Blackstone sells Cosmopolitan, sort of; a proptech unicorn; why this Millionacres writer has owned these two REITs for a long time; city office space a drag on broad-based CRE sales gains; a heads up on taxes for remote folks.
Today on Millionacres
It was only a few weeks ago that we learned that investment firm Blackstone Group (NYSE: BX) was looking to unload the Cosmopolitan on the Las Vegas Strip, with an asking price of at least $5 billion. Well, we just found out that Blackstone has officially found a buyer for the massive property — sort of.
The Millionacres takeaway: Our Matt Frankel provides an overview of the complex deal that Blackstone has made with one of the largest gaming companies in the world and what it means for that part of the commercial real estate industry.
One of the newest real estate unicorns on the block is Orchard, a proptech start-up that aims to make homebuying and home selling as simple as possible. The company announced Sept. 9 that it had raised $100 million in Series D funding to surpass $1 billion in value and reach that coveted unicorn status.
The Millionacres takeaway: Our Nell McPherson looks at Orchard’s value propositions, including its appeal to homebuyers wanting to ease that process in all its machinations, and to investors looking to perhaps unload a rental property you’ve acquired equity in but want to buy another first.
The Millionacres takeaway: They’re in two different businesses, but each has delivered value in its own way, and this experienced investor’s reasons for keeping them around can help inform your own thinking.
Also in Today’s News
All four major CRE types posted double-digit annual price growth in August, propelling the U.S. National All-Property Index to a 13.5% year-over-year increase, according to a report Real Capital Analytics just released.
The Millionacres takeaway: Apartment, industrial, retail, and office were all up. Suburban office space led all sectors, but office space in the central business districts across our fair land? Down 3.7% year over year in August.
If you’ve worked remotely at any point this year, you may want to evaluate what that could mean for your 2021 tax return, CNBC reports today.
The Millionacres takeaway: Some reprieves that states granted for the 2020 tax year are going away, and this report says that can affect a lot of people, since about 30% of the respondents in one poll said they were working in a different state than they had been living pre-pandemic. Read up, roaming real estate investors, to see why that matters.
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