More News from Around the Web

Local and national stories that caught the attention of our research team this week.

These local and national stories caught the attention of our research team.
— Robin Nathanson, Associate Editor

Resource Real Estate Opportunity REIT Earns $2.7 Million Profit On Property Sale
Resource Real Estate Opportunity REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, has sold The Alcove, a 292-unit multifamily community located in Houston, Texas.

Wood Partners and American Realty Advisors Acquire 350-Unit Multifamily Community In Phoenix’s Camelback East Submarket
Wood Partners, LLC, in partnership with American Realty Advisors, has acquired Pinnacle Towne Centre, an existing 350-unit multifamily community at 1601 E. Highland Avenue in Phoenix’s Camelback East submarket, and plans to renovate the property into an upscale townhome community named Altera Highland.

Mark-Taylor Hiring For New Scottsdale, Tempe Apartment Complexes
Apartment developer Mark-Taylor Inc. is hiring property managers, leasing agents and support staff for new communities it has opened or will soon be opening in Scottsdale and Tempe.

Board OKs Apartment Complex Plan
Vincent Wolanin, founder and chairman of Wolanin Companies Ltd., said construction on the apartment community at 1700 Western Ave.—which is being called 1700—should begin this spring, with completion planned for 2016. The new asset will have 210 apartments in five elevator-serviced buildings over an underground garage and four two-story apartment buildings with enclosed garages. A 12,000-square-foot mixed-use building will also be built near the apartments and the existing Town Center Community Shopping Center. A clubhouse will contain customer service offices, meeting space, a workout room and other services.

Camden Prepares For Slower Year In Houston
The CEO of Camden Property Trust, the Houston-based owner and developer of large apartment complexes across the country, said on Thursday the local multifamily market will take a hit from falling oil prices but for the decline for the company is likely to be minimal.

Unemployment Report To Set Tone For 2015
Economists forecast another 200,000-plus increase in new jobs in January to mark that 12th straight month that’s happened. And unemployment is seen drifting down to 5.5 percent from 5.6 percent.

Metrostudy Zeroes In On The 2015 Outlook
Metrostudy has just completed its latest study, covering homebuilder projects all around the nation. The research company’s team of 400 researchers drives more than 200,000 miles per quarter visiting and collecting data through direct counts.

Multifamily Owners Hurry to Refinance
Two owners of multifamily properties in San Francisco have secured refinancing loans totaling $23.5 million. The collection of properties includes one 87-unit apartment building and a six-building portfolio. All of the properties are fully leased.

People Prefer Atlanta, Sarasota To The Chilly Midwest
According to the latest research by national moving company Penske, people aren’t moving in big numbers to the Midwest. Chicago was the only Midwest city ranked in the top 10 of moving destinations last year, pulling up in the ninth spot, just ahead of 10th-place finisher Las Vegas.

Out Of State Investors Targeting Minneapolis/St. Paul Apartment Market
A growing number of national and international investors are targeting the Twin Cities’ apartment market. This is making it more difficult for local investors to sink their dollars into the new and existing apartment developments in the Minneapolis/St. Paul market.

Invesco Makes Big Apartment Buy In West Plano’s Legacy Town Center
Almost 1,700 apartments in the Legacy Town Center development in West Plano have been purchased by Invesco Real Estate. This makes it one of the largest buys ever of high-end North Texas apartments.

Hoar breaks ground on first of 2,000 Tysons apartments
Hoar Construction breaks ground on LCOR/CALSTRS’ The Commons project in McLean, with work getting under way on the first of several planned buildings that will eventually include more than 2,000 residential units.