Regions
Mill Creek Residential Buys Texas Rental Communities
Mill Creek Residential Trust has acquired a trio of apartment communities in Houston and Austin. The three communities, all located in urban infill locations, comprise a total of 589 apartment homes.
Economy Watch: Employment Gains Disappointingly Meager
Employment growth nationwide in August was as anemic as the corn crop in the Midwest, with a net addition of only 96,000 jobs, well below the monthly average thus far this year of 139,000 per month, and not enough in the long run (or even mid-term) to keep up with population growth.
Vitus Group to Renovate Two N.J. Affordable Housing Communities
Vitus Group recently announced its plans for the renovation and rehabilitation of the Vita Gardens and Stephen Manor communities. This project will preserve 170 units of affordable housing.
TODAY’S DEALS: Kennedy Wilson and Partner Acquire 160-Unit Calif. Asset
Kennedy Wilson buys an asset for $33.5 million; Archstone breaks ground in the Bay Area for the second time in two months; and LNR Property and LYND close the development rights for a 35-story luxury apartment high-rise in Miami.
SBV Buys OKC Apartment Property
SBV Communities, the multifamily real estate division of Kansas City, Mo.-based Spectrum Business Ventures Inc., has bought the 119-unit Ridgeview Apartments in Oklahoma City for an unspecified price.
$109M Mall Redevelopment in Johannesburg, South Africa
Hyprop Investments Ltd, a leading specialist retail property fund in Africa, announced work commencing on the R920 million (or $109.5 million) extension and redevelopment of Rosebank Mall.
ParkCentral Under Construction in Nashville’s West End
ParkCentral, an eight-story, 200-unit luxury rental community overlooking Centennial Park in Nashville’s West End, is now under construction.
Economy Watch: ECB Stands Ready to Buy Euro-Zone Debt
As expected, European Central Bank president Mario Draghi said that the ECB was going to start buying short- and medium-term government debt, especially that of Italy and Spain, the weakest large links in the euro zone.
TODAY’S DEALS: Grosvenor Picks Up 360-unit Community in Washington
Grosvenor buys a Seattle asset; Marcus & Millichap brokers the sale of a 61-unit community in Canoga Park, Calif.; and Beech Street Capital arranges a $23.1 million refinancing for a portfolio of four properties located in Arizona, Texas and New Jersey.
Rego Park Multifamily Redevelopment Now Open
Residents are now moving into the Contour, a redeveloped building in the Rego Park neighborhood of Queens that went from office space to apartments. Occupancy will be about 70 percent once the building’s residents have moved in.