-
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.
-
Bethany Group assets sold, Fairfield's bankruptcy is no surprise, and more industry news.
Deals in Southern California, Portland highlight firm’s penchant for newly constructed assets in high-barrier-to-entry markets, even as additional players join the acquisition fracas.
-
Several conduit lenders, including JPMorgan Chase, Deutsche Bank, and Goldman Sachs are cautiously re-opening their CMBS platforms, even as the market struggles with record-breaking delinquency rates.
-
In the multifamily industry, many eyes will be on special servicers this year. And it’s easy to see why. These firms could potentially provide abundant source of acquisition opportunities. But, if an emerging trend provides any guidance, the buyers of these CMBS assets may not just be getting the apartment. They could be getting some of the debt along with it.
-
Fairfield Residential is moving through its bankruptcy at record speed. The San Diego-based multifamily real estate operating company announced earlier this week that its official committee of unsecured creditors and Capmark, a lender, have signed off on a plan for Och-Ziff Real Estate Acquisitions, an affiliate of New York based Och-Ziff Capital Management Group, and the California State Teachers’ Retirement System (CalSTRS) to inject $125 million into the company’s reorganization plan.
-
When an apartment loan goes into default, the bank ends up getting a recovery rate of about 63 percent, according to an analysis from New York-based research firm Real Capital Analytics.
-
The fact that the mammoth Peter Cooper Village/Stuyvesant Town apartment complex in Manhattan is heading back to its lenders is no surprise. But who ultimately ends up with the asset after the tug of war for control will be a great source of intrigue for the industry over the next year.
-
Opus Hires Turnaround Firm: Minnesota-based restructuring unit will assume executive posts for the beleaguered multifamily development company.
-
Standard Austin Acquires Three Bethany Group Portfolios: $400 million deal for 16 properties wipes out original equity, includes reworked debt assumption.