News
Industry House Sells in Canberra’s Largest Office Transaction This Year
UK-based Brompton Asset Management has acquired the 15-story Industry House building in the Canberra commercial business district for $151.7 million. The transaction ranks as the largest deal of its kind in the capital city’s office market this year.
Economy Watch: Existing Home Sales Continue to Rise
The National Association of Realtors reported that U.S. existing home sales increased 6.5 percent to an annualized rate of 5.39 million units in July from 5.06 million units in June.
Kirk Sykes Named Chairman of the Real Estate Executive Council’s Board of Directors
New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced that Kirk A. Sykes, president of New Boston’s Urban Strategy America (USA) Fund LP, has been appointed chairman of the board of directors for the Real Estate Executive Council .
Carmel Completes San Diego Community
Multifamily specialist Carmel has completed work on Carmel Pacific Ridge, a 500-unit property in the Mission Valley neighborhood of San Diego.
HFF San Francisco Hires Nathan Blair to Focus on Multi-Housing Investment Sales
HFF announced that Nathan Blair has joined the firm as a director in its San Francisco office to focus on multi-housing investment sale transactions in Northern California.
Realm Group Begins Construction of Calif. TOD
Realm Group LLC announced it has started construction on a 349-unit transit-oriented development called Monterey Station, which is located in Pomona, Calif.
Ocius Plants Trees to Entice Apartment Residents to Go Paperless
Ocius, a provider of resident billing and utility invoice processing services for apartment managers, announced a new program to encourage residents to receive their monthly statements via email.
TODAY’S DEALS: NorthMarq Arranges $188M from TIAA-CREF, Allstate in Single Loan Execution
NorthMarq Capital arranges a $188 million first mortgage for Mansion Grove, a 1,000-unit property in Silicon Valley; Radco Companies completes a 640-unit acquisition; and Peak Capital Partners buys two apartment communities in North Carolina.
Economy Watch: Zillow Reports Higher Home Values
Zillow reported on Tuesday that its Home Value Index was up 6 percent year-over-year in July, to a value of $161,600.
Do Not Rush to Construction: Make Sure Final Designs are Really Final
After construction has commenced, design changes to add value can lower your rate of return.