National
TODAY’S DEALS: IPA Brokers $55.3M Sale in Reno
IPA brokers AG Spanos’ sale of a 350-unit luxury asset in Reno; NorthMarq arranges a $36.3 million refinance for an apartment in Orlando; and Houlihan Parnes brokers a $1.6 million loan for a Monticello, N.Y., community.
Leading Markets Index Shows 56 Metros at or Above Normal Levels in June, Says NAHB
Of the approximately 350 metro markets nationwide, 56 returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index.
Economy Watch: Private Sector Hiring Slows, Says ADP
The economy created a lot of jobs in April, and the question now is whether the upsurge will continue in May.
TODAY’S DEALS: Boston Artist Live/Work Community Trades for $20M
CBRE/New England brokers the sale of an artist live/work asset; LCOR acquires a mixed-use development site in Washington, D.C.; and Prestige Group sells 16 apartment units and five garages in New Jersey.
Economy Watch: Residential Price Increases Continue Deceleration
An indication that home-price increases are slowing down (or, to look at it positively, there’s no new housing bubble): CoreLogic reported that home prices nationwide, including distressed sales, increased 10.5 percent in April compared to the same month in 2013.
Economy Watch: Construction Spending Advances in April
The Census Bureau reported that U.S. construction spending during April, both public and private, came in at an annualized rate of $953.5 billion, or 0.2 percent above the March rate.
TODAY’S DEALS: Morgan Properties, The Olayan Group Buy $309M Apartment Portfolio
Morgan Properties and The Olayan Group buy 2,671 apartments in the Maryland and Virginia suburbs of Washington, D.C.; The Richman Group acquires a Florida development site for a 417-unit community; and NorthMarq Capital secures $32 million for multifamily properties.
TODAY’S DEALS: Steadfast Apartment REIT Closes First Acquisition
Steadfast Apartment REIT completes its first acquisition with a Tennessee purchase; NorthMarq Capital finalizes $41 million seven-year refinancing loan; and Cohen Financial secures a $26.3 million bridge loan for a fractured condo in suburban Orlando.
Apartments Still a Landlords’ Market, Says NAR
By Dees Stribling, Contributing Editor Washington, DC—The forecast for rental apartments is still positive, according to the Q1 2014 Commercial Real Estate Outlook, which was released this week by the National Association of Realtors. In fact, according to the outlook, the apartment sector will remain the strongest kind of commercial real estate into 2015, as it has been for a number of years now. NAR predicts that apartment vacancies nationwide will edge up from 4 percent, as of the second quarter of 2014, to 4.1 percent in Q2 2015. Though that represents a small increase, it doesn’t mean a fundamental…
TODAY’S DEALS: Harbor Group Buys 568 Units in CBRE-brokered Sale
CBRE’s New York Institutional Group brokers a two-property Connecticut sale; Grandbridge brokers $24.5 million Miami rental apartment construction financing; and The Bascom Group closes the first acquisition under its new private capital program.