News
American Campus Communities Offers Faster Internet Service to Callaway House Residents
The Callaway House Austin, a new off-campus community serving University of Texas at Austin students, will offer unprecedented Internet service of up to one Gigabit per second per resident.
Related Midwest Opens Dog Friendly Apartment Building in Chicago
Related Midwest has opened 500 Lake Shore Drive, a luxury apartment building in Chicago’s Streeterville neighborhood, which caters to dog owners and their pets. Residents can utilize the building’s Dog City, Related Midwest’s on-site pet care service that offers everything from dog walking and pet sitting to grooming services, routine vet visits and pet training.
TODAY’S DEALS: Essex Property Trust Sells Calif. Apartment for $138M
IPA brokers a 400-unit sale in California; NorthMarq Capital arranges $52.3 million for an apartment acquisition in Austin; and Franklin Street closes on a $8.5 million, 10-year, loan, at 3.96 percent interest for the first two years.
New Hansgrohe Handshowers Feature Push-Button Spray Modes
Bathrooms play an increasingly important role in landing and retaining renters. They, along with kitchens and community amenities, are a focus of any smart renovation or value-add play. But unlike your asset’s kitchens, bathrooms are guaranteed to see daily use. No matter what market a community is in, all renters start their day in the exact same way: with a shower.
TODAY’S DEALS: Behringer Harvard Acquires Houston-area Apartment
Behringer Harvard completes a 240-unit buy in Sugar Land; AEW buys a Durham asset from a Greystar JV; and Meridian Capital negotiates financing for six multifamily properties in New York.
Praxis Capital Acquires Whispering Oaks in Suburban Houston
Whispering Oaks Apartments, a 140-unit property in the Houston suburb of Conroe, Texas, has been acquired by Santa Rosa, Calif.-based Praxis Capital LLC.
Oak Grove Capital Provides $55.64M For Three Minn. Communities
Oak Grove Capital recently originated three HUD 223(f) loans totaling $55.64 million to refinance three multifamily communities in the Twin Cities area of Minnesota.
TODAY’S DEALS: Large Texas Apartment Community Trade Hands
Marcus & Millichap completes a 720-unit sale; Centerline provides a $1.1 million refinance for an affordable asset in Mississippi; and Berkeley Point Capital facilitates $12.5 million for an acquisition.
APARTMENT MARKET STATISTICS: August 2013
Apartment prices continue to increase. According to PPR/Costar, price per unit of apartments in the first quarter was $147,257—increasing from $110,380 in the fourth quarter.