Regions
Demand Pushes Value Companies to Pick Up Development Pace
Middletown, N.Y.–Renters snatched up residences at Value Companies’ recently completed The Point at Sutton Hill in a hurry, prompting the company to commence construction of The Point’s next set of buildings way ahead of schedule.
Chicago Affordable Apartments Win Neighborhood Development Awards
Chicago–The 17th annual Chicago Neighborhood Development Awards recognized two North Side Chicago multifamily developments, one for affordable housing, the other for for-profit development.
TODAY’S DEALS: Holliday Fenoglio Fowler Closes Sale of Houston Apartments
HFF has closed the sale of a 318-unit complex in Houston; Grosvenor Investment Management U.S. Inc. commits $93 million; and Johnson Capital closes a Louisiana apartment loan.
Economy Watch: More U.S. Homeowners Underwater in Fourth Quarter
The housing hangover continues; the House holds hearings on the future of the GSEs; and Bernanke beats his drum about the perpetually ballooning deficit.
AMCAL Completes Workforce Housing Development in Fresno
Fresno, Calif.–AMCAL Multi-Housing Inc., in partnership with the Foundation for Affordable Housing, has developed the 50-unit family workforce project Summer Hill Place in an area deeply in need of affordable housing.
TODAY’S DEALS: Phoenix Realty Group and MG Properties Acquire $53M Apartment Complex
Phoenix Realty Group and MG Properties have aquired a 402-unit community in Garden Grove, Calif., and JP Morgan Chase sells a 195-unit Sacramento apartment complex for $12.4 million.
SPECIAL REPORT: Mortgage Bankers See Turning Point in CRE
San Diego–Mortgage bankers acknowledge that the commercial real estate sector has stabilized, property valuations have recovered, and liquidity has returned to the sector, but they are also cautious about the future.
TODAY’S DEALS: Continental Real Estate Companies Brokers $15M Apartment Sale
Continental Real Estate Companies has completed a $15 million apartment sale in Florida; Hendricks & Partners brokers the sale of Palms Patio Apartments in San Diego; and Venture West Funding has arranged $10.2 million in loans with CapitalSource.
Kudos from Multifamily Organizations for Administration’s Green Building Initiative
Washington, D.C.–The Obama administration’s Better Buildings Initiative is being welcomed by two multifamily industry organizations as well as the U.S. Green Building Council.
USD’s Coyote Village Becomes South Dakota’s First LEED Gold Residence Hall
Vermillion, S.D.–Coyote Village, a 550-bed student housing building at the University of South Dakota, has become the first residence hall in the state to earn LEED Gold certification from the U.S. Green Building Council.