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Volume 2 - Number 22 | November 23, 2004
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TOP STORY: Sales Volume Sets New Record
By Sule Aygoren Carranza
Investment volume in the first nine months of this year has already surpassed the volume for all of 2003, according to Real Capital Analytics’ most recent apartment capital trends report. Some $30.3 billion in deals were racked up between January and September—$11.3 billion in the third quarter alone—compared with $29.3 billion in full-year 2003.
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INSIDER: Camden Property Trust's Ric Campo
By Sule Aygoren Carranza
Last quarter, Camden Property Trust announced it would acquire Summit Properties Inc. in a $1.9-billion deal, creating the fifth-largest public multifamily company in the US. Though the deal isn’t expected to close until the first quarter of 2005, Ric Campo—Camden’s founder and “permanent CEO,” as he puts it—recently sat down to discuss the motives behind the merger.
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Borrower-Friendly Financing Market Will Continue In 2005, Experts Say
By Stacey Corso
By all accounts, the US is still very much a borrower’s market for multifamily loans, be they conventional or highly structured financing packages. The mantra everyone knows by now—“enormous amount of capital available chasing the same deals,” which hasn’t stopped ringing in the ears of the multifamily finance community for the past 18 months—still holds true.
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Fannie Mae Misses Filing Deadline, Warns Of Possible $9B Loss
By Sule Aygoren Carranza
Fannie Mae last week announced it would file its third-quarter 10-Q late because its independent auditor, KPMG, advised the company that “it is unable to complete its review of Fannie Mae’s interim unaudited financial statements for the quarter ended Sept. 30, 2004,” according to a Fannie statement. The delay revived nagging questions among regulators and investors alike about Fannie Mae’s accounting practices.
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