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Volume 3 - Number 19 | October 11, 2005
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TOP STORY: REITs Maintain Stable Outlook, But Looking for Growth Opportunities
By Sule Aygoren Carranza
With each company it rates ending the second quarter on steady footing, Moody’s Investors Service has reaffirmed the multifamily REIT sector’s average senior rating of Baa3 and maintained its stable outlook for the asset class. As fundamentals for the segment continue to improve, REIT coverages have strengthened. Yet an expensive investment environment has led several REITs to dispositions or development, according to the locally based company’s recently released report, and at least one REIT is thinking of going abroad.
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INSIDER: Related Capital Co.’s Andrew J. Weil
By Sule Aygoren Carranza
Related Capital Co. has been among the largest investors in the low-income housing tax credit arena for decades. Last year alone, it raised more than $1 billion in equity in tax credit investment funds. The company, a subsidiary of CharterMac, recently closed a $200-million, multi-investor corporate tax credit fund. The collection, Related Corporate Partners XXX, represents the second new fund the New York City-based company has closed this year and the 30th under the Related Corporate Partners brand name since the first such fund it completed in 1993.
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DEAL WATCH: Metro Homes, Trump to Build Garden State’s Tallest Apartments
By Sule Aygoren Carranza
The tallest residential towers in New Jersey are expected to welcome residents by November 2007. A development of Metro Homes LLC and the Trump Organization, the $415-million, 862-unit Trump Plaza: Jersey City is scheduled to begin construction at the end of next month.
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DATA POINTS : Absorption Up, Vacancy Down, But Pressure from New Deliveries Remains
Almost 12,000 units were absorbed over the second quarter, leaps and bounds above the 910 units taken up during the first three months of this year. Yet that wasn’t enough to overcome new construction, which totaled more than 15,000 units in Q2. Further, the multifamily market remains challenged by the trend of homeownership, both in single-family and condominium homes, contends Parsippany, NJ-based Coldwell Banker Commercial in the fall 2005 edition of its Viewpoint report.
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