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Volume 4 - Number 10 | May 23, 2006
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TOP STORY: Demand Improves, Financing and Sales Conditions Deteriorate
By Sule Aygoren Carranza
While performance fundamentals in the multifamily sector continued to strengthen during the first quarter, sales velocity has declined from the torrential pace of the past few years. That’s the finding of the National Multi Housing Council’s April 2006 Quarterly Survey of Apartment Market Conditions, which polled 75 chief executive officers and other senior executives of apartment-related firms across the US.
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REP Revamps 2,500 Units, Expects Up to 20% Boost in Rents
By Sule Aygoren Carranza
Many firms implement renovation programs on relatively new acquisitions, but one firm is taking it to the next level. Real Estate Partners Inc. is in the midst of renovating about 2,500 units in five properties in Arizona, Louisiana and Texas. After the extensive repositioning effort, the locally based company expects to boost rents at the properties by as much as 15% to 20%.
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Two More Seniors Housing Firms Merge in $1.2B Deal
By Sule Aygoren Carranza
Two more seniors housing companies have recently merged operations. Locally based Brookdale Senior Living Inc., an operator of senior living facilities, has agreed to buy its rival, American Retirement Corp. of Nashville, TN, for about $1.2 billion in cash. The purchase price factors out to $33 per share, on a fully diluted basis, and represents a 32% premium over the firm’s closing share price on May 12.
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