The Federal Reserve’s recent decision to delay any increase in short-term interest rates appears to have been the correct call in hindsight based on last Friday’s disappointing news that total U.S. nonfarm payroll employment increased by only 142,000 in September, says economist Robert Bach. But the lackluster September jobs report released by the U.S. Bureau of Labor Statistics (BLS) also complicates the Fed’s task of communicating its plans to the financial markets… Read more »
Even the most pessimistic apartment market researchers agree that very few apartments were empty in the third quarter and that the vacancy rate in the multifamily rental sector will remain low in the short-term. “Vacancy expansion will not be dramatic—there is far too much demand,” says Ryan Severino, senior economist and director of research with Reis, Inc., a New York City-based research firm. “Vacancy will marginally drift higher.”…Read more »
The commercial real estate market is set to enjoy mostly favorable conditions through 2017, according to the latest three-year consensus forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. While the latest semi-annual outlook is slightly less bullish compared with six months ago, the majority of indicators in the forecast signal favorable economic conditions and capital markets in the United States… Read more »
The Huntington Apartments have been sold for $34.6 million, netting Gelt investors a cumulative return of approximately 54% and an annualized return of approximately 36% during the 18-month ownership period. The Huntington, which is located at the intersection of Mill Ave and the 60 freeway, is in close proximity to Arizona State University and numerous high-profile employers… Read more »
Orange Grove Medical Center, a 40,782 total square foot multi-tenant office building, sold for $3,000,000, or $73.56/SF. The property is located on the southeast corner of Orange Grove Road and La Cholla Boulevard in Tucson, Arizona. Constructed in 1988, the medical center sits on fee ground at the Northwest Medical Center Campus and was approximately 51% occupied at close of escrow. The property was sold by a $2.5 billion publicly traded healthcare REIT, HR Acquisition… Read more »