News
Ground Broken on Texas Luxury Community for Seniors
SRP Medical announced it has broken ground on Magnolia Heights, a luxury community for seniors in Spring, Texas. It will be the first new senior living community that provides assisted living and memory care residences in the area in over 10 years.
Twin City Multifamily on a Roll
Apartment rents in the Twin Cities have reached record highs, according to the latest report on the market by investment specialist Marcus & Millichap.
New Brunswick’s Gateway Transit Village Wins Smart Growth Award
A 2012 Smart Growth Award from New Jersey Future has been captured by Gateway Transit Village, a new mixed-use development next to the N.J. Transit train station in downtown New Brunswick, N.J.
California Struggles with $1.7 Billion Loss in Redevelopment Funding
While this event may have been a blip on the screens of national developers, caution is in order for the multi-housing industry as a whole. Redevelopment agencies have been abolished in California, and it’s not a trend developers would like to see spread to the other 48 states.
TODAY'S DEALS: Lender-Owned Multifamily Site Sells for $5.1M
An entitled development site sells in L.A.; Beech Street arranges $7.7 million to refinance a pair of Chicago nursing facilities; and Centerline supplies a $2 million, 80 percent refinancing loan to an affordable property.
IREM Report Confirms Strong Metrics for Apartments
The recently released 2012 edition of “Income/Expense Analysis: Conventional Apartments,” published by the Institute of Real Estate Management, confirms the conventional wisdom among the apartment industry. Namely, it’s bonanza time for landlords.
Joint Venture to Develop $39M Luxury Student Housing Community at The University of Mississippi
Carter, a development and investment firm, and Chance Partners, a real estate firm, announced that they were going to develop a $39 million student housing community at the University of Mississippi in Oxford, Miss.
Affordable Housing for People with Special Needs Coming to Wallkill, N.Y.
The Community Preservation Corporation, a not-for-profit mortgage lender financing multifamily development throughout New York, has closed on a $7.95 million construction loan to develop Sunrise Apartments in the town of Wallkill, N.Y.
Economy Watch: U.S. Sees July Rise in Job Creation
The U.S. economy created 163,000 jobs in July, according to the Bureau of Labor Statistics on Friday.
TODAY'S DEALS: BPG Completes $20M Disposition
BPG sells a 424-unit asset; BH Properties buys a community in Phoenix for $7.3 million; and Boston Capital invests in multifamily developments in New York.