$34 million multihousing community in Rochester Minnesota sets record
JLL Capital Markets announced that it has closed the $34 million sale of Red44, a 159-unit multihousing community in Rochester, Minnesota. JLL marketed the property on behalf of the seller, Roers Investments, Reuter Walton Development...
NAHB Power Hitters with Michael Novogradac
Yield PRO TV presents NAHB Power Hitters. Host Linda Hoffman talks with Michael Novogradac, Managing Partner of Novogradac & Company LLP. Transcript: NAHB Power Hitters interview. Linda Hoffman with Michael Novogradac, recorded September 17, 2021 (music) Linda...
Irwin Laroza joins Marcus & Millichap Capital Corporation as Senior Director in Salt Lake...
Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, announced that Irwin Laroza has joined the company as a senior director in Salt Lake City. In his...
Institutional Property Advisors closes $155 million multifamily asset sale in suburban North Phoenix
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Accolade, a 548-unit multifamily asset in Phoenix, Arizona. The property sold for $155 million or $282,847 per unit. The transaction...
MC Companies hires industry veteran David Mannion as COO amid major portfolio expansion
Supporting a major portfolio expansion plan, full-service multifamily investment, management and development firm MC Companies has hired David Mannion as its Chief Operating Officer. A 20-year industry veteran, Mannion now serves as part of the MC...
Pembrook provides $15.35 million first mortgage loan for acquisition and renovation of Parkwood Apartments...
Pembrook Capital Management LLC (Pembrook), one of the nation’s leading bridge lenders for affordable housing, provided a $15.35 million first mortgage loan for the acquisition of Parkwood Apartments, a 90-unit multifamily property located at...
New NMHC construction survey finds record impact on availability of construction labor
A record 93 percent of multifamily developer respondents reported construction delays in the jurisdictions where they operate, according to the eighth edition of the National Multifamily Housing Council (NMHC) Construction Survey. Of this group, 83...
Rent delinquencies up slightly in September surveys
The “week 37” release of the Census Bureau’s Pulse Survey shows that the portion of renters who are behind on their rent payments is up slightly since we last reported on this survey, rising...
Berkadia arranges financing for July Residential’s acquisition of a 1,275-unit multifamily portfolio in Houston
Berkadia announces it has secured financing for July Residential’s acquisition of a 1,275-unit multifamily portfolio of communities located in Houston, Texas. The five assets in the property, all built between roughly 1976 and 1983,...
HUD awards $143 million in grants to support construction and project rental assistance for...
The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs announced on Wednesday that it has awarded $143 million in grants to non-profit organizations across the country to support the...
PCCP, LLC provides $70.7 million loan to Galium Capital for the acquisition of Millennium...
PCCP, LLC announced it has provided a $70.7 million senior loan to Galium Capital for the acquisition of Millennium High Street, a 340-unit Class A multifamily project with 26,304 square feet (sf) of ground...
FCP and Aventon announce JV for development of Aventon Clearwater Class A Apartments
FCP and Aventon Companies announce a joint venture for the development of Aventon Clearwater Apartments in Clearwater, Fla. The 396-unit, Class A multifamily community will feature three-story buildings on U.S. Highway 19, and easy...
Upzoning coming to California
California Governor Newsom recently signed a series of bills seeking to address the shortage of housing in the state. The bills. SB-8, SB-9 and SB-10 give local governments additional authority to upzone for higher...
Institutional Property Advisors closes $81 million Central Phoenix multifamily asset sale
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Peak 16, a 233-unit multifamily asset in Phoenix, Arizona. The $81.35 million sales price equates to $349,142 per unit. “Core multifamily...
Multifamily housing construction pipeline grows
The Census Bureau’s new residential construction report for August reported a surge in multifamily housing construction permits and starts, although completions continued to lag. Multifamily housing construction permits hit multi-year high The number of permits issued...
