Regions
Neglected Property in Oakland Reemerges as Polished Affordable Housing Community
Oakland, Calif.–Affordable Housing Associates has completed a comprehensive rehabilitation of 401 Fairmount Ave., now serving overlooked segments of the population in more ways than one.
TODAY’S DEALS: The Praedium Group and Price Realty Acquire a 362-Unit Property
The Praedium Group and Price Realty Corporation acquire a 362-unit community in Lewisville, Texas for $20 million; Bell Partners purchases a 232-unit apartment property in Greensboro, N.C.; and Walker & Dunlop closes $18.1M Freddie Mac ARM.
CMBS Delinquency Rate to Stay in High-Single to Double Digits
The CMBS conduit/fusion delinquency rate is now 9.22 percent, an increase of six basis points, according to Moody’s Investors Service. “We expect the delinquency rate to run high-single to low-double digits over the near term,” states Tad Philipp, director – CRE Research, of Moodys Investors Service.
WEB FEATURE: Global Market Report – Asia
In the first of this three-part report on the challenges of investing and developing multifamily real estate abroad, MHN dissects impediments and opportunities in the Asian market.
AFL-CIO Housing Investment Trust Invests $58M to Build Boston Apartments
Boston–The AFL-CIO Housing Investment Trust has committed $58.2 million of union pension capital for the construction of the new Charlesview Apartments in Boston.
TODAY’S DEALS: ARA Completes Distressed Portfolio Sale
ARA completes a 10-property distressed portfolio sale; Marcus & Millichap sells a vintage San Francisco apartment for $4.75M; and George Smith Partners arranges $17M in financing.
TODAY’S DEALS: Behringer Harvard Buys 200-Unit Community near Boston
Behringer Harvard acquires a 200-unit luxury community in a Boston suburb; Transwestern brokers a $72 million, 1,107-unit portfolio sale in Maryland; and Trade Street Capital buys a 263-unit property in Chattanooga, Tenn.
Work Begins on Affordable Property in Riverside County, Calif.
Lake Elsinore, Calif.–Ground has been broken on Pottery Court Apartment Homes, 113 dwellings for families earning between 30 and 50 percent of area median income.
TODAY’S DEALS: IPA Brokers $38M Sale near San Francisco
IPA arranges the sale of a 250-unit community in Union City, Calif. for $38 million; PCCP partners with Signature Development Group to acquire a 130-unit luxury project in Dublin, Calif.; and HFF arranges financing for manufactured home communities.
MARKET SNAPSHOT: Investor Interest Increases in Louisville, Ky. Apartments
Louisville, Ky.–Increasing investor interest has been noted lately in Louisville, with many out-of-state buyers seeking assets in the metro area.