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Citing an “inflexion point” in property and operating fundamentals, Bank of America Merrill Lynch (BoA) raised its outlook on U.S. apartment REITs late last month from underweight to overweight and said that Wall Street estimates on performance are beginning to parallel more conservative outlooks provided by REIT management teams during earnings calls.
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Birmingham, Ala.-based multifamily real estate investment trust Colonial Properties Trust announced March 4 that the company had filed a prospectus supplement with the U.S. Securities and Exchange Commission to sell up to $50 million of the REIT's common shares via an "at-the-market" offering.
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In the past couple of years, apartment owners felt one upside to the recession. Despite a tight credit market and declining occupancies, their suppliers and contractors were willing to budge, while localities were generally open to lowering taxes. That pushed expense increases down.
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Equity Residential isn’t the only REIT that’s been busy in the first quarter of 2010. Palo Alto, Calif.-based Essex Property Trust has bought two deals in early 2010, culminating with the March 5 acquisition of Essex Skyline at MacArthur Place, a 349-unit high-rise condo project in Santa Ana, Calif.
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Mar. 9--ALBANY -- The number of condominiums sold in the Capital Region fell sharply in 2009, a trend that reflects the struggles of the overall housing market.
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Mar. 9--Even though your landlord has still not fixed that leaky faucet, Tucson was recently ranked as a top 10 "college town" in terms of overall apartment renter satisfaction.
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Mar. 9--A Middleton-based developer is proposing a 186-unit apartment community for seniors in Brookfield.
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Life insurance companies, commercial banks, mortgage REITs and even conduit lenders are providing some healthy competition to the government-sponsored enterprises.
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This week, San Francisco-based multifamily ILS MyNewPlace.com launched RentEngine, an integrated listing tool and syndication service offering systematic listing, posting, tracking, and reporting capabilities. In conjunction with the launch, MyNewPlace.com CEO John Helm sat down with Multifamily Executive for an exclusive download on the RentEngine component and its prospects as a change-maker for marketing apartments on Craigslist and beyond.
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Multifamily Executive Senior Editor Chris Wood rounds up interesting and intriguing news tidbits. This week: allergic reactions, electric attacks, and dispositions of the flatter kind.
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Many apartment owners are excitedly eyeing the year 2012 and beyond. The feeling is that the lack of any new construction, combined with burgeoning demand from Gen Yers, will create a climate of rising rents and shrinking vacancies—basically a landlord’s dream. But Stan Ross, chairman of the board of the USC Lusk Center for Real Estate, is putting the brakes on that kind of talk. Until employment grows, Ross doesn’t see this paradise. And there’s no guarantee that will happen anytime soon.
Here’s Ross take on where the industry is now and where he expects it to be in a couple of years.
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Courtesy of a groundbreaking façade designed by architect Jeanne Gang of Chicago-based Studio Gang Architects, the 81-story Aqua in Chicago has largely overcome the wind issue in the windiest of cities, just one of the reasons judges in the Emporis Skyscraper Award bestowed top honors last month to the mixed-use tower, built by Magellan Development and James McHugh Construction Co.
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Foreign investors are planning to increase their investments in U.S. apartments this year, building on their activity in 2009.
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This year's conference, held April 12-14, will focus on recession survival strategies, the distressed asset marketplace, and agency lending.
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Phoenix is a tough metro for multifamily owners and investors today. But there are glimmers of hope. Chicago-based Equity Residential says it pushed occupancy 600 basis points in the past week and that’s it's pushing rents again. And, transaction volume, fed by distressed sales, are upward bound. But before the market can be declared in recovery, the city's annihilated submarkets will need to improve.
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Highlands Ranch, Colo.-based apartment REIT UDR will release its latest smart phone application this week via the Android and iPhone application Web sites, and UDR vice president of marketing Steve Taraborelli shared an exclusive look at the new technology and functionality with MULTIFAMILY EXECUTIVE as the new Social Reality Apartment Search app goes live.
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The mezzanine financing market is heating up in the first quarter of 2010, with all-in rates dropping and more lenders re-emerging from the shadows.
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MULTIFAMILY EXECUTIVE Senior Editor Chris Wood rounds up interesting and intriguing news tidbits. This week: pool party crashers, cannabis condo concessions, and battles with bed bugs.
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While the EPA is happy with the uptick in Portfolio Manager adoption among the multifamily set thus far, a data set robust enough for true comparative analyses and benchmarking of the energy usage of multifamily property types is likely still a ways off.
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WASHINGTON - The number of U.S. banks considered troubled jumped to more than 700 last quarter even as the industry eked out a small profit, the government said Tuesday.