News
Alliance Restarts Stalled Vegas-Area Multifamily Development
Las Vegas–Alliance Residential Co. has restarted construction on the 152-unit Broadstone Ravello in North Las Vegas, formerly intended to be a condo development.
TODAY’S DEALS: UDR Acquires D.C. Apartments for $600 per square foot
UDR Acquires a 185-unit luxury community in D.C.; Newcastle grabs a 162-unit building in Chicago; and HFF closes sale of Tampa, Fla. asset to Camden.
PODCAST: Economy Watch Weekly with Dees Stribling
For the week ending July 1, home prices were up for once; consumer confidence and sentiment were down; and investors in the Eurozone were happy to learn that Greece won’t be crumbling to ruins.
Force Proves to Be with Developers of The Coronet
San Francisco–The Coronet, a new 150-apartment senior housing building in the Richmond district of San Francisco, springs up on the site of the demolished Coronet movie house.
Economy Watch: Home Prices Up, Especially the Non-Distressed Variety
CoreLogic reports that housing prices were up in May; most of the largest U.S. counties saw unemployment increase last year; and the Fed bids farewell to quantitative easing.
Apartment Market Pushing toward 6 Percent Annual Rent Growth
Dallas–Axiometrics Inc. released a research report today that shows the national apartment market continuing to heat up in May, with effective rents increasing 0.7 percent from April levels.
USGBC LEED Volume Program Available for Existing Buildings
Washington, D.C.–The U.S. Green Building Council announced that LEED Volume Program for Operations & Maintenance is now available for existing green building projects.
TODAY’S DEALS: Howard Hughes Corp. Acquires $117.5M Interest in Woodlands Community
Howard Hughes Corp. acquires $117.5 million interest in Woodlands master-planned community; Phillips Development and Realty closes a $3.7 million refinance on a 129-unit community; and M West Holdings acquires a 43-unit apartment property in California.
California Congressman Calls for Replacement, Not Elimination, of GSEs
Washington, D.C.–Rep. Gary Miller (R-CA) plans to introduce a bill that would replace the GSEs with a new, consolidated entity whose function would be very much like Fannie and Freddie.
JLL Strengthens Multifamily Team in SoCal
San Diego–Higher occupancies and rising rental rates in the Southern California apartment market are creating a significant demand for investment sales expertise, prompting Jones Lang LaSalle to hire big guns.