Multifamily Executive’s editorial team—Rachel Azoff, Les Shaver, Chris Wood, and Shabnam Mogharabi—are in the multifamily trenches day in and day out. These top-notch journalists monitor the multifamily housing industry and report their observations. Here, they come together to share the news stories, events, and trends that catch their eyes—and might just interest you.
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Fairfield Residential, one of the biggest owners and builders of apartments in the country, declared Chapter 11 yesterday. The Wall Street Journal reported that San Diego-based apartment owner and builder, which came in at number 13 on Multifamily Executive's list of Top 50 apartment owners, listed assets of $958 million and liabilities of $834.9 million as of the end of September, according to The Journal. The company said that it was upside down on many of its loans, violating covenants with Well Fargo and Capmark Financial.