Regions
TODAY’S DEALS: Mack-Cali Buys Two Luxury Properties in Boston MSA
Mack-Cali buys two luxury assets for $150 million; Johnson Capital arranges record loan value per unit of $525,000 per unit; and Marcus & Millichap sells a Delaware property for $5.8 million.
MARKET SNAPSHOT: Demand Remains Strong in Brooklyn, Keeping Asking Rents Elevated
As the New York metro area continues to experience a period of strong multifamily expansion, the high demand and shrinking vacancies are stretching far beyond the high-rises and walk-ups of Manhattan.
Matteson Acquires Washington Apartment Community
The Langara, a 134-unit rental property outside Seattle, has been acquired by The Matteson Companies. Matteson purchased the property from Polygon for $28.2 million, in a transaction announced in mid-January.
Economy Watch: Multifamily Expansion Slows
According to NMHC, for the first time since 2010, two of the four indexes—market tightness (coming in at 45) and sales volume (which was 49)—dipped below 50, though just barely
TODAY’S DEALS: TDI Real Estate Lands $61.6M for a Scottsdale Development
HFF lands $61.1 million for TDI’s Scottsdale development; Hayley Real Estate buys four properties for $51.2 million, initiates a $12.4 million capital improvement plan; and Marcus & Millichap arranges a $57 million sale in value-add opportunities.
Holland Partners Buys Suburban Denver Apartments
Holland Partner Group has secured $38 million in acquisition financing to buy a multifamily property in Littleton, Colo., a suburb of Denver. The asset is Monterey Heights, a 332-unit apartment complex.
Procida Funds Post-Sandy Construction of 200 Townhomes at Jersey Shore
In the first significant construction deal since Hurricane Sandy devastated the area, Procida Funding has provided a $7 million loan for the property acquisition and road construction for 200 townhomes in Toms River, N.J., through its 100 Mile Fund.
Work Begins on Suburban Boston Apartments
Wood Partners has closed on an 11.6-acre site in suburban Boston on which it plans to build Alta at the Estate, an 155-unit apartment property.
Economy Watch: President States His Intentions
In his second inaugural address on Monday, President Obama touched on a number of presumed priorities of his second term, including economic policy.
Seattle’s Eco-Friendly Stream Uptown Community Begins Leasing
Stream Uptown, a 118-unit, Class-A, mid-rise apartment community in Seattle’s Uptown enclave, has begun leasing residences. The announcement was made by Stream Real Estate LLC, a Seattle-based company focused on developing multifamily residential properties in the core of the Emerald City.