National
Economy Watch: Detroit Files for Chapter 9
On Thursday, Detroit became the largest city in the nation ever to file for the municipal version of bankruptcy, Chapter 9.
TODAY’S DEALS: Cortland Partners Buys 1,037 Units in Texas and Florida
Cortland Properties completes three acquisitions totaling $130.3 million; SBV buys a 109-unit asset in Greensboro; and Cohen Financial secures more than $31 million for three multifamily properties.
Economy Watch: Downswing in Apartment Construction
The Census Bureau reported that housing starts came in at an annualized rate of 836,000 in June, or 9.9 percent below the May total of 928,000.
TODAY’S DEALS: AEW Capital Management Buys 252 Units in Maryland
A Maryland asset trades hands; CBRE/New England sources a joint venture for a 200-unit development in Massachusetts; and Charles Dunn Co. completes the $14 million sale of a Hollywood apartment community.
Economy Watch: Homebuilders Feeling Optimistic
The National Association of Home Builders reported that its Housing Market Index rose six points over the last month to a score of 57 for July.
TODAY’S DEALS: Meridian Clinches $230M Acquisition Financing Deal for Steinway Hall in NYC
Meridian Capital Group LLC negotiates $230 million in acquisition financing; HFF arranges $46 million for two Texas acquisitions; and RADCO acquires its third Midwest asset in 90 days.
Builder Confidence Rises Six Points in July
Builder confidence in the market for newly built, single-family homes rose six points to 57 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July.
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.