Midwest
APARTMENT MARKET STATISTICS: May 2014
According to PPR/CoStar, average apartment sales price was $107,501 per unit in the fourth quarter of 2013, down slightly from the same period in 2012.
IREM and University of Alabama Collaborate to Advance Real Estate Management Education and Careers
The Institute of Real Estate Management (IREM®) and the University of Alabama (UA), founded in 1831 as Alabama’s first public college, have signed a Memorandum of Understanding.
Joint Venture Begins Work on Historic Apartment Rehab in Detroit
Ground has been broken on the redevelopment of Cass Plaza and the Davenport Building, two properties in the Cass Corridor in Midtown Detroit. The redevelopment of the buildings will provide affordable apartments for 47 families.
LaSalle Group to Break Ground on Chicago-Area Memory Care Community
The LaSalle Group will break ground on its ninth Chicago-area memory care community.
Greystar to Manage Student Apartments in Muncie, Ind.
Greystar Student Living will manage Windermere Place Apartments, a 672-bed student housing community in Muncie, Ind.
TODAY’S DEALS: Cohen Financial Arranges $2.2M Life Company Loan for Michigan Property
Cohen Financial secures a $2.2 million refinance for The Abbey Apartments; and Boston Capital invests in an affordable multifamily community.
TODAY’S DEALS: Meridian Arranges $24.8M in Acquisition Financing for Chicago Portfolio
Meridian Capital Group arranges $24.8 million in acquisition financing for an eight-property multifamily portfolio; and Oak Grove Capital provides $11.1 million in FHA refinancing and obtains a waiver to three-year rule.
IREM and CCIM Honor Rep. Steve Stivers (R-OH) as ‘Legislator of the Year’
The Institute of Real Estate Management (IREM®) and the CCIM Institute have jointly honored U.S. Congressman Steve Stivers (R-OH) with their 2014 “Legislator of the Year” award.
TODAY’S DEALS: NorthMarq Negotiates $118M Refinancing for Transit-Oriented Apts. on Behalf of Prometheus
NorthMarq Capital’s San Francisco-based regional office announces the refinancing for of two adjacent downtown properties located in Mountain View, Calif.; and Bernard Financial originates a $5.2 million loan.
Rockstreet Partners JV Acquires Student Housing Community in Bryan, Texas
Rockstreet Partners has announced that it has acquired College Edge Apartments in Bryan, Texas, after entering into a joint venture with ApexOne Investment Partners to own and operate the asset.