National
TODAY’S DEALS: Praedium and Greystar Sell Florida Apartment for $44.3M
Praediem and Greystar sell a Naples, Fla., community; Steadfast Income REIT adds $56.4 million in acquisitions in Alabama and Texas; and Landmark Apartment Trust of American acquires three apartment assets.
Economy Watch: Mortgage Rates Hit New Highs
Mortgage rates are continuing their upward creep, but the housing market still seems to soldier on in its recovery.
TODAY’S DEALS: Centerline Refinances a Texas Student Housing Asset for $17.3M
Centerline refinances a student housing asset in Texas; Marcus & Millichap closes two sales in Oceanside, Calif.; and Delshah Capital sells a repositioned condo building to Aria Investment for $3.6 million.
Economy Watch: Existing Home Sales Continue to Rise
The National Association of Realtors reported that U.S. existing home sales increased 6.5 percent to an annualized rate of 5.39 million units in July from 5.06 million units in June.
TODAY’S DEALS: NorthMarq Arranges $188M from TIAA-CREF, Allstate in Single Loan Execution
NorthMarq Capital arranges a $188 million first mortgage for Mansion Grove, a 1,000-unit property in Silicon Valley; Radco Companies completes a 640-unit acquisition; and Peak Capital Partners buys two apartment communities in North Carolina.
Economy Watch: Zillow Reports Higher Home Values
Zillow reported on Tuesday that its Home Value Index was up 6 percent year-over-year in July, to a value of $161,600.
Do Not Rush to Construction: Make Sure Final Designs are Really Final
After construction has commenced, design changes to add value can lower your rate of return.
TODAY’S DEALS: HFF Priovides JV with $40.5M for Colorado Apartment Development
The Greystone Group and The Sevinson land financing for a Colorado project; NorthMarq Capital arranges first mortgage financing for a Illinois asset; and Arbor Commercial Funding provides a $8.5 million Fannie Mae refinance loan.
Best and Worst Metros by Job Growth
Julie Zisfein, senior associate and economist with Auction.com Research, says the Bureau of Labor Statistics (BLS) July metro area data shows continued job growth across the nation:
Economy Watch: Most States See Annual Unemployment Drop
Twenty-eight states and the District of Columbia experienced unemployment rate increases in July compared with June, according to the Bureau of Labor Statistics.