National
TODAY’S DEALS: Weinstein Properties Buys into Charlotte with $41.5M Apartment Acquisition
ARA completes a 205-unit sale in Charlotte; The Bascom Group acquires a 336-unit community in Las Vegas; and Thorofare Capital funds a $8.2 million non-recourse loan.
TODAY’S DEALS: Boston Apartment Asset Sells for $53.6M
CBRE/New England brokers a 136-unit sale in Boston; Marcus & Millichap closes a $25.7 million multifamily trade in Harrisburg, Pa.; and C&W brokers a bulk sale of luxury condominiums in Celebration, Fla., by a financial institution.
Economy Watch: Existing Home Sales Rise, According to National Association of Realtors
The National Association of Realtors reported that total existing home sales nationwide rose 1.7 percent to an annualized rate of 5.48 million units in August, compared with 5.39 million in July.
TODAY’S DEALS: JBG, Walton Street Land $99.2M for Mixed-Use Development in D.C.
HFF provides construction financing for a JV development; Canyon Capital Realty Advisors arranges construction financing for a NYC co-op; and Ariel Properties brokers the sale of a walk-up property for $11.1 million.
Economy Watch: Housing Starts Edge Up in August
The Census Bureau reported that U.S. private housing starts were at an annualized rate of 891,000 units in August.
TODAY’S DEALS: StoneBridge Investments Buys Luxury Atlanta Apartment
StoneBridge Investments buys 252 units in Atlanta; NorthMarq arranges $13.6 million for an affordable asset; and Centerline provides a $6.7 million bridge loan to refinance and build-out a 24-unit property.
Economy Watch: Inflation Barely a Whisper
The Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers edged up by 0.1 percent in August compared with July.
APARTMENT MARKET STATISTICS: September 2013
Housing starts in five-plus unit dwellings rose by 25 percent in May 2013 to a seasonally adjusted annual rate of 306,000 units, reports the National Association of Home Builders.
Fannie Mae Says Multifamily Development is Rebounding, But Single-Family Units Still Dominate Rental Market
A decline in home-ownership rates would seem to suggest a boom for the multifamily industry, but a shift in renter preference from multifamily to single-family homes and a growing desire for home ownership may force industry professionals to re-think how they attract the key age group of renters to their communities.
TODAY’S DEALS: Tucker Development-Led Partnership Closes on $218M Financing for Hudson Lights
Tucker Development-led partnership closes on $218 million in financing for a mixed-use development; HFF provides a development in North Dakota with construction financing; and Colliers sells to properties in Phoenix.