MULTIFAMILY
- Denver’s largest multifamily transaction in 2.5 years closed last week. A combined 1,023 units sold for $177m to BMC Investments and Oak Coast Properties.
- Morgan Properties becomes the largest multifamily owner in Pennsylvania Their recent purchase from Lone Star Funds for $890m includes 2,346 units in PA bringing their total unit count to 9,300.
- Want to relive the college glory days? It’s no surprise that co-living is seeing an upward trend. According to Market Watch, in major cities like San Francisco and New York, millennials would have to spend 77% of their income to afford the average one-bedroom apartment. What is co-living? Tenants share common areas such as the kitchen and bathroom in a communal setting. Co-living offers significantly cheaper rent and investors are starting to take notice.
RETAIL & HOTEL
- Marriott is making moves! The largest hotel company in the world is slated to open more than 1,700 hotels over the next 3 years.
- How much would you pay to take a power nap? ‘Nap Bar’ might be the newest trend in the wellness space. The retailer is slated to open its’ first Texas location at Rice Village. Power naps start at $25 for 20 minutes. Monthly memberships are available for $179 and include access to showers, pajamas, and coffee.
- Real estate and food delivery go hand in hand. With food delivery on the rise, Uber is testing a program in which it leases empty space for commercial kitchens that focus on food delivery. The delivery only service would be powered by UberEats.
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