CNL Growth Properties has decided to liquidate its multifamily holdings and dissolve the company following a strategic review. The public non-listed REIT, one of several managed by CNL Financial Group, informed shareholders it would sell its assets, pay off debts and distribute the net proceeds.
Retail centers that are less than top quality will have difficulty competing in the market, says Sam Zell of Equity Group Investments. Many retail properties are obsolete, and online sales are taking away traffic, he said.
The FTSE NAREIT regional mall index will likely decline for the second consecutive month, following department stores' lackluster earnings and sales and the growing fears of more closures.
Sixty-nine percent of Americans said they were either "living comfortably" or "doing okay," an increase from prior years, according to the Federal Reserve 2015 Survey of Household Economics and Decisionmaking. However, nearly half would have difficulty covering a $400 expense in an emergency.
JBG, a privately held developer based in the Washington, D.C., area, is acquiring New York REIT. The deal will create a $8.4 billion public REIT called JBG Realty Trust.
Colony Starwood Homes has priced a $509.1-million floating rate loan -- its first securitization since the merger of Colony American Homes and Starwood Waypoint Residential Trust. It is the first to include a risk-retention tranche.
An anticipated downturn in lodging offers rich opportunities for investors, given low costs in lending and other areas, experts advise. "We believe that at the upturn of the cycle, we will be ready to capture the increase in demand that comes about," Dur Hospitality CEO Badr Al Badr said.
Western Wealth Capital Ltd. has acquired Greater PHX IV Portfolio, a Phoenix-area 748-unit, four-property portfolio, for $41.5 million. The investment comes after the firm invested $40 million in 300 of 440 total units at Signature Place Condominiums in Tempe last week and $27.25 million in a 397-unit property in Mesa last month.
Milestone Apartments Real Estate Investment Trust is investing $50 million in the Milestone Real Estate Investors IV LP, a private discretionary equity fund meant to target value-added multifamily properties. The company says its investment should not exceed 20% of the fund's aggregate capital commitments but will allow the company to add to its property acquisition pipeline.
A 168-unit apartment complex in the Miles Crossing area of Astoria, Ore., has been put on hold as the city takes a closer look at sewer system strain and traffic effects, concerns voiced by residents. The 10.4-acre project may have several areas, including the Bella Ridge Apartments development, with 800-square-foot apartments at $885 to $950 per month.
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