American Campus Communities begins a $97.6 million mixed-use development at Drexel University; Marcus & Millichap lists a 137-unit asset in the Bay Area; and KeyBank provides $44 million in Freddie Mac funding for three communities.

National effective rental rates were down 1.05 percent during the fourth quarter of 2011, compared with the previous quarter, according to the apartment market research specialist Axiometrics Inc.

Steadfast Income REIT acquires its second asset in Iowa; Pembrook arranges rehabilitation financing to the tune of $32 million; and Marcus & Millichap completes a $2.2 million sale at a 8.1 percent cap rate.

According to a report released by CNT Energy and the American Council for an Energy-Efficient Economy, multifamily building owners could keep approximately $3.4 billion in their pockets annually through energy efficiency upgrades.

Campus Apartments now allows residents to pay rent on its online account portal SmartClick via Facebook Connect.

Charles Dunn Company completes a $17 million sale in Los Angeles; SL Green closes a joint venture acquisition with Stonehenge Partners; and NorthMarq Capital arranges a $20.1 million mortgage/bridge loan for a seniors housing portfolio.

Only 59.5 percent of renters said that they ‘definitely’ or ‘probably’ would renew their apartment leases, according to a new survey by Kingsley Associates. The figure represents a new three-year low.

Red Mortgage Capital funds a $72 million rehabilitation loan; Walker & Dunlop provides $163.8 million for four assets in Connecticut; and Marcus & Millichap provides a $9.2 million cash-out refinancing in transfer of ownership from TIC to LLC.

Inland American Communities breaks ground on a 318-bed student housing community; EdR buys a collegiate housing asset in Oklahoma; and NorthMarq arranges a $19.2 million FHA-insured mortgage.

Fannie Mae reports that during the fourth quarter of 2011, it issued $7.2 billion multifamily MBS, the highest quarterly issuance since the GSE started bringing its multifamily MBS business back from a standstill in 2009.