Daily NAPTA Update 04.25.2024

Posted by Diane Macri | Apr 25, 2024 | 0 Comments

Apartment Starts Fall 43% From 2023


Starts for U.S. multifamily developments of more than five units dropped 43.7% in March compared with the same month in 2023, the Census Bureau and the Department of Housing and Urban Development reported. The decrease is the latest sign of a slowdown in development among multifamily landlords after a flood of new units began in 2021 and 2022.

'I Thought It Was A Mistake': Office Lease Expirations Are Lining Up, With Tenants In Driver's Seat


It's an office tenant's world. Everyone else is just living in it. On the heels of four years of hard times for office owners, a new wave of lease expirations is on its way. Tenants have leverage like never before as they negotiate the leases that will influence landlords' balance sheets for years to come.

Multifamily deal volume drops 25%

Multifamily Dive

It has been 17 months since Blackstone acquired Bluerock Residential Growth REIT — the last major multifamily entity-level transaction recorded in the country, Jim Costello, co-head of MSCI's real-assets research team, told Multifamily Dive. That 17-month dry spell for entity-level deals in the apartment sector will match the slowdown during the Global Financial Crisis.

Union Market Apartment Building To Be Auctioned Off A Year After Opening


The property is being foreclosed on by the noteholder, Srinivas Chavali, who purchased the nonperforming loan backing the property in January. EagleBank was the initial lender on a $33.7M construction loan in 2019, which it increased to $39.5M in 2020, according to documents filed with the D.C. Recorder of Deeds.

Chicago Tops All Metros In Office-To-Industrial Conversions. Could Angry Locals Halt The Gravy Train?


America's Second City will probably never convert the rest of the country into believing deep dish is pizza in its purest form. But its industrial players have effectively converted aging office assets to in-demand industrial properties at a rate that is second to none in the U.S.

Jerry Reynolds, former Cape County Assessor, remembered as 'a true gentleman'


Jerry L. Reynolds, who served as Cape Girardeau County Assessor from 1977 to 2013, died on Friday, April 19, 2024. He was 86. Bob Adams, who succeeded Reynolds as County Assessor, said he made his transition into the role comfortable. Reynolds was open with him, allowed him to take training courses before taking office, and had a good staff to support Adams.

TPMC's Massive Multifamily Project Gaining Momentum in Frisco

The Real Deal

Frisco's Planning & Zoning Commission is set to review the site plan. The 1.1 million-square-foot first phase of development, at the southwest corner of Dallas Parkway and Main Street, is slated for three buildings totaling 1,039 apartments, ranging from studios to three-bedroom units. Each building will also have ground-floor retail and structured parking.

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