Finance & Investment
DEAL OF THE DAY: Raintree Acquires Its Eighth Property in 2010 for $16.7M
Livermore, Calif.–Raintree Partners completed the acquisition of Meadowbrook Apartments, a 125-unit multifamily property in Livermore, Calif.
AFL-CIO Puts $90M into LES Multifamily Development
New York–The AFL-CIO Housing Investment Trust has invested $90 million in the Lands End II property on Manhattan’s Lower East Side, which will allow rental units to remain affordable for low- and moderate-income renters.
New Partnership to Fund Affordable Housing Renovations
Chicago–The John D. and Catherine T. MacArthur Foundation, the National Affordable Housing Trust and Cornerstone Real Estate Advisers L.L.C. have partnered to preserve federally subsidized rental housing in a number of markets.
Stimulus Funds Help Kick Off Affordable Senior Housing Project
Waukegan, Ill.–The assistance of federal stimulus funds allowed Banner Apartments to begin constructing The Residences at Fountain Square outside Chicago.
Apartment Managers See Marked Improvements in Fundamentals This Year
The economic downturn certainly had a negative impact on the apartment sector, but notable improvements in the market from 2009 to 2010 indicate that the worst may very well be over.
Impediments of Aging Affordable Housing
Industry experts face up to the issues presented by the nation’s older stock of affordable housing.
Shadow Inventory Experiences 10 Percent Year-over-Year Increase
Santa Ana, Calif.–Residential shadow inventory rose 10 percent from August 2009 to August 2010, according to new statistics released by property information services provider CoreLogic.
DEAL OF THE DAY: Colliers Represents Hamilton Zanze in $9.7M Sale
Mesa, Ariz.–Colliers International-Greater Phoenix negotiated the sale of Sorrento Apartments, a 226-unit multifamily property located at 901 South Dobson Road in Mesa, Ariz., for $9.7 million or $42,920 per unit.
Scott Watson Rejoins Johnson Capital, Looking Forward to Multifamily Deals
Irvine, Calif.–Scott Watson has rejoined Johnson Capital as a vice president and will be arranging debt and equity capital for a wide range of commercial and residential real estate.
USDA Offers $14M for Rural Affordable Housing Rehabilitation
Washington, DC–The U.S. Department of Agriculture has unveiled a new program to provide low-interest loans to rehabilitate multifamily housing in rural areas.