News
Economy Watch: State Unemployment Rates Barely Budge
A new recession or not? The numbers and the opinions keep pouring in. Last week the Philadelphia Federal Reserve published a survey of regional manufacturers that showed a distinct regional slowdown in the main bright spot of the economy in recent years, namely manufacturing.
TODAY’S DEALS: HFF Closes $40M Sale in Chicago
HFF closes a $40 million affordable housing sale in Chicago; Red Stone Partners finalizes financing for a 760-unit community in Georgia; and Boston Capital invests in two affordable developments by USA Properties Fund.
Housing Affordability Remains Near Record High
Washington, D.C.–Housing affordability hovered near its high during the second quarter of 2011, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.
Long Island City’s The Yard Nearing 50 Percent Sold
New York–Buyers have begun moving into The Yard, a 12-story, 83-unit sister building to The Powerhouse.
Alliance Association Management Names Rody Timmons President and CEO
Austin, Texas––Alliance Association Management, an Associa company, has appointed Rody Timmons, CMCA, AMS, PCAM, as the company’s new president and CEO. With Alliance, Timmons will be responsible for developer and client services, marketing and new business development, maintenance services and the oversight of corporate programs and training. He was formerly the senior vice president for Associa Company Rampart Properties in St. Petersburg, Fla. While in Florida, he was responsible for client relations, supervision of the company’s 120 employees, staff training and team building. A graduate of Belmont University in Nashville, Timmons carries more than 18 years of industry experience. Before…
New Apartments Completed on Alafia River Near Tampa
Riverview, Fla.–Work has wrapped up on the Preserve at Alafia, a new apartment property in greater Tampa. According to Garrison Developer Group of Florida (GDGFL), the developer, the residences of the Preserve at Alafia are the first phase of Alafia Crossing, a $100 million multi-use project in three phases named after the river that runs by it.
Camden Appoints Frances Aldrich Sevilla-Sacasa to Board of Trust
Houston–Camden Property Trust has appointed Frances Aldrich Sevilla-Sacasa to the company’s Board of Trust Managers, effective August 9, 2011. Sevilla-Sacasa will serve as an independent trust manager of the company. Sevilla-Sacasa currently serves as executive advisor to the dean of the University of Miami School of Business, and from January 15, 2011 to July 31, 2011 she served as the Interim Dean of the University of Miami School of Business. From July 2007 to December 2008, she was the president of US Trust, Bank of America Private Wealth Management. From early 2007 until June 2007, . Sevilla-Sacasa was the president…
TODAY’S DEALS: CBRE Lists Two Luxury Communities Totaling 1,198 Units in Chicago
CBRE lists two luxury Class A assets totaling 1,198 units in Chicago; NorthMarq arranges a $15.1 million mortgage for a community in Lacey, Wash.; and Mortgage Equicap arranges $5 million bridge loan at less than 1.0 DSC.
NAHB Finds Seniors Housing Developers More Keen on Apartments than Condos
Washington, D.C.–The National Association of Home Builders (NAHB) has released its 55+ Housing Market Indices for the second quarter, and the verdict is in: builders of seniors housing feel far more warm and fuzzy about development and demand in the multifamily rental market than sales in the multifamily condominium market.
Ares Management LLC Acquires Wrightwood Capital
Los Angeles—Ares Management LLC has acquired the investment platform of Wrightwood capital, a provider of debt capital to the U.S. commercial real estate sector. Terms of the transaction were not disclosed. As a result of this transaction, more than 40 Wrightwood professionals have joined the Ares Private Debt Group to focus on middle-market lending in the commercial real estate sector. They will be a part of the Ares Commercial Real Estate, or ACRE, investment team, which will be headquartered in Chicago with other offices in Dallas, Los Angeles, New York, Newport Beach and Washington, D.C. ACRE will be led by…