Commercial & Residential Property Blog

Denver–National marketing and technology firm Creativity for Rent has acquired online marketing consultancy Multifamily Edge, and combined the two companies to create Denver, Colo.-based Engrain. With the rebranding of the two entities as Engrain, the companies’ offerings will be deftly united under one new umbrella.

Newport Beach, Calif.–Lyon Communities is ready to receive residents at gallery421, the developer’s newly completed luxury apartment community in Long Beach, Calif., just outside of Los Angeles.

MEMPHIS, TN – Mid-America Apartment Communities, Inc. (NYSE: MAA) announced today that it has completed the acquisition of Avondale at Kennesaw Farms, an upscale 288-unit apartment community located in the Nashville MSA.

Austin– Marcus & Millichap Real Estate Investment Services brokered the sale of Malibu Apartments, a 218,600-square foot, 476-unit multifamily property in Austin.

Elmwood Park, N.J.–Marcus & Millichap Real Estate Investment Services served as real estate advisor to Hartz Mountain Industries in its acquisition of a multifamily housing portfolio in Bergen County through the purchase of a $25.5 million whole mortgage loan.

Jackson, Mich.– Hendricks & Partners brokered the $4,600,000 sale of the 268-unit Alpine Lake, located at 665 North Alpine Lake Drive.

CHICAGO, IL – BridgeStreet Worldwide, a leading international provider of corporate housing, today announced the opening of new, spacious apartments in Chicago’s vibrant River North area. The mixed-use, high-rise building combines 145 serviced apartments on top of a four-star, boutique hotel and trend-setting bar and restaurant.

The San Francisco Chronicle is reporting that the owner of the city’s 116-acre Parkmerced apartment complex is expected to announce that the loan on the property has fallen into default.

New York–Multifamily properties in the U.S. could begin stabilizing in certain markets later this year, according to Fitch Ratings.

The ratings agency, which has a negative outlook on the sector, predicts that multifamily vacancies are likely to peak at 8.9 percent later this year. Those markets that will be the healthiest for multifamily properties are likely to be metropolitan areas where unemployment rates are leveling off, and job formation may begin to take hold, according to Mary MacNeill, a managing director in Fitch’s CMBS group.

Lebanon, Tenn.– Deutsche Bank Berkshire Mortgage (DBBM) arranged a $17.8 million Federal Housing Administration (FHA)-insured loan for the construction of Callis Hills Apartments, a proposed 210-unit garden-style multifamily community in Lebanon, Tenn.