National
Economy Watch: QE3 on Its Way Out
The Federal Reserve’s massive, two-year stimulus of the economy—occasionally still called QE3—is now set to ride off into the sunset, according to the latest minutes of the Federal Open Market Committee.
TODAY’S DEALS: HFF Completes Sale of $900M Portfolio with L.A. Condo Disposition
HFF sells a 271-unit and wraps up a portfolio sale on behalf of ST Residential; NorthMarq Capital arranges $43.5 million for a Security Properties acquisition; and Hamilton Zanze sells an Austin apartment community.
Economy Watch: Consumer Credit Still Growing
U.S. consumer credit rose at an annualized 7.4 percent in May compared, according to the Federal Reserve. That’s a sizable increase, but not as much as in April, when the annualized increase was 10 percent.
TODAY’S DEALS: Charles Dunn Sale Breaks Per Unit Price in LA’s Faircrest Heights
A 17-unit asset sets a per unit price record in an L.A. neighborhood; Meridian Capital arranges $21.7 million in financing for Pantzer’s acquisition of a Philadelphia property; and the Collier Companies buys a Tampa apartment with plans for a student housing redevelopment.
Economy Watch: IMF Boss Expects Expanding Growth
The global economy ought to strengthen in the second half of 2014, and accelerate even more in 2015, International Monetary Fund Managing Director Christine Lagarde said.
Economy Watch: Strong Jobs Numbers Broad Based
A lot of industries were hiring in June, according to the Bureau of Labor Statistics, reporting the month’s employment numbers ahead of the Independent Day holiday weekend. With June’s increase of 288,000 workers, that means that over the past three months, job growth has averaged 272,000 per month.
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.