Chinese Investor Seals SoCal Deal
Gemdale USA paid $46 million for an asset north of L.A. in the Santa Clarita Valley.
Phoenix Apartments Command $110M
Knightvest Capital acquired the asset for the second-highest price recorded for a multifamily property in Arizona.
Tackling the Affordable Housing Crisis
A panel of industry veterans offered a sober assessment and strategies for progress at the Institute of Real Estate Management’s annual summit in Chicago.
DC-Area Senior Project Features Hotel Touches
Thrive Senior Living’s new development in Woodbridge, Va., offers bright, contemporary interiors designed by studioSIX5.
Yardi Launches Hurricane Harvey Registry; Pledges $1M
To help the tens of thousands of people affected by Hurricane Harvey and to assist its multifamily clients in the region, Yardi has leveraged its RENTCafé property marketing and leasing platform to create a housing registry website that will help displaced residents find temporary and permanent homes.
Economy Watch: Multifamily Starts Dip in July
New projects got underway at an annualized rate of 287,000 units, only the second time in the past 12 months that the pace has fallen below 300,000 units.
Jersey Asset Commands $147M Refi
New York Life originated a 10-year loan on behalf of Sterling Properties. The asset is located in a northern New Jersey market with high barriers to entry.
Economy Watch: Retail Sales Dip in May
By Dees Stribling U.S. retail and food service sales dropped 0.3 percent in May compared with April, the Census Bureau reported on Wednesday. That’s the weakest monthly report for retail sales in more than a year and a half. Compared with the same month last year, however, retail sales were still up by 3.8 percent. As usual, some retail categories fared better than others. A handful of categories experienced month-over-month sales gains in May, such as furniture, up 0.4 percent, and apparel, up 0.3 percent. Grocery stores, as well as health and personal care stores, both eked out 0.1 percent…
Economy Watch: Closings Loom for Fashion Retailer
More than 250 stores will close by 2019 and another 400 closings could follow unless landlords grant rent relief, says the owner of such fashion brands as Ann Taylor, Dressbarn and Maurices.
Twin Rewards
Multifamily professionals can reap the financial benefits of mastering a complex, endlessly evolving business. At the same time, the business is in a unique position to strengthen the fragile fabric of our communities.