Steve Orser

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    In the midst of construction labor shortages, project backlogs are currently in excess of six months—their highest post-recession level—The American Institute of Architects reported in its latest Architecture Billings Index.

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    Although rents were down 0.3 percent in the fourth quarter, December's year-over-year increase was up 20 basis points compared to November.

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    The metro’s multifamily demand remains strong in the context of a high barrier to homeownership, while a steady influx of high-paying jobs continues to lure residents to the area.

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    The company plans to spearhead a significant project to completely rehabilitate the property, marking the first community-wide renovation since the 1960s completion.

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    Prime Group sold Avery Park in a deal facilitated by HFF. The new owner is set to renovate the property’s common areas and unit interiors over the next two years.

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