Mesa West Capital funds $71.5 million loan to refinance suburban Charleston, SC multifamily community
Mesa West Capital has provided Atlanta-based real estate investment firm Audubon with a $71.5 million first mortgage, floating-rate loan secured by The Cooper, a 344-unit multifamily community in Mount Pleasant, South Carolina, a prominent...
BH Properties plans billion dollar investment in affordable housing
BH Properties (BH) has launched a new investment initiative into affordable housing with a goal of ultimately building a $1 billion portfolio of assets. The new initiative will be led by veteran affordable housing...
FCP announces acquisition of 220-unit, Avana Cypress Creek Apartments in North Lauderdale, Florida
FCP announces the acquisition of Avana Cypress Creek Apartments at 1700 South State Road 7 in North Lauderdale, Florida. The 220-unit, Class A community was built in 2009 and consists of predominantly two- and three-bedroom...
CBRE arranges sale of 17-unit multifamily community in Westminster, Calif., for $6 million
CBRE arranged the sale of a 17-unit multifamily property in Westminster, Calif. The sale price was $6 million, representing $352,941 per unit and $415 per square foot.
CBRE’s Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather...
Single-family construction spending shows signs of life
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in May was down 0.1 percent month-over-month. Single-family construction spending rose as did spending on improvements.
In...
Multifamily property prices flat in May
CoStar reported that its value-weighted index of multifamily property prices fell 15.3 percent year-over-year in May. However, this index was unchanged month-over-month.
The value-weighted index of non-multifamily commercial property rose by 0.6 percent, year-over-year, in...
Trepp looks at NOI growth
A recent report from Trepp looks at how multifamily net operating income (NOI) grew between 2021 and 2022 and how NOI growth varied across the country. It did so by examining a sub-set of...
Levin Johnston facilitates six multifamily transactions totaling nearly $19 million in California Bay Area...
Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully closed six multifamily transactions in the Bay...
Institutional Property Advisors brokers Phoenix multifamily asset sale
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Marlowe, a 53-unit apartment asset in Phoenix, Arizona. The property traded for $8.44 million, which equates to $159,245 per...
Uncertain economic conditions continue to impact multifamily businesses
The June edition of the NMHC Quarterly Survey of Apartment Construction & Development Activity found that multifamily development and construction firms continue to face headwinds. The rising cost of capital, coupled with a slowing...
Costa Mesa adds housing through rehabs
As part of a statewide initiative to remediate its housing shortage, the state of California has mandated that the city of Costa Mesa zone for 11,760 new units of housing by 2029. To this...
DCHFA finances the rehabilitation of 394 affordable apartments in Ward 8
The District of Columbia Housing Finance Agency (DCHFA) issued $63.2 million in tax exempt bonds for the substantial rehabilitation of Worthington Woods Apartments on June 23, 2023. The Agency underwrote $45.5 million in federal...
FHA increases multifamily large loan processing limit
The Federal Housing Administration (FHA) published a Mortgagee Letter on June 28 that increased the threshold at which a Multifamily loan is considered a Large Loan from $75 million to $120 million. This was...
The NRP Group expands national footprint westward with Phoenix and Las Vegas hires
The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the hires of Austin Kates as Vice President of Development in Phoenix and Mike Moriarty as Vice President of...
Multifamily at mid-year
Yardi Matrix released its Summer 2023 U.S. Multifamily Outlook report. It examines the multifamily housing business by looking at 4 factors driving it: the economy, rents, new supply and capital markets.
Economy
The economy has been...
