News
TODAY’S DEALS: BRE Properties Acquires 282-Unit Community in Oakland
BRE Properties acquires a 282-unit property in Oakland, Calif.; MAA buys a 300-unit community in Richmond, Va.; and HFF secures acquisition financing under Freddie Mac’s Program Plus.
New Jersey Mixed-Use Property Recognized for Brownfield Redevelopment
Stafford Township, N.J.–Brownfield Renewal magazine recently honored the developer of Stafford Park, a mixed-use development in Stafford Township, N.J., with a Brownfield Renewal Award at the 14th National Brownfields Conference held in Philadelphia. The Stafford Park development, which was undertaken by the Walters Group, has a major multifamily component in the form of Stafford Park Apartments.
Iconic Hudson River Development Comes to Market
New York—Ariel Property Advisors has announced the availability of a prime Westchester waterfront development opportunity—the Glenwood Power Plant on the Hudson River in Yonkers. Ariel Property Advisors is marketing the property as a co-exclusive with ABS Partners Real Estate LLC. The site exceeds four acres and includes four vacant buildings, which add up to a footprint of approximately 62,000 square feet. Because the property isn’t landmarked, developers have the option of salvaging the Industrial Romanesque architectural design of the existing structures or demolishing them and building from the ground up. The property is 20 feet from the Glenwood Metro North…
Woodfield Buys 32 Acres for 258-Unit Apartment Project in Suburban Charleston, S.C.
Mt. Pleasant, S.C.–Woodfield Investments LLC is well aware that there is a gap between supply and demand in the apartment market in Mt. Pleasant, S.C., a highly sought-after Charleston suburb, and the company has made a major move toward filling the void.
Economy Watch: May Employment Growth Weak
According to the U.S. Department of Labor on Friday, the U.S. economy added 54,000 jobs during May, which was a weak showing indeed, and too close for comfort to the crummy numbers published by ADP earlier in the week. The question now is whether the May numbers are a big bump in the road to recovery–and that road certainly is bumpy–or the start of a more sinister trend.
MARKET SNAPSHOT: Indicators of Jacksonville Growth Means Watching the National Economy
Jacksonville, Fla.–The Jacksonville, Fla. market typically lags two quarters behind nationwide trends, points out Douglas Blair, senior associate-multifamily investments in the Jacksonville office of Colliers International.
Marketer’s Partnership with Furniture Retailer Closes Condo Deals
Brooklyn, N.Y.–Many people have to “see it to believe it,” and for some prospective buyers at Oro in downtown Brooklyn, seeing the curved-wall condominium residences decked out by trendy upscale furniture retailer BoConcepts made them believe they could see themselves making a home in one of the architecturally unique units at the rounded glass and brick tower designed by Ismael Leyva Architects.
Yonkers IDA Completes Incentive Packages for Four Multifamily Properties
Yonkers, N.Y.–The Yonkers Industrial Development Agency (IDA) has closed on financial incentive deals for 10 residential and commercial projects in that city last year, including a number of affordable housing projects. All together, the residential projects are expected to create 282 new units of housing.
Economy Watch: ADP Says May Employment Pace Lackluster Indeed
The equity markets were all atwitter–that is, stock-index futures plunged–after ADP Employer Services reported on Wednesday morning that U.S. employers added only 38,000 jobs in May, compared with a revised ADP figure of 177,000 in April, which is the smallest increase reported by the payroll specialist since last September. The May figure was drastically less than anticipated.
NeighborWorks America Board of Directors Names Eileen M. Fitzgerald CEO
Washington, D.C.–The Board of Directors of the Neighborhood Reinvestment Corporation, doing business as NeighborWorks America, has appointed Eileen M. Fitzgerald as the new CEO. Fitzgerald has 25 years of experience in nonprofit and government leadership. She has served as the Acting CEO since January 2011, and was chief operating officer at NeighborWorks America starting in 2005. “The need to assist families and individuals with one of life’s basic building blocks – a healthy, safe and affordable home in a vibrant and safe community – has never been greater, making NeighborWorks America’s mission more critical than ever,” says Fitzgerald. “NeighborWorks America…