Economy Watch: 4Q GDP Growth Revised Downward; Fewer Homeowners Under Water; Pending Home Sales Down
Revised GDP number shows annualized rate of 2.4 percent for the fourth quarter of 2013. Also, Zillow data shows fewer homeowners under water, while the NAR reports pending home sales are down.
CHW Remodels, Upgrades California’s Los Robles HUD Apartments
Community Housing Works completes a major remodel and upgrade to a 40-year-old HUD community in Vista, Calif. The program involved investing $1.2 million into green upgrades. Check out a before and after slideshow.
Leasing Begins at Eleven55Ripley in Suburban D.C.
Home Properties has started leasing its newly constructed multifamily property, Eleven55Ripley. The asset, which is now the tallest building in Silver Spring, Md., features apartments, townhomes and a public pocket park.
TODAY’S DEALS: NorthMarq Arranges $34.4M for Three Multifamily Properties
NorthMarq closes separate loans for properties in Texas and Georgia; Centerline refinances a 188-unit community in Georgia; and Colliers arranges the sale of a multifamily property in Encinitas, Calif.
Market Snapshot: Miami Rent Growth Increases, So Does Vacancy
An increase in completions leads to higher vacancy in Miami, though the city retains the third highest occupancy in the nation.
Bascom Closes Its Second Apartment-Investment Fund
The Bascom Group closes its second fully discretionary real estate investment fund, which provides up to $300 million of buying power.
Zocalo Sells Denver’s Cadence Union Station Apartments
An Invesco client picks up a Denver apartment asset from Zocalo Community Development and Principal Real Estate Investors.
Economy Watch: Mortgage Delinquencies Dropping; Tapering Will Continue; 4Q GDP Numbers Released
The U.S. mortgage delinquency rate decreased more than 10 percent year over year. Also, Janet Yellen testifies before the Senate Banking Committee, hinting that the tapering will continue unless ‘significant’ change in outlook takes place.
TODAY’S DEALS: Aztec Group Secures $7.5M for Fractured Condo
Aztec Group provides financing for 144 units in Fort Lauderdale; Cohen Financial secures $37 million for five properties; and Marcus & Millichap brokers a 259-unit sale in South Carolina.
RFR, Vanke Break Ground on Luxury Condo Tower in Manhattan
RFR Holding and Vanke, China’s largest residential developer, broke ground Tuesday on 610 Lexington Ave., a luxury residential condominium on East 53rd Street in Midtown Manhattan.