Commercial Real Estate & Business News – March 1, 2017

The fall semester may be months away, but developers of student housing are already cramming for the next academic year. They’ve been busy preleasing apartments while working feverishly on new projects, especially those that must be completed by summer. At the same time, they are lining up additional building sites or acquisition targets to help meet rising demand…»
At the base of Mummy Mountain in Paradise Valley, an 841,669-square foot plot of land has entered the market at $28 million. “It’s extremely rare that this kind of land in this kind of location becomes available,” said Rusty Davis, a listing agent at Russ Lyon Sotheby’s International Realty. “Having football fields worth of land at the base of a mountain is an amazing opportunity for potential estate builders or developers.”…»
Borrowers still have lots of choices when securing permanent financing for apartment properties, particularly from Fannie Mae and Freddie Mac. “There is overall good liquidity in the mortgage markets,” says Mitchell Kiffe, senior managing director and co-head of national production with CBRE Capital Markets. “Both government-sponsored entities are off to a strong start to 2017. Right now they are very active.”…»
In order to gauge current industry trends and sentiments, Capital One Multifamily conducted a survey of multifamily professionals during the National Multifamily Housing Council’s Annual Conference in San Diego, Calif. on January 24th, 2017. Capital One asked its ninety-five respondents whether they planned to be buyers or sellers in the coming year …»
Higher mortgage rates and near record low supply resulted in disappointing home sales to start the year. House hunters signed 2.8 percent fewer contracts to buy existing homes in January compared with December, although December’s read was revised slightly higher, according to the National Association of Realtors. The group’s so-called pending home sales index is now just…»