Regions
Prescient Launches New Investment Vehicle
The BIM design and building platform, which reduces the time and cost of constructing multi-unit housing using a proprietary modular construction system, has created Powered by Prescient. The subsidiary will acquire minority stakes in real estate development projects throughout the country. MHN talked with the company’s management to find out more about this new private equity firm.
Economic Diversity Drives Growth in Columbus
As the economy improves, the cost of living remains relatively affordable in Columbus, attracting more residents to the area and boosting multifamily demand. A business-friendly environment also draws investors and entrepreneurs to Ohio’s largest city, prompting more people to rejoin the workforce.
Economy Watch: Median Rents Up In November in Most Markets
The national median rent for one-bedroom apartments dropped for most of the year, but recovered beginning in September, according to a recent ABODO report.
Aeon to Develop New Affordable Housing in Twin Cities
The nonprofit plans to build Greenway Terrace Apartments, a 54-unit community in Ramsey, Minn. The grand opening is expected in late 2018.
Transactions: December 2017
The following is a list of transactions that were announced between Sept. 29 and Oct. 26, 2017.
The Wren Breaks Ground in DC
The nearly 300,000-square-foot mixed-use building will include a ground-level Whole Foods store and 433 residential units, of which 132 will be affordable.
Western Wealth Capital Grabs AZ Property
Country Gables is a 139-unit community in Glendale and is the company’s 35th multifamily acquisition in the Greater Phoenix area.
HGI Acquires $1.8B Portfolio
Comprising 9,677 units across 25 communities, the properties are located in Philadelphia, Chicago, Baltimore, Boston and metro Washington, D.C. The company purchased the portfolio from Lone Star Funds.
Affirmed Begins Work on San Diego Veterans Community
The project will transform a motel into an 84-unit community to be known as Zephyr. Funding is coming from several government sources, including the California Department of Housing and Community Development.
SoCal Investor Snaps Up Bay-Area Apartments for $53M
JRK Property Holdings has acquired Diamond Hillside, a 242-unit, garden-style apartment community in Pittsburg, Calif. The seller was a joint venture of McDowell Properties and Harbert Management Corp.