MULTIFAMILY NEWS
- Here are the best and worst performing cities for Real Estate Investment according to tech company, Compound. The results are based on Q1 2018 to Q2 2019.
-Indianapolis, Indiana
-Cincinnati, Ohio
-Kansas City, Missouri
-Charlotte, North Carolina
-Dallas Fort WorthFor data’s sake, Indianapolis saw a 12% year over year appreciation followed by 8.37% appreciation in Cincinnati. The national average was 5.54% for residential real estate prices.
- Universal Rent Control. Oregon became the first state to implement universal rent control. What does that mean exactly? The goal is to alleviate the affordable housing crisis. Oregon believes the new legislation will immediately stabilize a half-million households, the majority of which are low-income.
- $93.5 million dollar transaction in Birmingham, Alabama. Michigan-based real estate investment and development company, Contour recently acquired three multifamily properties in Birmingham, Alabama. This marks the largest transaction in the market in five years.
- Gelt Inc., a Los Angeles-based firm recently added 384-units to its portfolio. The company purchased the Cedar Run apartments in Denver for $62m bringing their total portfolio size to 1,900 units.
NATIONAL NEWS
- “Throw me a line.” ONE15 becomes the first marina to open in 50 years in New York City. The marina is located in Brooklyn between Pier 4 and Pier 5 in Brooklyn Bridge Park.
- Is the party ending? Not completely, but Party City is the latest retailer to ax more stores. The party supply store will close 45 of its 870 stores. One key concern for Party City is the international helium shortage. Balloons are a key product, and the shortage in helium is impacting their bottom line.
- As the race for 1-day shipping continues, Amazon is incentivizing folks to start their own package delivery companies. The delivery service partner program would offer employees $10k and 3 months’ pay.
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