National
Economy Watch: Durable Goods Another Positive for the Economy
Indicators for the U.S. economy in March have so far been coming in mixed, but on Thursday there was one more for the positive side of the ledger: durable goods orders were up 2.6 percent for the month, according to the Census Bureau.
TODAY’S DEALS: Security Properties Grabs 192-Units in Las Vegas
Security Properties enters Las Vegas with a $23 million apartment purchase; Marcus & Millichap brokers a $3.5 million rehab sale in St. Petersburg, Fla.; and Red Capital signs a $10.1 million FHA 223(f) loan with ReBuild America to preserve affordable housing.
Economy Watch: New Homes Sales Dip Unexpectedly
Sales of new single-family housing came in at an annualized rate of 384,000 units in March, according to the Census Bureau.
Apartments and the International Investor
While apartments were relatively unknown as an investment class in the 1980s, risk-return characteristics have proven solid overtime, and now everyone wants a piece of the North American multifamily market.
TODAY’S DEALS: Hayman Buys 1,002-Units in Ann Arbor
Hayman Company buys two adjacent apartment assets in Michigan; NorthMarq closes a $30 million construction loan; and HFF closes sale of, and secures financing for, AEW, Marquette’s Chicago property.
Economy Watch: Existing Home Sales Edge Down in March
The National Association of Realtors reported that total existing U.S. home sales dropped 0.2 percent to an annualized rate of 4.59 million units in March, compared with 4.6 million in February.
TODAY’S DEALS: Harbour Realty Partners Sells Oregon Asset
ARA brokers a 278-unit sale just outside Portland, Ore.; and HFF arranges financing for a mixed-use development that will serve as a focal point at The College of New Jersey.
Economy Watch: Leading Economic Indicators Spike in March
The Conference Board reported that its Leading Economic Index was up in March (and its Coincident and Lagging Indexes were up, too).
TODAY’S DEALS: Construction Loan Kicks-Off NOVUS Development in Maryland
HFF arranges a construction loan with EagleBank for a Maryland TOD development; Avesta Communities acquires a 314-unit property in South Florida; and Marcus & Millichap brokers a 160-unit sale in Mississippi.
Economy Watch: State Unemployment Rates Mostly Down in March
According to the Bureau of Labor Statistics, during March 21 states had unemployment rate decreases, 17 states and the District of Columbia had increases, and 12 states had no change, compared with February.