National
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.
Economy Watch: Income Drops Slightly in April
The Bureau of Economic Analysis reported that personal income was down $5.6 billion, or a bit less than 0.1 percent, in April.
TODAY’S DEALS: Milestone Acquires 346-Unit Apartment in Atlanta
Milestone Apartments REIT invests $46 million in Atlanta; Marcus & Millichap secures a buyer for a Saint Paul community; and Gebroe-Hammer completes Pennsylvania multifamily sales totaling $4.94 million.
Economy Watch: Foreclosures Continue to Drop
CoreLogic reported that there were about 52,000 completed residential foreclosures in the United States in April 2013, down from about 62,000 in April 2012, for a year-over-year decrease of 16 percent.
TODAY’S DEALS: Berkeley Point Capital Closes $49.7M for a Salt Lake Acquisition
Kennedy Wilson completes an acquisition with financing from Berkeley Point Capital; HFF closes $23 million for a Cambridge renovation; and Eastern Consolidated sells sponsor condos near New Jersey’s “Gold Coast” for $15.25 million.
Apartment and Condominium Market Remains Strong After Small Correction in the First Quarter of 2013
The Multifamily Production Index (MPI), released today by the National Association of Home Builders (NAHB), inched down two points to an index level of 52.
Economy Watch: U.S. Banks Are Healthy
According to the Federal Deposit Insurance Corp., American banks had their best-ever quarter during the first quarter of this year.
TODAY’S DEALS: Passco Buys a Class A Community in Indiana
Passco buys a 280-unit asset in an Indianapolis suburb; Grandbridge closes $38.8 million for three communities; and Alliant Capital originates a $1.7 million small loan at a 3.81 percent interest rate.
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.