288
Homes Sold
$381,000
Avg. Home Price
$1,233
Median Rent
Data Source: U.S Census Bureau - Quarterly
3.0%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
2.0%
State Unemployment Rate
Metro Area Unemployment
Logan, UT-ID
2.4%
Ogden-Clearfield, UT
2.8%
Provo-Orem, UT
2.6%
Salt Lake City, UT
2.8%
St. George, UT
3.2%

Market Activity

Dallas, TX
Market Overview

Consistent strong employment and population growth keeps investment capital’s attention on Dallas/Fort Worth – producing high multifamily absorption. These factors have kept the region as one of the most active for transactions above $20 million in the nation, and the year-to-date sales trends could break the $6 billion volume mark once again.

1,122
Homes Sold
$931,000
Avg. Home Price
$1,235
Median Rent
Data Source: U.S Census Bureau - Quarterly
9.6%
Rental Vacancy Rate
1.7%
Homeowner Vacancy Rate
3.3%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
3.2%
Amarillo, TX
2.7%
Austin-Round Rock, TX
2.8%
Beaumont-Port Arthur, TX
5.9%
Brownsville-Harlingen, TX
5.6%
College Station-Bryan, TX
3.0%
Corpus Christi, TX
4.4%
Dallas-Fort Worth-Arlington, TX
3.3%
El Paso, TX
4.0%
Houston-Sugar Land, TX
3.9%
Killeen-Temple, TX
3.8%
Laredo, TX
3.7%
Longview, TX
3.9%
Lubbock, TX
2.9%
McAllen-Edinburg-Mission, TX
6.4%
Midland, TX
2.2%
Odessa, TX
2.8%
San Angelo, TX
3.1%
San Antonio-New Braunfels, TX
3.2%
Sherman-Denison, TX
3.2%
Texarkana, TX-AR
4.4%
Tyler, TX
3.4%
Victoria, TX
3.5%
Waco, TX
3.5%
Wichita Falls, TX
3.2%
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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