National
Behringer Harvard and Wood Partners Team On $191.1M Boston Metro MF Development
Behringer Harvard Multifamily REIT I Inc. and Wood Partners have formed a joint venture to develop 22 Water Street, a $191.1 million luxury multifamily community on a 2.4-acre infill site in Cambridge, Mass.
Economy Watch: Retail Sales Eke Out Gain
The Census Bureau reported that U.S. retail and food services sales for June were $422.8 billion, an increase of 0.4 percent from the previous month.
APARTMENT MARKET STATISTICS: July 2013
Multifamily housing starts averaged 325,000 in the first quarter—exceeding the annual average observed in any year since the 1980s, according to the National Association of Home Builders. Housing starts increased in March to a seasonally adjusted annual rate of 392,000 units. Permits fell to seasonally adjusted rate of 283,000, however.
ON DEMAND WEBCAST: Legislative and Regulatory Trends in Utility and Energy Management
Laws mandating submetering and energy benchmarking are spreading across the country. This webcast outlines laws, regulations and legalities impacting utility and energy management, as well as legislative trends that ultimately can have implications for the bottom line of apartment owners and managers. View a recording of this webcast. Leading the panel is Michael Foote, NWP Services Corp.’s senior regulatory and corporate counsel. Foote is regarded as an industry expert in utility billing laws. Foote is joined by Mary Nitschke, director of ancillary services, at Prometheus Real Estate Group. At Promethues, Nitschke’s responsibilities include managing utility consumption, mining for rebates, determining…
TODAY’S DEALS: ARA Brokers Denver Sale for $27.8M
A 150-unit asset trades hands in Denver; The Canyon Catalyst Fund and Sack Properties form a joint venture investment partnership targeting Northern California value-add properties; and Cushman & Wakefield completes the sale of a redevelopment site in Montclair, N.J.
Economy Watch: Gas Prices Spike
Mortgages weren’t the only thing seeing an increase in price recently. An arguably more visceral increase has struck the U.S. economy—and with it, consumer’s propensity to spend money to support growth—a rise in the price of gas.
TODAY’S DEALS: JV Sells Brooklyn Mixed-Use Asset for $28.8M
Silverstone Property Group and Adam America sell a property is Williamsburg; and Greystone provides $8.5 million in HUD financing for an Illinois property.
TODAY’S DEALS: Vitus Group Buys NorCal Affordable Asset
An affordable asset will get an update thanks to Vitus Group; Resource Real Estate Opportunity REIT acquires a 192-unit community in Winter Park, Fla.; and NorthMarq Capital arranges a $32.963 million Freddie Mac mortgage with interest only.
Fannie Mae Maintains a Steady Pace of Multifamily Issuance in the Second Quarter
Fannie Mae announced that the company issued approximately $7.6 billion of multifamily MBS in the second quarter of 2013, backed by new multifamily loans delivered by its lenders.
Economy Watch: Fed Seems Determined to Taper QE3
The Federal Reserve released the minutes from the June 18-19 meeting of the Federal Open Market Committee on Wednesday, and while (as usual), they weren’t precisely a model of clarity, the minutes did seem to reinforce the idea that the central bank is indeed planning to “taper” its QE3 stimulus program.