News
Economy Watch: Unemployment Ticks Up in Nearly Half the States
The Bureau of Labor Statistics reported that 24 states and the District of Columbia suffered unemployment rate increases in August compared with July, while 15 states had decreases, and 11 experienced no change.
Continential Properties Begins New OK City Apartments
Developer Continential Properties Inc. has started work on Springs at Memorial in Oklahoma City.
TODAY’S DEALS: Lee & Associates Sells Five Units for $2.3M
Lee & Associates achieves the highest per-unit price in California’s Conejo Valley; a 292-unit community in Fort Worth trades hands with help from Marcus & Millichap; and Berkadia secures nearly $12 million for a mixed-use co-op property.
73 East Lake Awarded LEED Gold, Surpasses 60 Percent Leasing Mark
M & R Development has announced that its 42-story apartment building, 73 East Lake, in Chicago’s East Loop has been awarded LEED Gold certification from the U.S. Green Building Council.
Detroit Breaks Ground on Unprecedented Public Transit System
Ground has been broken for the M-1 RAIL Streetcar project, an unprecedented Detroit public transit initiative intended to generate new investment and development around the rail line.
Economy Watch: Housing Starts Take a Dip in August
The Census Bureau reported that private housing starts in August came in at an annualized rate of 956,000 units, a drop of 14.4 percent compared with July, when the rate was more than 1.11 million units.
Crescent Ninth Street in Durham Opens
Crescent Ninth Street, a 303-unit apartment community in Durham, has been completed. The property is at 749 Ninth St. in the city’s Ninth Street district, which is between Duke University’s East and West campuses, and is known for its bars, restaurants, coffee shops and funky retail.
TODAY’S DEALS: TIAA-CREF, TIAA Henderson Close Apartment Fund with $420M Value-Add Target
TIAA-CREF and TIAA Henderson close a value-add CASA fund after raising $260 million in equity; Pure Multi-Family REIT lands acquisition financing for communities in Arizona and Texas; and ARA arranges the sale of an Austin property to an affiliate of Heitman.
Infosys, Skanska Sign Record-Breaking Office Lease Deal in Poland
Infosys BPO Poland has signed a 10-year lease agreement with Skanska Property Poland to occupy an area of more than 226,000 square feet (21,000 square meters) of office space in the Infosys Green Horizon office complex in Lodz.
Scandic Announces New Stavanger Hotel, Will Operate Seven Facilities in Oil Industry-Driven City
Scandic is expanding its operations in the Nowegian city of Stavanger.