News
Economy Watch: Consumer Prices Edge Up, Investors Gnash Their Teeth
The Consumer Price Index posts its smallest increase since November; homebuilding sentiment is gloomy; and overseas visits to the U.S. increased in the first quarter.
Multifamily Construction, Vacancies Both Inch Upward
NAHB’s Mulitfamily Production Index finds that construction of multifamily low-rent units, market-rate-rent units and for-sale units all inched up in the first quarter, as did vacancies.
TODAY’S DEALS: Partnership Picks Up Mixed-Use TOD in Chicago
Canyon-Johnson Urban Funds and McCaffery Interest acquire a mixed-use TOD; Cassidy Turley sells a community in Phoenix for $5.3 million; and Phillips Development sells an apartment asset to its equity partner for more than $34 million.
ACC Starts Work on 3,200-Plus Student Housing Units
Austin–American Campus Communities has broken ground on four different student housing projects in different states, representing a total development cost of $156.6 million.
NAHB: Homebuilder Confidence Declines
Washington, D.C.–Homebuilder confidence in June reached its lowest point since September 2010, according to the NAHB/Wells Fargo Housing Market Index.
Economy Watch: Retail Sales Edge Down Because Fewer Buy Cars
Lack of auto sales pushed retail sales down in May; gas pushes up wholesale prices; and there may be hope for the labor market.
Work Begins on Conversion of Randolph Tower to Apartments
Chicago–When restoration is complete, Village Green’s Randolph Tower City Apartments will be a mixed-use, 45-story historic high-rise including 313 rental units.
National Student Housing Council Sees Surge in Freshman College Applications
Washington, D.C.–A report from the National Student Housing Council finds that, despite the recession, colleges are receiving more applications than they were a couple years ago.
TODAY’S DEALS: MAA Acquires 256-Unit Community in Savannah
MAA acquires a 256-unit community in Savannah, Ga.; Cushman & Wakefield sells a development site approved for 116 units in a Boston suburb; and NAI Hanson markets a New Jersey multifamily development site.
Sahgal Joins Transwestern’s Chicago Office
Chicago–Vineet Sahgal has joined Transwestern as executive vice president and managing director of the Tenant Advisory Services group.