National
APARTMENT MARKET STATISTICS: May 2013
The prices of multifamily housing shot up to an average of $115,954 per unit in the fourth quarter, according to CoStar/PPR. Marcus and Millichap’s statistics for the nation’s top apartment markets show average rent increase of 3.0 percent in the fourth quarter.
Fannie Mae Releases New Research Study: Renters Are Satisfied, but Continuing to Reach for Homeownership
Fannie Mae’s Economic & Strategic Research Group released a new research study that investigates the impact of consumer attitudes toward renting and homeownership on the future of housing in America.
Economy Watch: Economic Growth Still Moderate, Fed Says (With Certain Exceptions)
According to the latest Beige Book published by the Federal Reserve, which is formally called the “Summary of Commentary on Current Economic Conditions by Federal Reserve District,” economic activity increased at a “modest to moderate pace” since the previous report across all Federal Reserve Districts.
TODAY’S DEALS: Beech Street Closes $22.1M for Orlando Community
Beech Street Capital closes acquisition financing for a 348-unit asset; CBRE Group Inc. secured $23 million for a Fort Worth community; and NorthMarq Capital arranges a $23.85 million mortgage for a fully leased seniors housing property.
USGBC to Offer Free LEED Certification to Groundbreaking Projects in New Markets
In an effort to accelerate sustainable development around the world, the U.S. Green Building Council (USGBC), creators of the LEED green building program, announced a new campaign offering free LEED certification to the first projects to certify in the 112 countries where LEED has yet to take root.
Economy Watch: Another Positive Home Price Report
According to CoreLogic, which released its house price index for April, U.S. home prices were up 12.1 percent this April compared with last April.
TODAY’S DEALS: Griffis Residential Enters Las Vegas Market with $41.1M Buy
ARA brokers Griffis Residential’s first Vegas acquisition; Marcus & Millichap arranges the sale of a 696-unit portfolio in Ohio; and Centerline Capital Group completes a $7 million refinance of a Brooklyn, community.
Most Commercial/Multifamily Delinquency Rates Decline in Q1
Delinquency rates for commercial and multifamily mortgage loans generally declined in the first quarter of 2013, according to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report.
Economy Watch: Construction Spending Ekes Out Gain
The Census Bureau reported that U.S. construction spending edged up in April by 0.4 percent compared with March, to an annualized rate of $860.8 billion.
TODAY’S DEALS: MAA and Colonial Properties Trust to Merge
MAA & Colonial Properties to merge in an 85,000-unit REIT; Post Properties closes on a $48.6 million buy in Orlando, Fla.; and Meridian Capital negotiates financing for mixed-use and multifamily properties in New York.