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Which of 2017’s Top Stories Will Impact Next Year?
The multifamily sector has grappled with any number of challenges this year: record-breaking natural disasters, policy uncertainties and concerns over affordability, to name a few.
Prescient Launches New Investment Vehicle
The BIM design and building platform, which reduces the time and cost of constructing multi-unit housing using a proprietary modular construction system, has created Powered by Prescient. The subsidiary will acquire minority stakes in real estate development projects throughout the country. MHN talked with the company’s management to find out more about this new private equity firm.
Miami Mixed-Use Tops Off
Developed by CADE Capital Partners, Riverview Tower will comprise 100 units and 1,168 square feet of ground-floor retail space. The property first broke ground in January 2017 and is scheduled for completion by late 2018.
PGIM, Hanover Snap Up Houston Property
The JV has acquired Mosaic at Hermann Park, a 396-unit community with 20,087 square feet of ground-floor retail space.
Economic Diversity Drives Growth in Columbus
As the economy improves, the cost of living remains relatively affordable in Columbus, attracting more residents to the area and boosting multifamily demand. A business-friendly environment also draws investors and entrepreneurs to Ohio’s largest city, prompting more people to rejoin the workforce.
HGI Acquires $1.8B Portfolio
Comprising 9,677 units across 25 communities, the properties are located in Philadelphia, Chicago, Baltimore, Boston and metro Washington, D.C. The company purchased the portfolio from Lone Star Funds.
Tampa’s 10 Biggest Multifamily Deals in 2017
As Tampa’s apartment market is going strong and investors show strong interest in the market, Yardi Matrix rounded up the 10 biggest deals of the year.
Western National Group Breaks Ground on San Jose TOD
The Platform, located near a planned BART rapid transit station, will feature 551 units and approximately 37,500 square feet of retail space.
Pittsburgh Reveals Its Strength
The region’s universities continue to provide a skilled workforce for the technology, robotics, education, health-care and financial sectors, pushing the city’s economy forward and sustaining multifamily demand.
Jobs, Population Growth Sustain Demand in San Jose
A competitive economy is keeping the metro’s unemployment rate down. With Silicon Valley continuing to expand, demand for rentals is likely to remain healthy, albeit less frothy.