News
APARTMENT MARKET STATISTICS: April 2014
Apartment total returns for the reporting members of the National Council of Real Estate Investment Fiduciaries fell during 2013, to 2.48 percent in the fourth quarter.
APARTMENT MARKET STATISTICS: March 2014
Multifamily lending by banks increased by $8.1 billion during the third quarter of 2013, according to Chandan Economics.
Condos Still Available at South Loop Luxury by Related
With condominium inventory at fewer than 450 units in the Chicago area, according to Appraisal Research Counselors, buyers looking to own their own residence in the area still have options. More than 300 units have been sold at South Loop Luxury by Related but there are still residences available at the trio of buildings in Chicago’s South Loop neighborhood.
Mack-Cali Buy Boston-Area Apartments for $37M
Mack-Cali Realty Corp. has acquired Andover Place at 650 Bulfinch Dr. in Andover, Mass., which is in Essex County, north of Boston. The New Jersey-based REIT paid about $37.7 million for the 220-unit multifamily property.
TODAY’S DEALS: Banner Essex Acquires 274 Units in Charlotte
Banner Essex Strategic Fund II completes its second buy; a condominium-entitled apartment trades hands for $14.2 million in Oceanside, Calif.; and The Greysteel Co. is retained as the exclusive agent for the sale of a 28.64-acre property in Northern Virginia.
Arriscraft Stone Achieves the Quarried Look without the Cost
Arriscraft uses a high-pressure bonding process to create man-made stone with a quarried stone look. The end result is a 100 percent dimensionally stable, non-fading stone that requires no waterproofing.
Deco Communities Developing $37M Luxury Condos in Scottsdale, Ariz.
Deco Communities has entered into a joint venture with Castlelake and Isles Ranch to develop Envy, a $37 million luxury residential tower to be built in the heart of the Old Town Scottsdale Entertainment District.
Economy Watch: Retail Sales See Healthy Uptick
The Census Bureau reported that retail and food services sales for March, adjusted for seasonal variation and holiday and trading-day differences—but not for price changes—came in at $433.9 billion, an increase of 1.1 percent from February.
County unveils new regional communications system, center
With a simple turn of a knob on their radio devices, more than 30 public-safety agencies — including the Tucson Police and Fire departments, the Pima County Sheriff’s Department and seven county hospitals — have the ability to communicate with one another during emergencies now that the county’s regional communication system and center have been […]
USA Properties Fund Completes Rehab on LA Seniors Community
The renovation of Huntington Plaza Apartments, a 184-unit low-income seniors housing property in the Los Angeles suburb of Huntington Park, has been completed. The entire cost of the property’s acquisition and rehabilitation was $30.2 million.