Evictions Are Back In Force As Housing Advocates Rue 'Missed Opportunity'

Houston billionaire Tilman Fertitta has acquired a 6.1% stake in Wynn Resorts, helping send shares in the struggling hotel and casino company soaring 10% as of midday, though the stock still remains down north of 20% for the year.

Fertitta picked up 6.9 million shares in Wynn, according to a Securities and Exchange Commission filing reported by Bloomberg, making him the company’s second-largest investor after co-founder Elaine Wynn. The cash infusion into Wynn, which operates casinos on the Strip and in >

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Baltimore-based Continental Realty Corp. has recorded its highest-ever volume of equity raised and assets acquired over the last 12 months, despite turmoil in the economy stemming from lingering supply chain issues, inflation and rising interest rates. 

The real estate investment and management firm's purchases include the $36.5M acquisition of the St. Mary’s apartment complex in Raleigh, North Carolina, and the $3.9M addition of The Shops at Towne Centre Way near Charleston, South Carolina. 

David Donato, CRC’s chief operating officer, spoke with Bisnow about the types of assets catching the firm’s eye and how the turmoil in the capital markets will affect his company's acquisition plans. 

"I think there will be opportunities," he said. "People's inability to refinance now may force a sale rather than a refinance. People who've been using floating-rate debt might have to run for the exits. ... We think choppiness helps." 

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The Federal Reserve's move to quickly hike interest rates this year has injected a heavy dose of uncertainty into one of the most reliable commercial real estate investments over the past decade: multifamily.

Despite a national housing shortage that has driven historic rent growth this year, lenders, developers and investors have paused deal-making because of the drastic change in the math underlying purchases and loans.

“We are one of those that are sitting on the sidelines because [of] pricing and the cap rates," said Vicki Lundy Wilbon, the president of Integral Group, an Atlanta-based mixed-income housing developer. "We’ve gotten to the point that it is not a time that we are eager and ready."

Multifamily sales transactions fell 17% in the third quarter nationally, according to data provided by MSCI, although they are still up 25% year-to-date over 2021. Industry leaders said at Bisnow's Southeast multifamily conference in Atlanta this month that they are highly cautious about entering into new deals until they…

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