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Loan for once-iconic Detroit tower goes delinquent
Riverfront Towers, once home to Rosa Parks and Aretha Franklin, was plagued by flooding, insurance costs and evictions.
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EXECUTIVE MOVES
Denholtz Properties names Katie Kurtz as new CEO
Kurtz was previously the CFO at New York City-based Silverstein Properties.
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Apartment tower rises in downtown Las Vegas
T.B. Penick & Sons topped off Sin City’s first all-for-rent apartment tower this month.
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MSCI: Multifamily prices rise for the first time since July 2022
Sales volume dropped 9% YOY to $9.9 billion in August.
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Deals + Starts: September 2024
Firms including Timberlane Partners and LRE Management made news in recent months.
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7-property portfolio heads to servicing amid insurance troubles
Wisconsin-based Trinity Flood was the sponsor of the properties in Illinois, Georgia and Arizona.
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PRODUCTS
September 2024 roundup: New multifamily products
Extra-large surfaces and innovations in EV charging are in the spotlight this month.
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Invitation Homes settles 3-year FTC investigation for $48M
The Dallas-based rental home provider is accused of charging junk fees, deceptive pricing, inspection issues and unfair eviction practices.
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Q&A
Inside AvalonBay’s centralization initiatives
Under the REIT’s neighborhood model, services can be shared for up to 1,500 units.
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Aggressive tenants, mental health are top challenges for property managers
While most apartment managers are satisfied with their work, they also report impacts on their well-being, according to a new report.
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NAHB: Apartment completion time flat in 2023
The construction cycle rose 3.5 days in 2023 after jumping 2.3 months in 2022.
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Bank forecloses on Chasen’s office conversion in Baltimore
The developer planned to turn the historic One Calvert Plaza into 173 apartments.
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Research points to the downsides of rent control
A new review of over 100 studies shows a variety of negative impacts around policies that regulate rent.
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2024’s top multifamily events
Multifamily Dive has you covered with a full list of the industry conferences, expos and meetings for the rest of the year.
Updated April 30, 2024 -
DEALS + STARTS
Timberlane Partners pays $40.5M for Denver deal
The Seattle-based firm faced competition to secure the property, where it plans a light renovation.
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Apartment starts drop 6% YOY
In a sign that supply is burning off, completions in August jumped 80%, while projects under construction fell 15%.
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PROJECT SPOTLIGHT
U.S. Development completes mixed-use project in Philadelphia’s Fishtown
The industrial-style Frankford Grand opened for leasing on Sept. 18.
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Fed cuts rates, but is more needed?
Apartment industry leaders say the central bank’s action had already been baked into the 10-year Treasury.
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Family of woman killed in Maryland apartment fire sues property manager
The wrongful death lawsuit seeks $2.3 million from the owner and operator of Arrive Silver Spring.
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Troubled Aurora, Colorado, apartments draw national attention
While management claimed that gangs took over its properties this summer, residents and city officials highlighted multiple code violations.
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PROJECT SPOTLIGHT
30-story student housing tower rises from infill lot in Austin
Located near The University of Texas at Austin, MDL Group’s Icon will be open for the 2025 school year.
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Developers look for deals on dirt
Generational property owners are in a position to wait, while those who have recently purchased land may be more motivated to sell.
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EXECUTIVE MOVES
Amherst Group names new general counsel
Peter Campbell was previously in the same role for Lendlease in the Americas.
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DEALS + STARTS
New York-based firm makes $102M bet on Atlanta through new fund
LRE Management also added PGA golfer Patrick Cantlay as a member of its advisory board.
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Owners of more than 8,000 units sue NJ town over new fees
Among other requirements, landlords in Edison must pay $100 per unit per year.