Market Rate
US Rent Growth Falls Below Long-Term Average
Average U.S. monthly rents increased by $3 to $1,314, the smallest growth seen since April 2011, when rates increased 1.5 percent.
Monument Capital Management Nabs Tucson Community
The newly acquired asset will add 272 units to the company’s portfolio. The new owner is planning to implement value-add improvements.
Nitya Capital Acquires Vintage Community in Westchase District
The transaction increases Nitya Capital’s Texas portfolio to more than 9,000 units and $710 million worth of assets under management.
Nebraska Community Trades for $10M
Marcus & Millichap facilitated the disposition of Continental Gardens, a 150-unit property in the center of Grand Island’s major retail and business corridor.
Lantower Residential Acquires NXNE in North Austin
North by Northeast is a 375-unit community built in Austin’s Tech Ridge submarket. Major tech companies such as Dell, Apple, IBM and Samsung have set up offices in the area.
LA’s First Automated Parking Garage Community Changes Hands
Lee & Associates represented both the buyer and the seller of the eight-unit property which was fully occupied at the time of the transaction.
Summit Equity Investments Nabs First Indianapolis Property
Tikijian Associates represented Westdale Real Estate Investment & Management in selling 314-unit Island Club Apartments to an affiliate of Summit Equity Investments Inc.
NAI Brokers $9M SF Community Sale
The seller of the 28-unit property located in the Mission District executed a 1031 exchange. The asset has been family-owned for more than 30 years.
Wood Partners Sells Tampa-Area Community
Northland Investment Corp. paid $52.9 million for the newly constructed property. Located at 23700 Viento Drive, The Village at Terra Bella consists of 14 three-story buildings and an 11,000-square-foot clubhouse with sports lounge.
Dougherty Secured Loan for New Brighton Community
The company closed a $1.6 million Fannie Mae loan for a two-building multifamily property in New Brighton, Minn. The community was 99.1 percent occupied as of March.