National
TODAY’S DEALS: Tricap, National Equity Buy 354 Luxury Units in Columbus
Tricap Residential Group and National Equity buy two Ohio apartment assets; Charles Dunn Co. completes a 22-unit sale in Santa Monica; and NorthMarq arranges $143.4 million in refinancings for eight apartment loans.
Millennials are ‘Renter Generation,’ Study Reports
When the Great Recession struck in 2008, the Millennial Generation was among the hardest hit. Caught in a plummeting economy characterized by enormous job cuts and limited new hiring, these underpaid and unemployed new-to-the-workforce folks didn’t have the economic wherewithal to move out on their own as previous generations did.
Economy Watch: Jobs Uptick in October
The delayed jobs report for October came out on Friday, with the Bureau of Labor Statistics finding that the economy created 204,000 jobs during the month, an improvement from the September, and more than the average monthly growth for the last previous 12 months of 190,000.
TODAY’S DEALS: Security Properties Coinvests in Multifamily Fund
Security properties closes a 2,471-unit fund, sells first asset; an affiliate of True North Capital Partners acquires two Massachusetts apartments in a sale brokered by CBRE/NE; and Meridian negotiates financing for New York communities.
Builder Confidence in the 55+ Housing Market Continues to Improve in Third Quarter, Says NAHB
Builder confidence in the 55+ housing market showed continued improvement in the third quarter of 2013 compared to the same period a year ago, according to the National Association of Home Builders’ latest 55+ Housing Market Index.
Economy Watch: Non-Manufacturing Sectors Expands Again
The Institute for Supply Management reported in its latest Non-Manufacturing ISM Report on Business that the U.S. non-manufacturing sector is continuing to grow.
TODAY’S DEALS: Bascom Buys 624-Unit Apartment in Las Vegas
The Bascom Group completes its 11th buy for 2013; Greystone provides $24.3 million for a Louisiana rental; and Largo Group of Companies arranges financing for multifamily properties.
Economy Watch: Residential Price Increase Still Strong
CoreLogic reported that home prices nationwide, including distressed sales, increased 12 percent on a year-over-year basis in September.
TODAY’S DEALS: Meridian Capital and Beech Street Arrange $90.4M for Five California Apartment Assets
Meridian, Beech Street arrange refinancing for five apartment assets; Champion buys a 304-unit rental in Ohio; and Centerline refinances a multifamily property for $3.4 million.
Economy Watch: Banks Loosen Lending Standards on Business Loans
The Federal Reserve reported in its October 2013 Senior Loan Officer Opinion Survey on Bank Lending Practices that U.S. banks have eased their lending standards in some cases, while experiencing little change in the demand for some kinds of loans over the past three months.