National
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.
Economy Watch: Personal Income, Spending Up in May
The Bureau of Economic Analysis reported that U.S. personal income was up $58.8 billion, or 0.4 percent, in May compared with April.
TODAY’S DEALS: RADCOS Completes $95.3M Buy, Colorado’s Largest for 2014
The RADCO Cos. completes the largest apartment buy in Colorado for 2014; TruAmerica, Guardian and Allstate complete a $229 million, 1,514 unit portfolio acquisition; and GFI exclusively represents the $6.5 million sale of 42 unsold condo units in Brooklyn, N.Y.
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).