News
PROFILE: Pennrose
Under its repositioning, Pennrose has embarked on a strategy to expand its business by launching into the market-rate apartment development and property management businesses.
ARA Expands National Affordable Housing Roster with Addition of Four
Atlanta-headquartered ARA, a privately held investment advisory brokerage firm focusing on the multihousing industry, announced the expansion of its National Affordable Housing Platform with new team members in Seattle; Austin, Texas; and Houston.
Freddie Mac Announces Ninth K Certificates Offering This Year, K-710, Backed By Multifamily Mortgages
Freddie Mac recently announced a new offering of Structured Pass-Through Certificates backed exclusively by fixed-rate multifamily mortgages with a seven-year term.
Minn. Affordable Rental Community Garners LEED Silver Certification
Cascade Creek Apartments, a mixed-use development offering 40 affordable housing units, has been awarded LEED Silver Certification by the U.S. Green Building Council.
Apartment Specialist McKinley Expands into Student Housing
McKinley, an owner and manager of about 33,000 apartment units, is expanding into student housing.
Economy Watch: Most Industries Create Few Jobs in June
June’s weak employment numbers (a net increase of 80,000 jobs) capped a weak quarter for U.S. job growth.
Mortgage Applications Decrease Driven by a Drop in Refinances in Latest MBA Weekly Survey
Mortgage applications decreased 6.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 29, 2012.
NAHB Applauds Five-Year Reauthorization of Flood Insurance Program
In an important victory for the National Association of Home Builders and its members who rely on the National Flood Insurance Program (NFIP), Congress has reached an agreement to reauthorize the program through Sept. 30, 2017.
Home Properties Acquires Baltimore-Area Apartment Asset for $186M
Home Properties paid cash for the 1,350-unit apartment property, or about $138,000 per unit, and it estimates that the first-year cap rate will be 5.9 percent.
TODAY’S DEALS: Campus Crest Completes the Purchase of Two JV Properties
Campus Crest Communities acquires a full interest in two joint venture properties; Marcus & Millichap lists a luxury rental in Valdosta, Ga.; and George Smith Partners arranges $15.2 million in debt and equity financing for a Denver high-rise.