Regions
TODAY’S DEALS: Morgan Properties, The Olayan Group Buy $309M Apartment Portfolio
Morgan Properties and The Olayan Group buy 2,671 apartments in the Maryland and Virginia suburbs of Washington, D.C.; The Richman Group acquires a Florida development site for a 417-unit community; and NorthMarq Capital secures $32 million for multifamily properties.
Duravit Announces Second Designer Dream Bath Competition
Following a successful launch in 2013, Duravit USA, Inc. has announced its second annual Designer Dream Bath Competition. The program invites architects and designers to imagine their ideal bath space using a selection of Duravit collections, which include Vero, DuraStyle and Happy D.2.
Freddie Mac Financing in Place for Seattle-Area Apartment Deal
The buyer of the Lakes by Mill Creek Apartments, a 223-unit garden apartment community in Everett, Wash., has obtained an $18.5 million loan for the acquisition. The property was originally developed in 1986, and is currently 99 percent occupied.
Fuss & O’Neill Captures Award for Mill at Hop Brook
Two CREW CT Blue Ribbon Awards have been bestowed on Fuss & O’Neill Inc., a firm providing scientific, engineering, planning and design services, for its work at the Mill at Hop Brook development in Simsbury, Conn.
Economy Watch: Consumer Income Up, Spending Down
The Bureau of Economic Analysis reported that Americans’ personal income increased $43.7 billion, or 0.3 percent, in April compared with March.
RMK Management Welcomes First Residents to 73 East Lake Luxury Apartments
Chicago—RMK Management has announced that residents have started moving into the 42-story, M & R Development apartment building in Chicago’s Loop. The luxury building is the first new-construction apartment tower to open in 2014 and M & R’s first luxury apartment tower to open in Chicago since 2010.
TODAY’S DEALS: Steadfast Apartment REIT Closes First Acquisition
Steadfast Apartment REIT completes its first acquisition with a Tennessee purchase; NorthMarq Capital finalizes $41 million seven-year refinancing loan; and Cohen Financial secures a $26.3 million bridge loan for a fractured condo in suburban Orlando.
NYC’s First Modular Multi-Story Property Opens to Renters
With Douglas Elliman Development Marketing launching leasing for The Stack, Manhattan’s first modular residential building has hit the rental market.
Apartments Still a Landlords’ Market, Says NAR
By Dees Stribling, Contributing Editor Washington, DC—The forecast for rental apartments is still positive, according to the Q1 2014 Commercial Real Estate Outlook, which was released this week by the National Association of Realtors. In fact, according to the outlook, the apartment sector will remain the strongest kind of commercial real estate into 2015, as it has been for a number of years now. NAR predicts that apartment vacancies nationwide will edge up from 4 percent, as of the second quarter of 2014, to 4.1 percent in Q2 2015. Though that represents a small increase, it doesn’t mean a fundamental…
New Joint Master Plan for Philadelphia’s 30th Street Station Underway
New York-based Skidmore, Owings & Merrill LLP (SOM), in association with Parsons Brinckerhoff, OLIN and HR&A Advisors has been selected by Amtrak, Drexel University and Brandywine Realty Trust to develop a comprehensive joint master plan for the area surrounding Philadelphia’s 30th Street Station.