Development
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.
New Broward County Apartment Set to Open
Leasing has started on Elan 33 West, a 376-unit apartment community in Davie, Fla., developed by Charleston, SC-based Greystar Real Estate Partners. The property’s opening is slated for July.
Positives, Negatives Seen in April Job Report, Auction.com Says
The U.S. Bureau of Labor Statistics’ April metro area employment data held good and bad news for multifamily and single-family recovery, according to New York City-based Auction.com.
Special Report: Micro-Size It
Can apartments be too small? Developers are testing the boundaries, experimenting with layout and design to determine just how tiny and inexpensive a space they can easily lease.
Amstar and Allied Realty to Break Ground on 332-Unit Luxury Apartment Project in Central Denver
Locally-based real estate investment manager, Amstar has partnered with Allied Orion Holdings, a Texas- and Colorado-based apartment developer, and recently announced it will start construction on a 332-unit apartment project in the Highlands/Jefferson Park neighborhood of Denver, Colorado. The project, dubbed 2785 Speer is scheduled to break ground this month and is expected to be completed in the spring of 2015.