National
Economy Watch: GDP Drops Through Floor in Q1
Real gross domestic product decreased at an annualized rate of 2.9 percent in the first quarter of 2014 according to the third and final estimate by the Bureau of Economic Analysis.
Economy Watch: Home Prices Rises Slowing Down
According to the latest S&P/Case-Shiller Home Price Indices the 10-city and 20-city composite indexes were up 10.8 percent year-over-year in April.
TODAY’S DEALS: Pegasus Investments Closes $7.4M Denver Multifamily Buy
Pegasus Investments closes a $7.4 million Denver buy on behalf of a high net worth family; Pathfinder Partners wraps up an opportunistic play with a $1.9 million sale in Pheonix; and NorthMarq Capital completes three multifamily transactions totaling $58.1 million on behalf of one borrower.
Economy Watch: Existing Home Sales Rise, But Still Sluggish
Total existing U.S. home sales rose 4.9 percent to an annualized rate of 4.89 million units in May from an upwardly revised 4.66 million units in April, according to the National Association of Realtors.
APARTMENT MARKET STATISTICS: June 2014
Multifamily housing starts fell for the third consecutive month in February 2014, according to the National Association of Home Builders (NAHB).
TODAY’S DEALS: Balfour Beatty, Texas A&M Close $104M for 1,274-Bed Development
Balfour Beatty and Texas A&M kick off a public-private partnership development; Virtú Investments buys 112 units in Colorado; and Eastern Consolidated markets a development site in Long Island City, N.Y.
Economy Watch: Most States See Unemployment Rate Drops Since Last Year
The Bureau of Labor Statistics reported that 20 states had unemployment rate decreases in May compared with April, 16 states suffered increases and 14 states and the District of Columbia experienced no change.
TODAY’S DEALS: Charles Dunn Brokers 201-Unit Los Angeles Sale
Charles Dunn Co. brokers the $22 million sale of an L.A. apartment community; Madison Realty Capital sells a 20-unit NYC apartment for $12.3 million; and NorthMarq Capital arranges $14.45 million in rollover financing consisting of a non-recourse bridge loan and a construction loan.
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.