National
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.
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.