Development
Detroit and Other Michigan Cities to Share $100 Million Demolition Grant
In an effort to solve the issue of blighted and dangerous properties across the state and reduce crime in neighborhoods, Gov. Rick Snyder last week announced that the U.S. Department of the Treasury granted $100 million under a pilot program that enables states to decide locally on actions that prevent foreclosures and support the housing recovery.
Arlington’s Newly Built Grayson Flats Sold for $33M
Insight Property Group and Buvermo Investments Inc. have sold the Grayson Flats apartments in Arlington last month for $33 million, or roughly $492,500 per unit. The buyer, an affiliate of local development company Silverwood Companies, acquired the property about a month after it was finished.
$238 Million Uplands Residential Community Opens In Baltimore
Uplands, a new, $238 million residential community located in Baltimore, oficially opened its gates to the public on Monday, June 3.
APARTMENT MARKET STATISTICS: June 2013
Bank lending increased across the board for multifamily properties and income-producing commercial real estate, according to Chandan Economics. Overall, the recent permit numbers have been strong enough to support a five-plus starts rate in range of 285,000 over the next couple of months, stated the National Association of Home Builders.
APARTMENT MARKET STATISTICS: May 2013
The prices of multifamily housing shot up to an average of $115,954 per unit in the fourth quarter, according to CoStar/PPR. Marcus and Millichap’s statistics for the nation’s top apartment markets show average rent increase of 3.0 percent in the fourth quarter.
Market Dominating Makeovers
Successful repositioning spends the right amount in the right places.
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.
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.
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.
MHN TV: Apartment Investment and Development Trends
Robert DeWitt, CEO of The General Investment & Development Companies (GID), gives MHN a thorough rundown on apartment investment and development trends at NMHC’s 2013 Apartment Strategies/Finance Conference in Dallas.