News
Berzack Group Joins Lee & Associates
Sherman Oaks, Calif.–The Berzack Group, led by President Warren Berzack, has joined Lee & Associates.
Federated Cos. Acquires Another New England Multifamily Project
Wakefield, Mass.–Federated Cos. has bought Legacy Park Wakefield, a multifamily project that will consist of two four-story garden buildings and a single three-story townhouse.
TODAY’S DEALS: NorthMarq Arranges $40.4M for Portfolio in Pa.
NorthMarq Capital arranges $40.43M for a portfolio of Section 8 properties; Phoenix Realty acquires a $21.5M REO portfolio; and Grosvenor Residential Investment Partners acquires a 121-unit project in Chicagoland.
MHN Interview: R4’s Kevin Price on ‘Green Shoots’ in the Condo Market
Principal Kevin Price, who heads R4, talks to MHN about pockets of opportunity for developers as well as buyers in Southern California and in the condo market at large.
First Phase Underway for Denver’s Dahlia Square Affordable Seniors Apartments
Denver–McDermott Properties already has a waiting list for its Dahlia Square Senior Apartments, and they’re only in Phase One of construction.
Economy Watch: Government Files Suit against Deutsche Bank over Mortgage Woes
The U.S. government is taking Deutsche Bank AG to court over bum loans; a nonpartisan report finds several factors that contributed to the enormous U.S. debt; and a Chinese property bubble may be further inflating.
Starwood, Bainbridge JV Bags Apartment Portfolio in Hot Metro D.C. Market
Washington, D.C.–Starwood Capital Group Global and Bainbridge Companies have acquired seven apartment communities in metro Washington, D.C.
TODAY’S DEALS: Cohen Financial Obtains Lower Interest for $8.7M Loan
Cohen Financial arranges an $8.7M loan for the acquisition of Marcus Pointe apartments, and CT Realty and WLCM’s joint venture acquires a cluster of value-added opportunities for $10M.
Where Property Prices Stand in Today’s Apartment Market
By one measure, prices are still 30 percent below the previous peak. Other measures indicate they are within 10 percent.