This year, multifamily housing starts nationally are on pace to hit their lowest levels since 2014, a period marked by the national economy’s gradual recovery from the Great Financial Crisis. Year to date, multifamily deliveries have exceeded starts by 218,500 units, creating a substantial shortfall that signals a significantly reduced apartment supply by 2026. The same trend is taking effect in Raleigh-Durham, where completions exceeded starts by 4,935 units. This is a key consideration for most apartment investment strategies today, explaining why many buyers are willing to accept Year 1 challenges such as softness or negative leverage. As the current supply wave peaks in the Triangle, the future pipeline of multifamily construction is shaping up quite different. Of the identified units that are scheduled for delivery in 2024, nearly 42 percent of units have been delivered as of this writing. Of the approximately 18,600 apartments currently under construction across the Triangle, 13,343 of those are expected to be delivered by the end of third-quarter 2025, with a majority in Central and Southeast Raleigh. However, new activity has slowed significantly — inventory growth by 2027 is projected to drop by more than 85 percent, plummeting to a 3.6 percent rate compared …
— By Giovanna Abraham, Market Intelligence Analyst, Avison Young — The Las Vegas office market continues to defy broader national trends, maintaining resilience and attracting attention for its stability and growth. While many U.S. cities struggle with rising office vacancies, Las Vegas stands out for its comparatively low vacancy rate, steady rent growth and positive return-to-office trends. Despite recent increases in vacancy, Las Vegas remains well below national averages, with a vacancy rate of 15.2 percent in the third quarter — 850 basis points lower than the national availability rate of 23.7 percent. This performance reflects the unique dynamics shaping the Las Vegas office market, including a steadily growing population and the city’s appeal as a business-friendly destination. Low Vacancy Rates and a Stable MarketOffice vacancy has gradually increased over the past six quarters, but Las Vegas has also experienced a much slower rise than many larger metropolitan markets. This measured growth has allowed the city to remain competitive, with vacancies rebounding to pre-pandemic levels by late 2021 and holding steady through first-quarter 2023. After brief upticks in the first half of 2024, the vacancy rate declined again by third-quarter 2024, dropping from 15.9 percent to 15.2 percent. This resilience …
MINNEAPOLIS — Onward Investors has acquired Ameriprise Financial Center, a 31-story office tower located at 707 2nd Ave. S in downtown Minneapolis. The 960,000-square-foot building has served as the corporate headquarters of Ameriprise Financial since its construction in 2000. Ameriprise Financial announced in 2022 that the company would be vacating the property in order to consolidate its headquarters at another building in downtown Minneapolis. Ameriprise Financial Center is soon to be vacant, according to Onward Investors. A sales price was not disclosed. However, locally based newspaper The Minnesota Star Tribune reported that the property sold for $6.3 million, a steep discount from the last time the building traded hands. Most recently in September 2016, a joint venture between Axar Capital Management and Morning Calm Management acquired the building for $200 million. Ameriprise Financial Center is located within the Minneapolis skyway system, a network of enclosed pedestrian bridges that provide direct access to buildings including the Minneapolis Club, Capella Tower, SPS Tower and Baker Center. The property also includes a four-story parking ramp that offers below-grade parking for roughly 300 vehicles. Onward Investors stated that it is exploring variety of options for the property, including converting portions of the building to uses other than …
EL PASO, TEXAS — JLL has brokered the sale of Retreat at Mesa Hills, a 752-unit apartment community in El Paso. Developed in phases beginning in 1995, Retreat at Mesa Hills is located just off I-10 in the city’s Upper West Side neighborhood. Units come in one-, two- and three-bedroom floor plans and range in size from 538 to 2,127 square feet. Amenities include three pools with a tanning deck and private cabanas, a fitness center, two tennis courts, two sand volleyball courts, clubroom, game room, theater and an onsite Starbucks Coffee shop. Steven Hahn Jr., Art Barnes, Roberto Casas and William Jennings of JLL represented the seller, JRK Property Holdings, in the transaction. The buyer and sales price were not disclosed.
MANOR, TEXAS — Berkadia has arranged the sale of The Grand at Manor, a 271-unit apartment complex located on the northeastern outskirts of Austin. Built on 12.5 acres in 2021, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, business center and a dog park. Kelly Witherspoon, Justin Cole, Adam Sumrall and Justin Chambers of Berkadia represented the seller, California-based investment firm Bailard, in the transaction. The buyer was Texas-based investment and development firm Presidium. Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu, also with Berkadia, arranged joint venture equity for the deal through an undisclosed, foreign family office.
RICHARDSON, TEXAS — Infrastructure consulting firm Halff has signed an 80,000-square-foot office lease in the northeastern Dallas suburb of Richardson. The space is located within Galatyn Commons, a four-building, 800,000-square-foot campus that features a 10,000-square-foot fitness center, 8,000-square-foot food hall and a 150-person conference center. Andrew Taguwa, Taylor Dickerson and Rachel Gorney of JLL represented Halff in the lease negotiations. Cushman & Wakefield’s Chris Taylor and Zach Bean represented the landlord, Mapletree, a global investment firm based in Singapore.
DALLAS — KERA will open a new 60,000-square-foot headquarters facility in Uptown Dallas. At the end of February, the public broadcasting group will relocate from 3000 Harry Hines Blvd. to a temporary space at One Arts Plaza in downtown Dallas while the new headquarters is being built. Construction of the new building, the site of which is adjacent to the Katy Trail, will begin in the fourth quarter and is slated for a late-2027 delivery. Architecture firm Corgan is designing the new facility, which will include performance spaces and podcast studios, and Kaizen Development Partners will lead construction.
NEW YORK CITY — CBRE has arranged $98 million in acquisition financing for a portfolio of 26 multifamily buildings totaling 80 units in the Prospect Heights area of Brooklyn. The portfolio also includes 32 retail spaces totaling roughly 40,000 square feet. Shamir Seidman, Judah Hammer and Jeff Feldman of CBRE arranged the financing, which includes capital for future building improvements, through Derby Copeland Capital. The borrowers were private investors Michael and Ed Ostad.
RIDGEWOOD, N.J. — Cushman & Wakefield has brokered the $5.6 million sale of a 16,698-square-foot retail property in the Northern New Jersey community of Ridgewood. The property at 30-38 Oak St. was 92 percent leased at the time of sale to tenants such as Park West Tavern, Je Lu Ja Spa and Ridgewood Education Association. Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and David Bernhaut of Cushman & Wakefield represented the seller, Onyx Equities, in the transaction. The buyer was not disclosed.
MEDFORD, MASS. — Marcus & Millichap has negotiated the $3.5 million sale of a 12-unit apartment building in Medford, a northwestern suburb of Boston. The building at 218-220 Middlesex Ave. was recently renovated and comprises 10 one-bedroom units and two two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.