Joint Venture Acquires Unfinished Chicago Structure, Plans Apartments
Chicago–Related Cos. and Clark Wacker L.L.C. have formed a joint venture to acquire 111 West Wacker Dr. in downtown Chicago, with about 500 upscale apartments planned for the building.
SF Affordable Co-op Apartments Finish Major Renovation
San Francisco–The three-year renovation of the 211-unit Martin Luther King-Marcus Garvey Square Cooperative Apartments in San Francisco’s Fillmore District has been completed.
D.C. Seniors Housing Property Begins Rehab
Washington, D.C.–Jair Lynch Development Partners has closed on financing for the redevelopment of the Paul Laurence Dunbar Apartments, a 171-unit seniors-housing rental property.
Economy Watch: Congress Acts as Deadline Nears, but GDP Still Anemic
Although not yet finalized, a last-minute deal is in the works to raise the debt ceiling; U.S. GDP gets revised way down; and homeownership rates continue to shrink.
NAHB Report Says Multifamily Stock Returns May Start to Cool
Washington, D.C.–A new report by the National Association of Home Builders suggests that the high-flying days for multifamily stocks might be drawing to a close.
Archstone Acquires Development Site in Orange County
Huntington Beach, Calif.–Archstone, as part of a joint venture with Red Oak Investments, has acquired a four-acre development site to develop a mixed-use property with 384 apartments and 10,000 square feet of retail.
Economy Watch: No Deal Yet
Votes in the House and Senate on their respective debt-ceiling plans are expected today; the Beige Book reports mediocre economic recovery; and the United States takes UBS to court over selling bum mortgages to GSEs.
Riskier Treasuries Might Send Investors to Top-Quality Multifamily Properties
MHN talks with Christian L. Redfearn, associate professor at the USC School of Policy, Planning and Development and member of the Lusk Center for Real Estate, about what the debt crisis might mean for multifamily.
Multifamily Utility Data Woefully Incomplete, Says New Study
A new study by Recap Real Estate Advisors concludes that the lack of large and robust data sets, a common data taxonomy and accepted industry standards for data collection all impede efforts to promote better utility usage.
Historic Rhode Island Property Receives Financing for More Apartments
East Providence, R.I.–Rumford Center, the mixed-use redevelopment of a historic mill complex, has obtained $15.5 million to complete the residential aspect.