Commercial Real Estate & Business News – June 23, 2017

Starlight U.S. Multi-Family (No. 1) Value-Add Fund has acquired two properties located in Round Rock, TX and Phoenix comprising 943 multifamily units for a combined $154.8 million. The transaction was closed with a combination of funds raised from the initial public offering for the Toronto-based company’s first value-add fund and $105 million in first-mortgage proceeds…»
Boeing will transfer employees from its internal services division in Seattle to its Mesa facility in the next two to three years, according to the aerospace behemoth. The company would not confirm how many positions will transfer to Mesa, but The Seattle Times reported that hundreds of employees will be asked to leave Seattle and head south…»
Separate studies issued this week share the same conclusion that demand for rental apartments and other housing options will stay at elevated levels largely due to continued robust household formation and limited affordable housing options, especially for detached single-family houses…»
Adam Baugh, a zoning and land use attorney at Withey Morris, PLC, and pioneer of infill restaurant projects across the Valley, says these projects require “a lot of MacGyvering to get them through the city.” When it came to repurposing and adapting older buildings like an old motorcycle/car dealership into a restaurant like The Yard, on Seventh Street in Phoenix, Withey Morris found a creative way to make it happen…»
The State of the Nation’s Housing 2017 report, published by the Joint Center for Housing Studies (JCHS) of Harvard University, makes a solid case that the U.S. housing market is firmly on the road to recovery. Construction starts are rising, home prices are improving, and financial distress among homeowners is on the decline…»