News
Elizabeth, N.J., Celebrates Completion of Waters Edge Crescent
Elizabeth. N.J.–The opening of Waters Edge Crescent marks the completion of the Elizabeth’s 14-year initiative to demolish approximately 650 distressed public housing units and rebuild the same number of newly constructed modern affordable housing units.
MARKET SNAPSHOT: Memphis Investment Market Remains Tepid
Memphis, Tenn.–The Memphis apartment market is doing fairly well because of a lack of new construction, reports Sondra Wimbs, vice president and director of property management at Alco Management.
Allied Realty Kicks Off Construction of Suburban Houston Luxury Apartments
The Woodlands, Texas–Allied Realty breaks ground on The Retreat at The Woodlands, a community of 240 luxury apartment residences.
Economy Watch: Bank of America to Pay $8B to Settle Countrywide Claims
BofA will pay $8.5 billion to aggrieved mortgage-backed bondholders sold by Countrywide; owning a home is still part of the American dream; and pending home sales were up last month.
TODAY’S DEALS: Walker & Dunlop Closes $177M Fannie Mae DUS Loan
Walker & Dunlop provides a $177M loan secured by a community in Hawaii; Tryko Partners LLC acquires a 495-unit community in Baltimore; and a joint venture between The Praedium Group and McDowell Properties acquires a 256-unit community in California for $45 million.
MHN Interview: Archstone’s Jay Curran
Jay Curran was recently named Archstone’s vice president of development for Texas. He talks to MHN about capitalizing on opportunities in the region.
Solar Installation Completed at San Diego Affordable Housing Property
The largest Multi-family Affordable Solar Housing project in San Diego (so far) has been completed at Mayberry Townhomes, a 70-unit affordable rental property.
Coast to Offer Chicago Renters a Place on the Lake
Magellan Development Group’s 499-unit high-rise apartment tower will rise at the northwest corner of Lakeshore East.
Economy Watch: Case-Shiller Index Sees Surprise Uptick, but Is It Meaningful?
The Case-Shiller 20-city index went up in April; consumer confidence went down in May; and the number of mortgage loan fraud reports went up in the first quarter.