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Volume 4 - Number 26 | December 26, 2006
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TOP STORY: Multifamily REITs Not Likely to Repeat ‘06 Performance
By Sule Aygoren Carranza
Don’t expect multifamily REITs to repeat this year’s stellar performance in 2007. According to analysts at Bank of America, the fact that public apartment firms outpaced their counterparts in 2006 was mainly due to cap rate compression and significant growth in earnings caused by their significant pricing power.
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NYC Pushes for More Affordable Development
By Sule Aygoren Carranza
The Big Apple is making strides to boost its affordable housing inventory. At press time, Mayor Michael R. Bloomberg says he expects to sign an amended bill that reforms the 421-a property tax program, one of the most popular incentives for residential developers in the city.
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Deal Watch: CORE Picks Up 2,399 Units in Largest Deal of its Kind
By Sule Aygoren Carranza
In what’s believed to be the largest value-added multifamily acquisition by a tenant-in-common group in the US to date, CORE Realty Holdings LLC paid $188 million for a portfolio of eight communities totaling 2,399 units. The deal was offered to 208 investors through eight separate offerings, all of which are now fully subscribed and closed.
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Multifamily Debt Rises, Accounts for More CMBS Delinquencies
By Sule Aygoren Carranza
The level of outstanding mortgage debt for commercial real estate grew by $79.9 billion or 2.9% between the second and third quarters of this year to more than $2.8 trillion, according to the Mortgage Bankers Association. Of that amount, multifamily properties accounted for $714 billion, an increase of $10.8 billion or 1.5% from the second quarter.
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