Business Specialties
Economy Watch: Construction Spending Ekes Out Gain
The Census Bureau reported that U.S. construction spending edged up in April by 0.4 percent compared with March, to an annualized rate of $860.8 billion.
Construction Begins on New Luxury Residential Development in San Gabriel Valley
Construction has begun on the latest San Gabriel Valley mixed-use development. Hutton Companies recently announced that its new project, La Verne Village, has broken ground and is now set to meet its construction deadline, in Q1 of 2014. The developer is investing approximately $43 million into the luxury apartment community that will be located at 2855 Foothill Boulevard, along the Historic Route 66, in the city of La Verne. Ontario-based NAI Capital is currently handling retail leasing for the property.
Holland Partner Group Begins Construction on Denver Transit-Oriented Development
Holland Partner Group announced it’s starting construction on Platform at Union Station, a 287-unit, transit-oriented community in Union Station neighborhood in Denver.
TODAY’S DEALS: Berkeley Point Capital Closes $49.7M for a Salt Lake Acquisition
Kennedy Wilson completes an acquisition with financing from Berkeley Point Capital; HFF closes $23 million for a Cambridge renovation; and Eastern Consolidated sells sponsor condos near New Jersey’s “Gold Coast” for $15.25 million.
Suria KLCC Sdn Bhd selects Yardi Voyager
Yardi Systems, a developer of software solutions for the real estate investment, asset and property management industry, announced that Suria KLCC Sdn Bhd has selected Yardi Voyager™ for their asset and retail property management operations.
MHN Interview: Encouraging Smoke-Free Buildings in NYC
MHN speaks to Rachelle Rochelle, borough manager of the Brooklyn Smoke-Free Partnership, part of the NYC Coalition for a Smoke-Free City, about how the Coalition educates property managers about why they should consider going smoke-free in their buildings.
Whispering Hills Apartment Complex Attracts Dallas Investor
The San Antonio multifamily market is of growing interest for out-of-town buyers. The region’s bright economic outlook has attracted a growing number of investors in the past 12 months.
Beech Street Capital Provides $49.5M in Acquisition Financing
Beech Street Capital LLC announced that it has closed on a $49.5 million Freddie Mac CME loan to acquire a 409-unit multifamily community in Woodbridge, Va. Beech Street Capital, as part of its relationship with Meridian Capital Group LLC, financed the transaction.
Video – Q1 2013 Apartment Trends
Reis Reports Chief Economist Dr. Victor Calanog covers Q1 2013 Apartment Trends and provides an outlook for the coming months in the sector.