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MG Properties Acquires $58M Vegas Community
The company purchased the 432-unit Bristol at Sunset from Kennedy Wilson. CBRE arranged a $39.4 million acquisition loan through Fannie Mae on behalf of MG Properties Group.
IMT Capital Snags TN Community
The company purchased the 386-unit ALARA Cool Springs, located in the Nashville submarket of Franklin, from American Realty Advisors. Cushman & Wakefield represented the seller in the transaction.
Charlotte Teems With Demand Drivers
Employment growth made the city an attractive target for new and expanding businesses, while supporting long-term multifamily demand. Following last year’s cycle high in deliveries, some 6,800 units are slated for completion in 2017.
Jacksonville Set for Economic Expansion
Multifamily remains a solid investment in the metro, where both employment and population are growing. In turn, these positive demographic changes are creating strong rental demand.
JV Lands $215M for NYC Condos
Cape Advisors, Strategic Real Estate and Forum Absolute Capital Partners scored financing from Eastern Consolidated’s Capital Advisory Division for the development in Manhattan’s Special Hudson Square Zoning District.
Inland Empire Shows Strength
Backed by a booming industrial market, the metro added 48,000 jobs in the 12 months ending in July. Apartment deliveries have been slow throughout the cycle, but that is likely to increase as demand continues to push rents higher.
International Multifamily Stakes Its Claim to Fame
European residential markets are steadily growing and drawing investors looking to diversify, according to panelists at Expo Real.
Kansas City’s Growth Story
Appealing workplaces, such as WeWork, are opening in the metro’s core submarkets, attracting young professionals to live-work-play environments. Job growth has exceeded the national average and helps maintain a robust demand for apartments.
Priderock Makes Record Buy in Phoenix
The company purchased the 832-unit Heritage at Deer Valley for $125.5 million, the highest price ever paid in Phoenix for a single community.
Knoxville: No Longer in Nashville’s Shadow?
Both investors and developers are actively seeking opportunities in the market, which is expected to add new units at a rate that has not been met since 2011.