Regions
Condo/Co-op Prices See Drop Since Last Year
Washington, D.C.–The National Association of Realtors (NAR) reported this week that the national median price for for-sale housing–condominiums and cooperatives of all stripes–was $169,200 during the second quarter of 2011. That median represents a 3.5 percent drop from the median price during the same quarter in 2010.
When, and How, Lehman’s Holdings Could Dispose of Archstone
Englewood, Colo.–Recent reports indicate that Lehman Brothers, Barclays and Bank of America will be pushing forward on plans to either sell or list Archstone, which Lehman purchased for $22 billion in 2007.
TODAY’S DEALS: JLL Closes $253M Sale of 103-Unit Historic Manhattan Apartment
JLL closes the sale of a 103-unit vintage Manhattan luxury building for $253 million; Red Mortgage Capital refinances three loans on Indiana seniors housing communities; and Northmarq arranges a $25 million Freddie Mac mortgage.
LA’s Warner Center to Welcome Wood’s New Luxury Apartment Community
Los Angeles–Mid-August will witness the start of construction on the new $75 million Warner Park luxury apartment community, to be built on a four-plus-acre site recently acquired by Wood Partners in Warner Center, within the Woodland Hills district of Los Angeles.
TODAY’S DEALS: UDR to Acquire 507-Unit Dwell95 for $325M
UDR Inc. plans to acquire a condo-quality community in Manhattan’s Financial District for $325 million; Marcus & Millichap lists a 2.86-acre development site in El Monte, Calif., for $7.5 million; and George Smith Partners completes a $9.5 million bank loan for a discounted payoff purchase.
NMHC Quarterly Survey Finds Apartments in Fine Fettle
Washington, D.C.–The latest Quarterly Survey of Apartment Market Conditions by the National Multi Housing Council (NMHC) confirms the general sense of strength in the apartment market.
Pietra Apartments in Phoenix Goes Green with New Solar Array
Phoenix–Westplan Investors and Wood Partners, owners of Pietra Apartments in Phoenix, are taking advantage of the powerful rays of sunlight that beam down on the city year-round with the recently installed 47,000-watt solar array at the 237-unit luxury multifamily property.
TODAY’S DEALS: Wood Partners Grabs SoCal Land for $75M Community
Wood Partners acquires land for a $75 million luxury apartment community in California; ARA announces $38.15 million sale of property that was designed to condo specs; and SunCal purchases an idle master-planned development in Virginia.
Moody’s See Strong Fundamentals for U.S. Apartments, But Little Development Ahead
New York–According to a new report by Moody’s Investors Service, all major U.S. REIT property sectors have stable rating outlooks, with multifamily REITs, in particular, showing strong.
KTGY Designs Campus Housing for Wide Open Spaces
Laramie, Wyo.–The Cowboys and Cowgirls of the University of Wyoming (UW) in Laramie will have fresh student residence options come summer of 2012.