Regions
Can You Afford to Live in NYC?
Only nine out of the 139 neighborhoods included in a RentHop study have median asking rents that can be afforded with 35 percent of the area median income.
Rhodium Buys 462-Unit CT Portfolio
The Bridgeport portfolio, acquired in partnership with Toronto-based Firm Capital, encompasses a 179-unit community and 13 other apartment buildings across Bridgeport.
Affordable Senior Community Opens in Richmond, IL
The 25-unit community offers one- and two-bedroom apartments for $866 and $1,039, respectively, and is Energy Star Certified.
Rainbow Tapped for Phoenix Affordable Community
The company will offer the residents of La Palmilla Apartments free on-site programs once the current owner, Reliant Group Management, completes renovations in mid-2018.
Michigan Ave. Tower Scores $150M Refi
MILA, an upscale 402-unit property in Chicago’s East Loop, was developed by a joint venture led by John Buck Co. Proceeds will refinance the construction loan.
CBRE Closes Inland Empire Sale
Evart Street Apartments in Montclair, Calif., changed hands for $8.9 million, one of the highest per-square-foot prices for a multifamily property in the area, according to the brokers.
Lena New Boston Breaks Ground on 41 Mixed-Income Units
The $200 million redevelopment of the former Boston State Hospital site entered a new phase, which will include 22 affordable units. The project is part of Olmsted Green, a 42-acre development in the heart of the city.
Phillips Realty Secures $31M Financing for PA Project
The company worked on behalf of Woodfield Investments, the developer of the 320-unit Woodfield at Valley Forge in suburban Philadelphia. The asset will be part of of the Village at Valley Forge, a 122-acre mixed-use lifestyle property.
LA Senior Communities Receive $19M Mortgage Financing
The funding, obtained through the company’s bond purchase program, will be used for the acquisition, rehabilitation and permanent financing of three affordable developments.
Economy Watch: Multifamily Starts Dip in July
New projects got underway at an annualized rate of 287,000 units, only the second time in the past 12 months that the pace has fallen below 300,000 units.