With Atlanta’s economy more robust than ever, demand for multifamily housing remains high, driving rent growth and investor interest throughout the market. Since the last cycle — when a reliance on construction hit hard — the city has transformed its economy by building up its IT, healthcare and automotive sectors, among others. The results of strong job growth and the diversification of employment are evident market-wide. In particular, Buckhead and Midtown have seen a substantial..
Sometimes there is a “herding” mentality in real estate investment activity, but markets that do not make the headlines of news stories or appear on the top market lists are the ones investors should focus on. New Orleans is one such market, and while it might not be on everyone’s radar, it has the fundamentals and dynamics that are attracting investors’ attention. With a total inventory of approximately 55,000 units, demand for multifamily acquisitions in New Orleans and the Gulf..
Despite the maturing commercial real estate cycle, Boston’s thriving economy continues to generate positive momentum for the metro’s multifamily property marketplace. Over the 12-month period ending June 30, 2017, area employers added 55,700 positions, growing the employment base by 2.1 percent. Job creation was driven by the typically high-wage healthcare and professional fields, and more than 30 percent of the new roles created were in office-using sectors. This healthy growth has..
As a lender in construction and permanent financing of new multifamily properties, Mason Joseph Co. is constantly assessing and reassessing future supply and demand estimates for rental properties. Tarrant County has several high-profile apartment properties under construction, causing some in the lending industry to ask if the market is on the verge of being oversupplied. Our answer to that question is a firm “no.” [caption id="attachment_189601" align="alignright" width="100"]..
Sometimes there are benefits to being late to the party. Louisville, having lagged behind larger surrounding cities in multifamily development post-recession, is now experiencing a boom in apartment construction, much of which is being supplied by out-of-state developers. For similar reasons, including Louisville’s sustained economic growth fueled by continued strength as an international distribution center alongside a stable manufacturing base, national investor demand for Louisville..
The Milwaukee multifamily sector is plowing forward on a number of different fronts. Development activity is continuing its impressive run with a series of high-rise towers in various stages of construction or planning. Popular neighborhoods such as Walker’s Point, Bayview and the East Side are filling in with low- and mid-rise projects, many of which feature a mixed-use component. From an investment standpoint, multifamily is still the sector du jour, with a widening investor pool of both..
With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide. Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway..
Long-time El Paso residents frequently hear people talking about the good things happening in our city. To be sure, El Paso is an enigma and a contradiction — a big small town with its own identity. Cultural, economic, social and ethnic differences are comfortably accommodated in a “mi casa es tu casa” openness. Contrary to our “wild west” reputation, El Paso ranks as one of America’s safest cities by size. The closest major city to El Paso is Ciudad Juarez, a city of 1.5..
SAN JOSE, CALIF. — An affiliate of Essex Apartment Homes (NYSE: ESS) has purchased 360 Residences, a 24-story, mixed-use residential and retail tower in downtown San Jose. The purchase price was $133.5 million, according to Silicon Valley Business Journal. The mixed-use asset is located at 360 Market St., situated one mile from Google’s proposed office campus as well as the future downtown San Jose and Diridon BART stations. The transit-oriented property also provides access to..
NEW YORK CITY — Fortis Property Group has received a $297 million construction loan to develop River Park, a three-building mixed-use project in the Cobble Hill neighborhood of Brooklyn. The 325,000-square-foot project will feature 172 luxury condominium units, 66,900 square feet of community space and 328 parking spaces. Fortis acquired 18 buildings on three adjacent sites that formerly housed the Long Island College Hospital (LICH) medical campus. The company purchased LICH in 2015 for..