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Family of woman killed in Maryland apartment fire sues property manager
The wrongful death lawsuit seeks $2.3 million from the owner and operator of Arrive Silver Spring.
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Troubled Aurora, Colorado, apartments draw national attention
While management claimed that gangs took over its properties this summer, residents and city officials highlighted multiple code violations.
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PROJECT SPOTLIGHT
30-story student housing tower rises from infill lot in Austin
Located near The University of Texas at Austin, MDL Group’s Icon will be open for the 2025 school year.
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Developers look for deals on dirt
Generational property owners are in a position to wait, while those who have recently purchased land may be more motivated to sell.
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EXECUTIVE MOVES
Amherst Group names new general counsel
Peter Campbell was previously in the same role for Lendlease in the Americas.
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DEALS + STARTS
New York-based firm makes $102M bet on Atlanta through new fund
LRE Management also added PGA golfer Patrick Cantlay as a member of its advisory board.
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Owners of more than 8,000 units sue NJ town over new fees
Among other requirements, landlords in Edison must pay $100 per unit per year.
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Minnesota bans pot smoking, vaping in multifamily properties
The restriction, which went into effect this summer, does not apply to approved medical use.
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DEALS + STARTS
Gindi Equities makes $13.5M sale in North Carolina
The New York City firm originally bought the Cedar Ridge Apartments in 2021.
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Lynd assigned an 11,000-unit portfolio
The original owners purchased the 50 properties as a value-add play but ran into problems when interest rates rose and costs increased.
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PROJECT SPOTLIGHT
New Mast Capital Florida property caters to nearby healthcare workers
The Harlow is located next to a new $250 million hospital in Wesley Chapel, Florida.
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Freddie Mac names new CEO
Diana Reid brings more than four decades of banking, real estate, capital markets and affordable housing experience to the company.
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Illinois property managers barred from retaliation
The Landlord Retaliation Act, which prohibits rent increases or evictions in response to a tenant complaint, puts landlords in a defensive position, an industry official said.
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Trepp: Delinquency, servicing rates hit highs not seen in years
Distressed CMBS loans increased across commercial real estate last month, but apartment issues stood out.
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Rents remain flat ahead of potential rate cut this month
The national average rent has fallen by $1, ending six months of gains, while YOY rent growth holds steady at 0.8%.
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RealPage allows customers nationwide to remove nonpublic data
The DOJ’s recent suit against the firm could be a warning to companies to look closely at what data is being provided, who has access to it and how it is being used, according to a lawyer.
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Multifamily permitting drops in urban areas
Higher interest rates and supply chain concerns have taken a toll on apartments, according to the NAHB.
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Fannie, Freddie announce tenant protection plans for housing portfolios
The GSEs’ borrowers must provide advance notices of rent increases and lease expirations, among other requirements.
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Q&A
Pratum CEO explains why he wants to acquire more properties
Shah Alam thinks ownership will complement the existing services his management firm offers.
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DEALS + STARTS
Canadian firm buys 4 properties from Lennar’s Quarterra
QuadReal Property Group picked up 1,400 units total in Colorado, North Carolina, Arizona and Maryland.
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Houston tenant seeks $1M after unit ceiling collapses
A lawsuit filed against the property owner, Commerce Capital Partners, alleges negligence.
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Centralization tips from the REITs
With shared services spread among multiple communities, public companies like EQR, UDR and AvalonBay are leading the way.
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Opportunities abound in California despite challenges for developers
Amid hurdles posed by regulatory complexities and shifting market dynamics, many firms remain bullish about the Golden State’s multifamily outlook.
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The largest multifamily starts of July 2024
Nashville, Tennessee; Buffalo, New York; and Tampa, Florida, have seen the launch of new projects valued at over $250 million each.
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PROJECT SPOTLIGHT
New Houston developer debuts first ground-up projects in San Antonio
Vero Sade intends to expand its reach across the Sun Belt.
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