News
Economy Watch: Retail Sales Up in November
According to the Census Bureau on Thursday, U.S. retail sales for November—adjusted for seasonal variation and holiday and trading-day differences, but not for price changes—increased 0.3 percent month-over-month.
Raintree Acquires SoCal Apartment Property
Raintree Partners has acquired Archstone Ventura Colony, a 272-unit multifamily property in Ventura. The company paid about $60 million, or $220,680 per unit.
Economy Watch: FOMC Sets Stimulus Goals
The Federal Open Market Committee met on Wednesday and, among other things, promised to keep the federal funds rate at 0 percent to 0.25 percent, as it has been since the onset of the Great Recession.
TODAY’S DEALS: Inland Buys Two Student Housing Assets for $94.6M
Inland American Communities acquires two student housing assets; Elco buys four properties from Equity Residential; and Alliant Capital completes a $5.98 million refinance loan at 3.48 percent rate.
MNS Report Reveals Low Studio Apartment Inventory in Brooklyn
According to the MNS November 2012 Brooklyn Rental Report, the New York City borough cannot keep up with the demand for multifamily units, with studio apartments especially lacking. The study shows that the rental rates increased a total of 1.16 percent across all unit types; however, studio rental rates decreased .83 percent since October this year.
Building Engines Integrates with Yardi Voyager through Gelbgroup
Building Engines, global provider of comprehensive web-based and mobile real estate operations management solutions, announced its web-service integration with Yardi Voyager through new partner Gelbgroup Consulting, Inc., a Yardi certified integrator.
Dubai Hills Unveiled as First Project in the Master-Planned $2.74 Billion MBR City
Emaar Properties and Dubai Holding in a joint venture have unveiled Dubai Hills, the first project in the Mohammed Bin Rashid City (MBR City), the largest joint venture in the region’s real estate sector recently announced by Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum.
Janel Ganim Joins Property Solutions as Vice President of Affordable Housing for Entrata
Property Solutions International, Inc. announced the recent addition of Janel Ganim to their team of industry experts heading-up development for Entrata.
Jennifer McLean joins Virginia Tech University’s Residential Property Management Advisory Board and Girls Inc. Board of Directors
Jennifer McLean, Chief Financial Officer of Pennrose Management Company, was recently appointed to Virginia Tech University’s Residential Property Management Advisory Board and the Girls Inc. of Greater Philadelphia and Southern New Jersey Board of Directors.
Carroll Organization Acquires 308-Unit Apartment Community in Lawrenceville, Ga.
Carroll Organization, an Atlanta-based multifamily real estate firm, acquired Camden Sweetwater Apartments, a 308-unit luxury community to be rebranded as ARIUM Sweetwater in Lawrenceville, Ga.