News
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.
Minnesota Owner Buys Florida Apartments
Dominium, a multifamily landlord based in Minneapolis, has acquired St. Cloud Village Apartments in Kissimmee, a suburb of Orlando, for an unspecified price. The property includes 208 units of affordable housing.
TODAY’S DEALS: Steadfast Adds $56M in Apartment Assets to Portfolio
Steadfast Income REIT acquires 633 units; ARA brokers a 271-unit sale in San Antonio; and Johnson Capital’s Denver office arranges a $10.8 million 35-year FHA permanent loan.
RED Hires Jim Hensley to Head Origination Teams and Lead Expansion Efforts
Red Mortgage Capital LLC, the mortgage banking arm of RED Capital Group LLC announced the addition of James P. Hensley as a senior managing director to its senior management team.
WXY + West 8 Makes Short List in ‘Rebuild by Design’ Challenge
The WXY + West 8 Team has been chosen as one of 10 international teams that will take part in Stages 2 and 3 of “Rebuild By Design,” a design competition aimed at promoting resilience in the region affected by Hurricane Sandy.