National
Economy Watch: More Millionaires Than Ever
Boston Consulting Group, in its Global Wealth 2014 report, said that the total number of millionaire households reached 16.3 million worldwide in 2013, up strongly from 13.7 million in 2012 and representing 1.1 percent of all households globally (an almost literal 1 percent).
TODAY’S DEALS: Joint Venture Sells 222-Unit Apartment Community in Georgia
The Carroll Organization and Lubert-Adler Real Estate sell a luxury asset in Georgia; Resource Real Estate Opportunity REIT nets $2.9 million in profits in a Tampa student-housing sale; and Marcus & Millichap arranges the $3.9 million sale of a boutique student-housing property near USC.
Economy Watch: FOMC Says Tapering to Continue
Much of the recent economic news came from the Federal Reserve, especially the fact that the Federal Open Market Committee has decided to continue tapering its stimulus of the economy.
TODAY’S DEALS: Bascom Group Buys 252 Units in Houston
Bascom acquires an apartment asset in northeast Houston; Pembrook Capital Management closes a $22 million bridge loan to finance renovations at two Atlanta communities; and NorthMarq Capital arranges $18.06 million in acquisition financing.
Economy Watch: Housing Starts Drop in May
New U.S. housing starts were just over an annualized rate of 1 million units in May—1.001 million units, to be exact—the Census Bureau reported on Tuesday. That’s a 6.5 percent drop compared with the revised April estimate of 1.071 million units, but it’s 9.4 percent above the May 2013 rate.
TODAY’S DEALS: East Harlem Development Site Sells for $13M
HAP Investment Management grabs an East Harlem development site; Rondell Homes buys 346-units in suburban Denver; and Virtus acquires two apartment properties in Dallas.
Housing Production Falls 6.5 Percent in May, Says NAHB
Declines in both single- and multifamily starts pushed nationwide housing production down 6.5 percent in May to a seasonally adjusted annual rate of just over 1 million units, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Economy Watch: Homebuilders Confidence Rises Unexpectedly
Despite sluggish sales in recent months, builder confidence in the market for newly built, single-family homes rose four points in June to reach 49 on the National Association of Home Builders/Wells Fargo Housing Market Index.
TODAY’S DEALS: BC Property Investments Buys Boca Apartments for $80.3M
ARA brokers Capri Capital’s sale of a luxury apartment asset in Boca Raton, Fla.; The Praedium Group buys a 224-unit community in Phoenix; and a Stockbridge affiliate grabs a 108-unit community in Massachusetts.
Economy Watch: World Bank Lowers Global Growth Predictions
Last week the World Bank, in its Global Economic Prospects, lowered its forecast for world economic growth in 2014