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FTC, DOJ argue against dismissal of Yardi antitrust case
The agencies contend that competitors must not agree to advertised list prices, even if actual rents vary from that starting point.
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FCC proposal would eliminate broadband bulk billing arrangements
If approved, multifamily housing companies would not be able to choose an internet, cable or satellite provider for a property.
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DEALS + STARTS
Blighted New Jersey tower changes hands
Hudson Valley Property Group worked for two years to cobble together financing to close the 21-story Northgate Apartments in Camden.
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PROJECT SPOTLIGHT
New Florida apartment designed as a ‘neighborhood social hub’
Society Orlando’s common areas include a 50,000-square-foot pool deck and a lobby with a public bar.
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Powell predicts commercial real estate woes will most afflict smaller banks
The Fed, bankers and commercial real estate executives have warned of turbulence as property owners struggle to refinance debt at higher rates.
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Nearly 50 banks have multifamily loan issues
At the end of 2023, 49 financial institutions had apartment nonperforming loans greater than 5% of total multifamily loans, according to a report from Fitch Ratings.
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NAHB: Multifamily starts will continue to decline in 2024
New construction is expected to drop 20% this year, while rents should fall as supply comes online, the association said.
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Dallas, Atlanta lead the way for apartment sales
Both metros held the top spots despite transaction declines of more than 50%, while Chicago and New York City’s boroughs moved into the top five.
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Some employers consider offering help with housing payments
One in four employees say they would switch jobs to gain this benefit.
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Arizona AG sues RealPage, multiple landlords
The state alleges that the firm’s revenue management software compiles competitively sensitive lease data on pricing and occupancy.
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Multifamily developer confidence remains negative
Tight lending standards and high loan costs have put pressure on the industry.
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Supply chain headaches persist 4 years into pandemic
As the fourth anniversary of COVID-19’s arrival in the U.S. nears, contractors are still dealing with challenges around materials pricing and availability.
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DEALS + STARTS
Landmark breaks ground on 1,286 beds near University of Southern California
The Standard at Los Angeles is the developer’s second student housing project in the city.
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Multifamily originations fall
New loans declined 46% in 2023 and 27% in Q4, according to new reports.
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Pretium acquires BH Management Services
The Des Moines, Iowa-based No. 8 apartment operator in the country has a portfolio of multifamily, student and single-family housing.
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PROJECT SPOTLIGHT
Structured Development completes multiphase project in Chicago’s Lincoln Park
Wendelin Park encompasses three types of properties: co-living, affordable-rate for-sale condos and market-rate rentals.
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Deals + Starts: February 2024
Fifield, Universe Holdings, Moinian Group, JPI and others were in the news this month.
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MSCI: Apartment sales drop 45%
Prices also fell in January, but the pace of decline is slowing.
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PRODUCTS
February 2024 roundup: New multifamily products
Offerings this month include items featured at the International Builders’ Show and Kitchen and Bath Industry Show in Las Vegas.
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How multifamily pros can use generative AI wisely
Before deploying these tools, users should have an understanding of what they can and can’t do — and how they might not work as expected.
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DEALS + STARTS
New property in Phoenix area sells for $66.5M
Developer Vedura Residential sold Elevation at the Village to RV resort, manufactured home and apartment operator Cal-Am Properties.
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REIT Report
MAA sees new lease pricing improve after 7% fall
The REIT’s blended pricing rose 130 basis points in January, and the firm expects fundamentals to improve as the year plays out.
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For-cause eviction bill passes in Colorado House
The legislation, which lays out specific reasons for evictions, now moves to the Senate.
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Invitation aims to buy up to $1B in houses in 2024
The single-family rental owner is also looking to expand its new third-party management business.
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Q&A
Is the sales market thawing?
Forum Investment Group’s Darren Fisk compares the environment to a “frozen lake in Minnesota” but thinks the ice may be starting to crack.