News
Pennrose Announces Donald L. Miller Jr. as CFO
Pennrose, a real estate development and management company focused on multifamily communities, announced that Donald L. Miller Jr. has been named chief financial officer.
Equinix Expands Network of Singapore Data Centers in Collaboration with Mapletree Industrial Trust
Equinix, a company dealing with data centers and interconnection has partnered with Mapletree Industrial Trust, an entity that specializes in industrial real estate properties, in order to develop a new data center facility under its International Business Exchange brand in Singapore.
The Farran Group Breaks Ground on $19.5M Mont. Community
The Farran Group has broken ground on a new $19.5 million community in Missoula, Mont. The property is being developed on a former industrial site—a former lumber mill and distribution center.
NYC Condo Property Now Offers Bigger Units
It’s a mark of the recovery of the condo market in New York that condos aren’t only selling again, but demand is rising for larger units.
Corvias Group Executive Promoted to Chief Financial Officer
Corvias Group, a privately owned, vertically integrated real estate solutions group, announced that senior vice president of finance, David Rozen, has been promoted to SVP and chief financial officer (CFO).
TODAY’S DEALS: Kennedy Wilson Closes Two Financings in Japan
Kennedy Wilson closes a $115 million loan on part of its Japanese portfolio; CBRE sells 272 units in Springfield, Ohio; and Walker & Dunlop provides $27.4 million in financing for military apartments.
Sunrise Continues Regional Expansion
San Diego-based Sunrise Management has expanded its Northern California team, adding longtime multifamily industry professional Beth Smith, CPM, as a new regional property manager in its growing Sacramento office.
Businesses and Consumers Apathetic Toward Fiscal Drag Housing Upturn Intact, Provides Tailwind to Economy
Washington, D.C.—The strong jobs report and the rebound in consumer confidence in February suggested that businesses and consumers set aside their worries about fiscal drag ahead of the looming sequestration deadline, according to Fannie Mae’s Economic & Strategic Research Group. Activity in both the stock and housing markets also picked up recently and continues to act as a tailwind for the economy. Furthermore, the pace of manufacturing and service activity has expanded at a healthy pace and should contribute to growth this quarter. Although income and consumer spending took a hit at the start of the year and may slow…
Village Green Acquires Detroit Luxury Apartments; Plans to Renovate
Village Green, a Detroit-based luxury apartment owner and operator, has acquired Millender Center Apartments, which includes 338 luxury units that the company plans to renovate and reposition.
MARKET SNAPSHOT: Detroit Posts Third Consecutive Year of Job Gains for First Time since 2000
Metro sees the addition of nearly 100,000 jobs over the past three years, and many submarkets are beginning to post vacancy rates below 4 percent.