Regions
MARKET SNAPSHOT: With Unemployment Still High, Sacramento Sees Uptick in Vacancy
While metros across the Golden State are seeing a somewhat brighter future on the horizon, the city of Sacramento continues to lag behind in some key fundamentals.
Economy Watch: Shadow Residential Inventory Declining
CoreLogic said that the residential shadow inventory as of October 2012 fell to 2.3 million units, which it calculates represents a supply of seven months.
Carmel Partners and KTGY Group Begin Construction on Sustainable Community
Carmel Partners of San Francisco has announced that it has started construction on Carmel Loft House, a mixed-use development in Sunnyvale, Calif. The community will be a sustainable, urban infill development.
Champion Buys Burbank Apartments for $15.6M
Champion Real Estate Cos. has acquired Villa 600, a 62-unit apartment building at 600 E. Olive Ave. in Burbank for nearly $15.6 million. The asset was built by architect August Bacchetta in 1973 and was owned by the original builder’s family until the recent sale.
TODAY’S DEALS: Elco Landmark, Timbercreek JV Acquires 1,380-Unit Portfolio
Elco, Timbercreek complete a four-property JV buy; and The RADCO Cos. completes seven Georgia purchases in the past two weeks.
Anaheim Luxury Apartment Community Opens for Leasing
Vivere Apartments, a 92-unit apartment community in Anaheim, Calif., has opened for preview leasing.
Economy Watch: Fiscal Cliff Bill Passes Congress
In an exceedingly rare flurry of activity on a federal holiday (namely New Year’s Day 2013), Congress acted to forestall the fiscal cliff.
TODAY’S DEALS: Mckinley Completes Third Ann Arbor Apartment Acquisition for 2012
McKinley purchases 120-unit community in Ann Arbor, Mich., and now owns more than 5,400 units in the region; and Johnson Capital arranges sub-4 percent, $14 million, refinance loans from bank that beat agency terms.
Advenir Acquires $49.1M Denver Community
Advenir, a multifamily real estate investment company, has acquired a 420-unit community in Denver for $49.1 million. The seller was Carmel Partners, who purchased and renovated the property in 2005.
Raymond James Tax Credit Funds Continues West Coast Expansion with New Office in Portland, Ore
Raymond James Tax Credit Funds (RJTCF), a national syndicator of affordable housing, announced the opening of a new office in Portland, Ore., with the hiring of Dan Wendle as vice president, director of acquisitions.