Economy Watch: Job Growth Tepid in January
The U.S. economy created 113,000 jobs in January and the unemployment rate falls to 6.6 percent. In addition, Trulia reports that home prices continue to rise, albeit at a slower rate.
TODAY’S DEALS: Bell Partners Acquires Fort Lauderdale Apartment
Bell Partners picks up a 336-unit community; NorthMarq Capital negotiates a $30.5 million acquisition loan; and Pembrook Capital Management closes $7.3 million to recapitalize a mixed-use community in Chicago.
JBG Teams with STRS Ohio on Arlington County Mixed-Use Development
The JBG Cos. has entered into a joint venture partnership with the State Teachers Retirement System of Ohio to develop Central Place, a 31-story, mixed-use development in Roslyn, Va.
Economy Watch: ADP Says 175k Jobs Added in January
Job growth remains steady in spite of winter weather according to analysis of the latest ADP numbers. In addition, the Fed reports that most domestic banks are easing their lending standards on a variety of business and consumer loans.
JLL: The Multifamily Lending Environment
Video: Industry experts at the MBA’s CREF/Multifamily Housing Convention & Expo in Orlando project the origination of commercial and multifamily mortgages will grow seven percent to $300 billion in 2014.
TODAY’S DEALS: NorthMarq Arranges $25.8M Refi for Texas Student Housing
NorthMarq arranges $25.8 million for a 1,006-bed property serving Texas A&M; Grandbridge Real Estate Capital closes $27.0 million for an apartment in Georgia; and a five-unit Brooklyn apartment sets a record price per square foot in Prospect Heights.
Video – Reis Q4 2013 Apartment Trends
Reis VP of Economics & Research, Dr. Victor Calanog, provides an update on the apartment sector performance for the fourth quarter of 2013.
Mack Urban Plans New Development in Portland
Mack Urban has purchased 1.67 acres of prime waterfront property in Portland’s South Waterfront District, and plans to develop a six-story mid-rise multifamily structure featuring up to 281 apartments.
Carroll Organization Acquires 11th Florida Multifamily Property
Carroll Organization continues to expand its southern portfolio. The group recently completed its eleventh acquisition in Florida with the purchase of the 204-unit Island Club at Atlantic Beach.
Economy Watch: CBO Says Budget Deficit Shrinking for Now
The Congressional Budget Office estimates a $514 billion deficit for 2014. In addition, CoreLogic reports that year-over-year home prices are up 11 percent for December, though the trend points to a plateau.