News
Economy Watch: The Yo-Yoing of Wall Street
“Roller coaster” might not be a fitting metaphor for Wall Street during this nervous summer of 2011. Yo-yo might be better.
Luxury Apartment Project in Charlotte Cleared for Construction with HUD Financing
Charlotte, N.C.–The construction of Phillips Mallard Creek, a premier 300-residence apartment project scheduled to sprout up just a stone’s throw from the University of North Carolina at Charlotte, is due to get underway as Phillips Development & Realty LLC secures financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) program.
MARKET SNAPSHOT: Houston Transaction Market Picks Up Speed in 2Q11
Houston–The second quarter of 2011 marked the sixth consecutive period of effective rental rate increases in Houston, according to Transwestern’s second-quarter 2011 Houston apartment report.
TODAY’S DEALS: Archstone Buys 224-Unit Asset in Marina del Ray
Archstone acquires a 224-unit community in Marina del Ray, Calif.; Marcus & Millichap sells two New England assisted living facilities; and Transwestern negotiates the sale of a $4.3 million portfolio in Phoenix.
Condo/Co-op Prices See Drop Since Last Year
Washington, D.C.–The National Association of Realtors (NAR) reported this week that the national median price for for-sale housing–condominiums and cooperatives of all stripes–was $169,200 during the second quarter of 2011. That median represents a 3.5 percent drop from the median price during the same quarter in 2010.
CB Richard Ellis Remains No. 1 in U.S. Investment Sales Activity in First-Half 2011
CB Richard Ellis’ market share in multi-housing sales was an industry-leading 14.4 percent, with $3.1 billion in sales.
Economy Watch: The Wall Street Roller Coaster is Back
Wall Street seems determined to panic like it’s 2008, no matter what the bearded one says, so the roller-coaster ride was back downward on Wednesday, pretty much erasing Tuesday’s gains, which had mostly erased Monday’s losses.
When, and How, Lehman’s Holdings Could Dispose of Archstone
Englewood, Colo.–Recent reports indicate that Lehman Brothers, Barclays and Bank of America will be pushing forward on plans to either sell or list Archstone, which Lehman purchased for $22 billion in 2007.
TODAY’S DEALS: JLL Closes $253M Sale of 103-Unit Historic Manhattan Apartment
JLL closes the sale of a 103-unit vintage Manhattan luxury building for $253 million; Red Mortgage Capital refinances three loans on Indiana seniors housing communities; and Northmarq arranges a $25 million Freddie Mac mortgage.
How Much Money Is Your Multifamily Community Losing?
Two very common problems in multifamily utility billing include under- and over-billing