News
Trammell Crow Breaks Ground on Houston Multifamily Community
Work has started on Alexan Enclave, a 354-unit multifamily development on the west side of Houston, in that city’s Energy Corridor. The Trammell Crow Residential development is slated to open in the spring of 2014.
MHN Interview: Philadelphia Freedom—An Interesting Opportunity for Multifamily
LCOR recently announced that Donald Tracy, the company’s new vice president, would be leading the Philadelphia development team. MHN talks with Tracy about his plans on expanding LCOR’s development pipeline in that market, as well as why he considers Philadelphia a unique area for the multifamily industry.
TODAY’S DEALS: HFF Priovides JV with $40.5M for Colorado Apartment Development
The Greystone Group and The Sevinson land financing for a Colorado project; NorthMarq Capital arranges first mortgage financing for a Illinois asset; and Arbor Commercial Funding provides a $8.5 million Fannie Mae refinance loan.
Auction.com Sells $14 Million CRE Assets
Auction.com, an online real estate marketplace, facilitated the closing of six commercial assets totaling more than $14 million in purchase price and two commercial notes totaling $465,000 in value during the week of July 31, 2013.
Naftali Group Acquires Large Block of Buildings in Chelsea for $20.1M
The Naftali Group has acquired five contiguous buildings in the Chelsea submarket, located at 261-267 West 25th St., for a total cost of $20.1 million. The company plans to demolish the entire existing structures to develop a 12-story luxury residential condominium containing 108,393 square feet.
NWP Sets New Standard in Electronic Data Exchange Services in Multifamily Utility Management
NWP Services Corporation (NWP), a provider of utility cost recovery solutions, has initiated a “renaissance” in utility management with its electronic data exchange (EDE) services.
SummerHill Apartment Communities Creates Southern California Division and Hires Patrick S. Simons as Senior Vice President
SummerHill Apartment Communities, a division of SummerHill Housing Group based in San Ramon, Calif., announced that the firm has hired multifamily industry veteran Patrick S. Simons as senior vice president to lead SummerHill Apartment Communities’ new Southern California division.
Best and Worst Metros by Job Growth
Julie Zisfein, senior associate and economist with Auction.com Research, says the Bureau of Labor Statistics (BLS) July metro area data shows continued job growth across the nation:
Economy Watch: Most States See Annual Unemployment Drop
Twenty-eight states and the District of Columbia experienced unemployment rate increases in July compared with June, according to the Bureau of Labor Statistics.
NorSouth Constructs and Fickling & Company Begin Work on Luxury Ga. Community
In a joint venture, NorSouth Constructs and Fickling & Company have started to develop Lullwater at Riverwood, a luxury apartment community in Evans, Ga., which is a submarket of Augusta/Richmond County.