National
TODAY’S DEALS: IPA Brokers Sale of Danvers, Mass. Property for $108.5M, Highest Multifamily Price in Massachusetts YTD
Institutional Property Advisors arranged the sale of Avalon Danvers, a 433-unit multifamily community in the northeastern Massachusetts; Saratoga Capital buys a 93-unit North Carolina asset; and Besen & Associates brokers a 129-unit portfolio in Upper Manhattan.
Economy Watch: Economy Creates 288K Jobs
The U.S. economy created a robust net of 288,000 jobs in June, according to the Bureau of Labor Statistics.
TODAY’S DEALS: Bascom, Oaktree Buys First Property in $250M Venture
Bascom and Oaktree buy a 320-unit asset in California, the first investment in a new venture; Passco Companies purchases a Research Triangle asset for $38.8 million; and CBRE/New England arranges a $3.5 million refinance for New Hampshire student housing.
Economy Watch: Home Price Increases
In yet another metric confirming that home prices nationwide are still increasing but not as fast, CoreLogic reported that home prices, including distressed sales, increased 8.8 percent in May 2014 compared to the same month a year ago.
TODAY’S DEALS: MacFarlane Buys High-Profile L.A. Development Site
MacFarlane announces plans to build 600-plus units in Los Angeles; Grandbridge Real Estate Capital completes a $21.3 million construction financing secured from a bank; and Capital One closes $14.6 million for an assisted living facility in Tequesta, Fla.
Economy Watch: Pending Home Sales Spike in May
Pending U.S. home sales rose sharply in May, with lower mortgage rates and increased inventory accelerating the market, according to the National Association of Realtors.
TODAY’S DEALS: Vantage Lands Maryland High-Rise Management Gig
Guardian Realty Investors names Vantage property manager at a newly built high-rise; Centerline refinances a Pittsburgh apartment asset; and Capital One Multifamily Finance closes on a $11.1 million FHA 223(f) refinance that fixes a long-term rate.
SPECIAL REPORT: PREI Raises Concerns that Real Estate Valuations Could be Based on Quantitative Easing Worldwide
Prudential Real Estate Investors said that commercial real estate prices are on the rise worldwide as economies rebound internationally, but expressed concern that loose monetary policy could be driving property valuations.
Economy Watch: Consumers Feeling Better
The University of Michigan reported that its consumer sentiment index edged up to 82.5 at the end of June, compared with a mid-June reading of 81.2 and an end-of-May reading of 81.9.
TODAY’S DEALS: Queens Development Site Sells for $10.2M
Marcus & Millichap brokers the sale of a development site in Flushing, N.Y.; NorthMarq secures $11.6 million for student housing serving Virginia Commonwealth University; and IPA arranges a $26 million sale in Greater Phoenix.