News
MARKET SNAPSHOT: Demand Remains Strong in Brooklyn, Keeping Asking Rents Elevated
As the New York metro area continues to experience a period of strong multifamily expansion, the high demand and shrinking vacancies are stretching far beyond the high-rises and walk-ups of Manhattan.
ST Residential LLC Puts 326-unit Lex up for Sale
Chicago-based ST Residential LLC has hired brokers Holliday Fenoglio Fowler and Eastdil Secured to manage the sale of a 13-property portfolio, with an estimated value of close to $1 billion.
Special Report: Multifamily Development Trends from NMHC Annual Meeting
At the recent NMHC Annual Conference, speakers at the session “Creating Communities: New Development and Redevelopment Opportunities” discussed the new development trends for multifamily.
Matteson Acquires Washington Apartment Community
The Langara, a 134-unit rental property outside Seattle, has been acquired by The Matteson Companies. Matteson purchased the property from Polygon for $28.2 million, in a transaction announced in mid-January.
Economy Watch: Multifamily Expansion Slows
According to NMHC, for the first time since 2010, two of the four indexes—market tightness (coming in at 45) and sales volume (which was 49)—dipped below 50, though just barely
Special Report: Student Housing Trends vs. Traditional Multifamily Communities
At “Student Housing: Any Bumps Ahead in This Strong Sector” session at the recent NMHC Apartment Strategies Outlook Conference in Palm Springs, Calif., the speakers discussed how student housing differs from traditional multifamily apartments.
TODAY’S DEALS: TDI Real Estate Lands $61.6M for a Scottsdale Development
HFF lands $61.1 million for TDI’s Scottsdale development; Hayley Real Estate buys four properties for $51.2 million, initiates a $12.4 million capital improvement plan; and Marcus & Millichap arranges a $57 million sale in value-add opportunities.
Holland Partners Buys Suburban Denver Apartments
Holland Partner Group has secured $38 million in acquisition financing to buy a multifamily property in Littleton, Colo., a suburb of Denver. The asset is Monterey Heights, a 332-unit apartment complex.
Procida Funds Post-Sandy Construction of 200 Townhomes at Jersey Shore
In the first significant construction deal since Hurricane Sandy devastated the area, Procida Funding has provided a $7 million loan for the property acquisition and road construction for 200 townhomes in Toms River, N.J., through its 100 Mile Fund.
Work Begins on Suburban Boston Apartments
Wood Partners has closed on an 11.6-acre site in suburban Boston on which it plans to build Alta at the Estate, an 155-unit apartment property.