Regions
UIPGC Completes $4.5M Renovations on D.C. Community
UIP General Contracting recently completed a $4.5 million renovation on a six-building garden-style community called Takoma Flats.
Upstate New York Affordable Housing Redevelopment Under Way
The Corr Community Center, which is an important part of the redevelopment of Liberty Gardens, a 180-unit affordable housing community, has been opened.
Pathfinder Partners Acquires Townhome Community for $3.13M
Pathfinder Partners has purchased 16 unsold units and an adjacent parcel of land for 10 additional townhomes at Aragon, a Mediterranean-style townhome community, for $3.125 million.
Economy Watch: Fed May Continue Stimulus (or Maybe Not)
According to St. Louis Federal Reserve President James Bullard, speaking at 19th Annual Conference of Montreal, which was organized by the International Economic Forum of the Americas, low U.S. inflation has been a surprise.
Arlington’s Newly Built Grayson Flats Sold for $33M
Insight Property Group and Buvermo Investments Inc. have sold the Grayson Flats apartments in Arlington last month for $33 million, or roughly $492,500 per unit. The buyer, an affiliate of local development company Silverwood Companies, acquired the property about a month after it was finished.
TODAY’S DEALS: Forestar Group Sells 289-Unit Austin Asset
ARA brokers a sale for The Forestar Group; Transwestern facilitates the sale of a Houston property for HIG Realty Partners; and Aries Capital arranges a $7.5 million seniors housing construction loan that also funds pre-construction costs.
PREI Adds Michael Gallagher as Portfolio Manager on REITS Strategies
Prudential Real Estate Investors has added Michael Gallagher as a director and portfolio manager to its global real estate securities team.
Hutton Companies’ $30M Community Nears Completion
Hutton Companies announced that The Paseos at Magnolia Luxury Apartment Community, a $30 million community in Riverside, Calif., is near completion.
AMCAL Announces Grand Opening of L.A. Seniors Apartments
A grand opening heralding completion of the first phase of the Linda Vista Senior Apartments will be held in Los Angeles. The announcement was made jointly by AMCAL Multi-Housing, the community’s developer, and the East L.A. Community Corporation (ELACC).
Economy Watch: Employment Surprises on the Upside
The creation of 175,000 jobs in May by the U.S. economy, as reported by the Bureau of Labor Statistics, was taken as good news mainly because economists, pundits, and investors were expecting a mediocre or worse report (even though it was only a little better than mediocre).