News
TODAY’S DEALS: Michigan Student Housing Portfolio Trades for $101.8M
A 2,772-bed portfolio trades hands in Michigan; The RADCO Cos. buys a 144-unit asset in Georgia; and Johnson Capital arranges a $8.4 million, five-year fixed-rate loan from a bank.
NMHC and NAA Study: Apartment Industry and Residents Contributed $1.1 Trillion to the Economy
Despite the worst economy in a generation, apartments and their residents contributed $1.1 trillion to the national economy in 2011, supporting 25.4 million jobs, according to a new report released today by the National Multi Housing Council and the National Apartment Association.
Joint Venture Acquires 510-Unit Community, Plans $9.2M Renovation
In a joint venture, Cortland Partners and Harbert Management Corporation have acquired a 510-unit community in Marietta, Ga., for $34.6 million. Cortland closed on the community earlier this month.
Construction Begins on Student Housing Near UNC Charlotte
Work has started on Circle University City, a student housing property that will open in time for the fall 2014 semester. The development will be within walking distance of UNC Charlotte.
Wharton Gladden Reveals its New Look
A redeveloped logo, website and overall brand of Wharton Gladden, a private real estate investment banking firm, marks the first of five strategic moves as it plans to undertake in order to transition the company to its next phase of growth and expansion as it nears its 10-year anniversary.
ARA Marks 10-Year Milestone With Launch of Branding Enhancement
Atlanta-headquartered ARA, a privately held, full-service investment advisory brokerage firm, is marking the company’s 10-year anniversary with its recently unveiled new website.
New Boston Fund Sells 266-Unit Multifamily in Connecticut
New Boston Fund Inc. has sold Windshire Terrace, a 266-unit Class A apartment community in Middletown, Conn., to Fairfield Residential for a reported $27 million.
Economy Watch: Home Prices Up in Most MSAs
The National Association of Realtors reported on Monday that existing single-family home prices rose in 133 out of 152 U.S. metropolitan statistical areas, based on closings in the fourth quarter compared with same quarter in 2011, while 19 areas had price declines.
Altis at Kendall Square Wins Additional Financing
The multifamily development Altis at Kendall Square by the Altman Cos. took another step toward realization recently by obtaining mezz financing for construction of the property.
TODAY’S DEALS: Brookfield Acquires 19-Property Portfolio
Brookfield completes a $414 million portfolio buy; MG Properties Group acquires a 736-unit asset in Ontario, Calif.; and NorthMarq Capital arranges $20.2 million in combined acquisition mortgages from a bank.