News
TODAY’S DEALS: Marcus & Millichap Sells $30M High-Rise in Tempe
Marcus & Millichap sells Arizona high-rise for $30 million; Jones Lang LaSalle will market 103-unit 737 Park Avenue in Manhattan; and HFF arranges $38 million to refinance construction loans.
Economy Watch: New Homes Sales Slump in January
New home sales took a dive in January; Goldman Sachs predicts budget cuts would slow U.S. growth; and oil markets nervously await the outcome of the upheaval in Libya.
Cityline Partners Plans 40-Acre Tysons Corner Transformation
McLean, Va.– Cityline Partners of McLean, Va. has unveiled a plan for the long-term transformation of about 40 acres of land in Tysons Corner, Va. into an integrated mix of residential, office, hotel, retail and civic uses surrounding an improved Scotts Run Stream Valley Park.
MARKET SNAPSHOT: Apartment Absorption Reaches All-Time High in Charlotte, N.C.
Charlotte, N.C.–After having its employment peak at 816,249 persons employed in October 2007 and trough at 739,160 in December 2009, the Charlotte MSA is now creating jobs at an annual rate of 3.79 percent, according to Terrence Llewellyn of Llewellyn Development.
WNPM Enters Las Vegas with Six Management Assignments
Las Vega –Western National Property Management (WNPM), the multifamily property management division of Western National Group, has opened an office in Las Vegas and secured six third-party management contracts for multifamily communities in Las Vegas, Nevada. “One of Western National Property Management’s goals for 2011 is increasing the third-party management portfolio, particularly in the Las Vegas market,” explains Laura Khouri, president of WNPM. “It is a market in which we have operated in the past, and while the current economy is challenging, we believe in the long-term re-emergence of Las Vegas as a strong residential market.” The six communities in…
Accounting Changes Likely Mean Headaches for Landlords
New York–Accounting standards might be arcane, but a major change in standards that could come as soon as this summer might make commercial property owners take notice. That includes multifamily owners, especially those with non-residential (namely retail) components to their properties.
TODAY’S DEALS: Fantini & Gorga Arranges $53.6M Financing for Maryland Apartments
Fantini & Gorga has arranged $53.6M in refinancing for MetroPlace apartments; KeyBank arranges $61.8M in Freddie Mac financing; AREA Porperty Partners acquires 400-unit apartment community; and
365 Connect Launches Featured Search Listings With Rent Jungle
New Orleans—365 Connect recently announced the integration of its Marketing Syndication Platform with Rent Jungle’s Featured Listings for online apartment rental marketing. The integration allows apartment community managers using the 365 Online Leasing Center the ability to elevate their search listing on Rent Jungle to the top with one click. This powerful delivers high market penetration through distribution of 365 Connect client’s listings over Rent Jungle’s syndication network to such sites as Oodle, AOL Spaces, Zillow, Facebook Marketplace and over 100 others. 365 Connect first launched its live data feed through its Marketing Syndication Platform to Rent Jungle’s housing search…
SPECIAL REPORT: Student Housing, a Different Kind of Property
Las Vegas–The National Apartment Association (NAA) Student Housing Exposition and Exposition in Las Vegas opened with panelists talking about very promising projections, with the number of college students expected to grow from 18.2 million today to about 24 million by 2016 and enrollments expanding all the way through 2025.
Economy Watch: Existing Homes Sales Up
Existing home sales rose unexpectedly during January, according to the National Association of Realtors (NAR), up 2.7 percent from the previous month. The annualized sales rate was 5.36 million units, which compares to roughly 4.9 million sold in all of 2010 (using NAR figures).