National
TODAY’S DEALS: IPA Brokers Largest San Antonio Sale of Year
IPA sells a 484-unit asset; SBV Communities completes its second purchase in a week; and Alliant Capital completes a $3.1 miilion refinance for a Los Angeles apartment property.
Economy Watch: Employment Gains Disappointingly Meager
Employment growth nationwide in August was as anemic as the corn crop in the Midwest, with a net addition of only 96,000 jobs, well below the monthly average thus far this year of 139,000 per month, and not enough in the long run (or even mid-term) to keep up with population growth.
TODAY’S DEALS: Kennedy Wilson and Partner Acquire 160-Unit Calif. Asset
Kennedy Wilson buys an asset for $33.5 million; Archstone breaks ground in the Bay Area for the second time in two months; and LNR Property and LYND close the development rights for a 35-story luxury apartment high-rise in Miami.
Economy Watch: ECB Stands Ready to Buy Euro-Zone Debt
As expected, European Central Bank president Mario Draghi said that the ECB was going to start buying short- and medium-term government debt, especially that of Italy and Spain, the weakest large links in the euro zone.
TODAY’S DEALS: Grosvenor Picks Up 360-unit Community in Washington
Grosvenor buys a Seattle asset; Marcus & Millichap brokers the sale of a 61-unit community in Canoga Park, Calif.; and Beech Street Capital arranges a $23.1 million refinancing for a portfolio of four properties located in Arizona, Texas and New Jersey.
Economy Watch: Investors Wait on Word From ECB
Last week, investors seemed to pause while they were waiting for Fed chairman Ben Bernanke to speak some magical words. This week, the markets seem to be stuck in neutral waiting for ECB president Mario Draghi to outline his central bank’s plan to “save the euro,” to put it in (overly) dramatic terms.
TODAY'S DEALS: Bascom Arizona Ventures Grabs a Class-A Asset
Bascom completes a $27.2 million purchase; Steadfast Income REIT acquires a property in Louisville; and HFF closes the sale of a 240-unit community in Dallas.
Economy Watch: Homes See Significant Annual Increase in July
CoreLogic reported on Tuesday that home prices nationwide, including distressed sales, increased by 3.8 percent in July 2012 compared to July 2011.
Apartment Rents, Occupancies Still Rising
According to Axiometrics, national effective rents for the U.S. apartment market increased 0.54 percent from June to July, bringing year-to-date effective rent growth up to 4.42 percent.
TODAY'S DEALS: Beech Street Closes $26.3M Loan for N.J. Acquisition
Beech Street closes N.J. acquisition financing; CB Richard Ellis — N.E. Partners brokers a $21 million sale; and HFF closes a $14.5 million sale in Oregon.