News
Economy Watch: Construction Spending Drops in September
The Census Bureau reported that construction spending during September 2014 came in at an annualized rate of $950.9 billion, a drop of 0.4 percent compared with August.
Construction Underway on West Humboldt Place in Chicago
Work has begun on West Humboldt Place, a 13-unit apartment building on the West Side of Chicago. Once complete, the new housing development will serve low-income families with disabilities.
Leasing Underway at Related California’s The Emerson in Los Angeles
Related California has announced that leasing has started at the company’s new downtown residential apartment building, The Emerson.
TODAY’S DEALS: CBRE Acquires Portland Apartments from Capri Capital
ARA brokers a $54.1 million Portland sale; Equus completes the disposition of a 1,100-unit portfolio in Atlanta; and Capital Fund Services sources financing to preserve affordable housing stock in Indiana.
The Spot Experience-Silverstein Properties Unveiling is No Shaggy-Dog Story
Pet care services provider The Spot Experience has launched the first-ever full-scale onsite pet services residential amenity. The 9,000-square-foot state-of-the-art facility is offered in partnership with Silverstein Properties on the lobby level of Silver Towers, along 42nd Street.
Economy Watch: Personal Income Edges Up
U.S. personal income increased $22.7 billion, or 0.2 percent in September, according to the Bureau of Economic Analysis on Friday. During the same period, personal consumption expenditures (PCE)—people out-spending their personal income—decreased $19 billion, or also 0.2 percent.
Bell Partners Buys Suburban Atlanta Apartments
Bell Partners Inc., an apartment investment and management specialist, has acquired Alta Woods on behalf of its investors. The 498-unit property is in the Atlanta suburb of Woodstock, a town of about 24,000 in Cherokee County.
Xchange at Secaucus Junction Adds New Amenity Center, Apartment Building
The Atlantic Realty Development Corporation-owned Xchange at Secaucus Junction development in Secaucus, N.J., has announced the addition of a second apartment building, Next, as well as a state-of-the-art amenity center, The Station.
The Secret to a Successful Resident Event
Looking to scare up some interest at your resident events? Follow the lead of Newport, a multifamily community in Jersey City, N.J., which recently held a successful Halloween carnival. MHN talked to Maya Autret, director of marketing, Newport Associates, before they ran the carnival, and talked about their secrets for well-attended resident programs.
TODAY’S DEALS: PCCP Provides Ritchie Group with $56.5M for Stalled Utah Condo
The Ritchie Group lands $56.5 million to build out a stalled condo; Colliers completes a $6.3 million sale in Arizona; and Greystone provides a $11.7 million bridge loan for an affordable community in California.