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Volume 4 - Number 13 | June 27, 2006
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TOP STORY: Wells Fargo Grows Multifamily Business
By Sule Aygoren Carranza
In an effort to expand its presence in the multifamily sector, Wells Fargo & Co. has agreed to acquire the assets of Reilly Mortgage Group, a privately owned multifamily real estate finance firm based in McLean, VA. The transaction, subject to regulatory approval, is scheduled to close in the third quarter of 2006.
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Campus Apartments Launches $1B Venture with Institutional Partner
By Sule Aygoren Carranza
Campus Apartments Inc. has formed a partnership with GIC Real Estate Pte Ltd. to invest in more than $1 billion worth of upscale student housing in college and university towns nationwide during the next 10 years. The deal would make Campus Apartments, a developer, manager and financier, one of the largest private student housing firms in the industry. The transaction also marks the first time the Philadelphia-based firm has brought in an institutional investor.
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Alliance Residential Gets Aggressive in Booming Vegas Market
By Sule Aygoren Carranza
Las Vegas, the tourist and gambling mecca, has emerged in recent years as a thriving place in which to live and work as well as play. Sin City no more, it has experienced massive job and economic growth and a boom in population. For at least one multifamily player, that's made it the right place to kick off an expansion program.
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INSIDER: Freddie Mac’s Michael C. May
By Sule Aygoren Carranza
This month, Michael C. May took over as sole head of multifamily sourcing, responsible for Freddie Mac’s $100-billion multifamily portfolio, comprised of cash mortgage, negotiated transaction, CMBS and low-income housing tax credit deals. The new SVP recently sat down with MHF to talk about his new role, the transition period, conditions in the apartment finance industry, the regulatory issues the GSAs have been having and his plans for the company.
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