News
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.
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.