Residential construction rebounds
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in June was up 1.5 percent month-over-month. Spending on single-family residential construction rose 2.1 percent while...
New Jersey apartment community trades
JLL Capital Markets announced that it closed on the sale of Addison at Princeton Meadows, a 440-unit, garden-style multihousing community located in Plainsboro, New Jersey.
JLL worked on behalf of the seller, a joint venture...
NMHC welcomes Bernard Fulton as VP for Housing Policy and Regulation and Latoya Lovick...
The National Multifamily Housing Council (NMHC) is pleased to announce that Bernard Fulton has joined NMHC as Vice President for Housing Policy and Regulation; Latoya Lovick has joined NMHC as Vice President of Membership;...
Stepp Commercial Group completes $7.165 million sale of a newly renovated 18-unit apartment property...
Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, has completed the $7.165 million sale of Park Villa Apartment Homes, an 18-unit multifamily property located at 1761 Park Avenue in...
Gebroe-Hammer Associates inks sale of generationally owned multifamily asset in Elizabeth, NJ
Gebroe-Hammer Associates has arranged the sale of a 126-unit, garden-apartment community with generational ownership of 40+ years in Union County, N.J.’s City of Elizabeth. Executive Vice President Stephen Tragash exclusively represented the seller and...
More new apartments coming
Yardi Matrix released an updated multifamily supply forecast which predicts more new apartments completing in 2023, 2024 and 2025 than did earlier forecasts. However, the new apartment supply forecast for 2026 through 2028 was...
JLL Capital Markets promotes Elizabeth DeVesty to production
JLL Capital Markets announced that Elizabeth DeVesty has been promoted to Director with New Jersey’s multihousing investment sales team.
DeVesty will work alongside Senior Manging Directors Jose Cruz, Michael Oliver and Steve Simonelli and will primarily...
Mercy Community Capital announces new president
Mercy Community Capital is excited to announce Stefanie Joy as the new President of the national Community Development Financial institution. Joy will replace Jason Battista who resigned last month to become a development partner...
Chris Gandy appointed to lead JLL’s Salt Lake City Capital Markets team
JLL Capital Markets announced that it has appointed Senior Managing Director Chris Gandy to lead its Salt Lake City Capital Markets team. Gandy will oversee the investment sales and debt and equity advisory platforms throughout the...
California rent control – round 3 is on
The California Secretary of State’s (CASoS) office announced that the rent control initiative called the Justice for Renters Act has qualified for the November 2024 election ballot. California voters will have their third opportunity...
Multifamily property prices fall in June
CoStar reported that its value-weighted index of multifamily property prices fell 19.2 percent year-over-year in June 2023. This index was down 1.4 percent month-over-month.
The value-weighted index of non-multifamily commercial property rose by 1.6 percent,...
NMHC encouraged following HUD meeting on expanding housing supply
Yesterday, NMHC President Sharon Wilson Géno participated in a roundtable discussion with HUD leaders, housing providers and other housing stakeholders on policy solutions to grow the nation’s housing supply.
Hosted by HUD Deputy Secretary Adrianne...
$34.625 million refinancing arranged for West St. Paul multihousing community
JLL Capital Markets announced that it has arranged the $34.62 million refinancing of Savor Apartments, a 200-unit, mid-rise, market-rate multihousing community located in West St. Paul, Minnesota.
JLL worked on behalf of the borrower, Roers...
Excelsa Properties acquires $105.5 million multifamily community in Laurel, Maryland
Excelsa Properties announced that it has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, Maryland. The $105.5 million acquisition represents the fourth multifamily property acquisition of...
Rent growth slows in July
The latest rent report from Apartment List shows that the national average monthly rent growth in July was 0.3 percent, down slightly from last month’s increase. Year-over-year rent growth was negative 0.7 percent. The...
