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Tue
25
Jul
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Apartments In Upscale Arizona Neighborhood Sell For $71 Million

Phoenix, Tucson Apartments Sold

The Arcadia Cove Apartments in Phoenix, acquired for about $40 million in 2013, have sold for $71.5 million, according to a release.

The 432-unit complex was sold to BH Equities of Des Moines, Iowa, according to Bascom Arizona Ventures who completed the sale for $165,509 per unit. Arcadia Cove, built in 1996, is located at 2252 N. 44th St.

Tue
25
Jul
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Nonresidential Construction Climbs While Multifamily Recedes

Nonresidential construction climbs while multifamily recedes

Residential building slipped 4% in June, as both sides of the housing market, single family and multifamily, retreated while other new construction starts in June grew 4% from the previous month to a seasonally adjusted annual rate of $679.9 billion, according to a release.

Through the first six months of 2017, total construction starts on an unadjusted basis were $342.7 billion, down 4% from the same period a year ago.

 If the manufacturing plant and electric/utility gas plant categories are excluded, total construction starts during the first half of 2017 would be up 1% from last year, according to Dodge Data & Analytics. The non-building construction sector rose 8% with the help of elevated activity for electric utilities.

Mon
24
Jul
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Seattle Tightens Rental Inspection Rules On Landlords

The Seattle City Council has tightened rental inspection rules giving less notice to landlords before an inspection, according to reports.

The changes reduce the amount of advance notice landlords get that their building will be inspected from two months to 10 days. They will receive a 60-day notice of a pending inspection, but no specifics on which apartments will be inspected.

Fri
21
Jul
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Apartment Markets Decline Slightly In July Quarterly Survey

apartment markets continue decline in second quarter

Apartment markets declined as softening conditions continue in the apartment markets for the second quarter in the National Multifamily Housing Council’s (NMHC) survey, according to a release.

All four indexes of the NMHC July Quarterly Survey of Apartment Market Conditions remained slightly below the breakeven level of 50, the fourth consecutive quarter indicating softening conditions.

  • Market Tightness (43)
  • Sales Volume (47)
  • Equity Financing (46)
  • Debt Financing (47)

All indexes all improved from April, but still hovered just below 50, according to the release.

“All four indexes are below 50 but rising, suggesting that the softening is less wide-spread than in previous quarters,” Mark Obrinsky, NMHC’s SVP of Research and Chief Economist, said in the release.

Thu
20
Jul
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Real Estate Trust Buys Portland Apartments For $75 Million

Portland apartments purchased for $75 million

Jory Trail at the Grove, a complex of Class A apartments in the Portland, Oregon suburb of Wilsonville has been purchased for $75 million, according to a release.

The purchase was made by JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT, according to the release.

Wilsonville is a thriving suburb of Portland that features a robust apartment market, low market vacancy and no multifamily units under construction or planned in the submarket. Jory Trail has 324 units and is 95% leased, according to the release.

 The suburb is located along the I-5, providing access to some of greater Portland's major employment centers and is home to Xerox, Mentor Graphics, Rockwell Collins and Tyco.

Tue
18
Jul
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Cities Where Rent Prices Are Rising The Most 

Cities where rent prices are rising the most

It's no secret that where you live greatly affects how much you pay in rent prices. What's less known is that where you live can affect how much your rent will rise from one year to the next.

In a recent study, researchers for personal finance news and features website GOBankingRates reviewed median rental price data from May 2016 and May 2017 in select cities to determine the year-over-year change in dollars for a single-bedroom residence. The data was sourced and pulled from Zillow in June 2017, according to a release.

Tue
18
Jul
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Majority Of Rental Property Investors Are Small Entrepreneurs

most rental property investors and owners are small entrepreneurs

Most rental property investors and owners are small landlords who own five or fewer single-family rental housing units, according to a new study.

The study showed that landlords and real estate investors lease 44 million rental households that house about 60 million people across the U.S., according to a release from Real Property Management. The study found this means there are about 10 million real estate investors representing 98 percent of all rental property owners and about 80 percent of all rental properties.

“The single-family residential investment market has long been misunderstood and dismissed as only an option for those wealthy enough to use real estate investing as a business,” Bob Pifke, CMO of Property Management Business Solutions, LLC, the franchisor of Real Property Management, said in the release.

Tue
18
Jul
John Triplett's picture

7 Questions And Answers On Canine Liability Insurance

7 questions and answers about canine liability insurance

Debbie Turner got into the canine liability insurance issue after she adopted a schnauzer, named Jazz,  who had personality issues.

She began to learn the different aspects of canine behavior so she could try and figure out why Jazz was so broken.  Jazz led a long and healthy life and ultimately died of old age.

“But somewhere it just hit me that the insurance industry is not underwriting the canine exposure," she said. She became interested in canine behavior and "found insurance companies just do not know how to underwrite this risk,” she said in an interview about what led her to start Dean Insurance Agency and the website dogbitequote.com.

Jazz the Schnauzer

Fri
14
Jul
The Editors's picture

Why Is The Internet In Apartment Complexes So Bad?

Why is the internet in apartment complexes so bad? Can a multifamily internet system with wifi installation be the ticket?

Sponsored Blog

Can A Multifamily Internet System With WiFi Installation Be The Ticket?

By Hart Steen

 

Tue
11
Jul
John Triplett's picture

Portland Landlords Lose First Round In Suit Against Relocation Ordinance

Portland landlords lose first round in suit against city relocation ordinance

A judge has ruled in Circuit Court in Portland against landlords who had challenged the city’s relocation ordinance passed earlier this year.

Judge Henry Breithaupt, a tax court judge sitting in Circuit Court, upheld the relocation assistance ordinance and ruled against the landlords’ argument that the relocation ordinance amounted to rent control and illegally sought to stop no cause evictions.

The city’s law allows tenants to collect between $2,900 and $4,500 when landlords use no-cause evictions or raise rents more than 10 percent in a year. Portland’s ordinance is set to expire in October along with the City Council’s housing emergency declaration.

“There were three things happening at the same time to put it in perspective,” John DiLorenzo Jr, the attorney representing landlords, told Rental Housing Journal.

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