Institutional Property Advisors announced sale of The Moderne, a 369-unit mid-rise multifamily asset in Scottsdale, Ariz., developed by JLB Partners. The $260 million sales price equates to $704,607 per unit. The transaction is the largest single asset core multifamily sale in Arizona history.
Category: News and Trends
Sponsored Content from Incenter: Desktop Appraisals: An Industry On Idle
Desktop appraisals were supposed to be an exciting solution for a backlogged industry. What happened, and how do we fix it?
MBA Chart of the Week May 13, 2022: Multifamily Construction
Housing markets are tight. Multifamily developers are responding. Developers are currently building 800,000 new homes in buildings with 5 or more units – the most since the mid-1970s – and will put-in-place a record $100 billion of multifamily housing construction this year.
The Week Ahead, May 16, 2022: MBA Secondary; MBA CMST; MBA’s Mark Jones to Testify on Capitol Hill Wednesday
NEW YORK—Good morning and happy Monday! MBA NewsLink and MBA Servicing NewsLink are coming to you this week here at the Mortgage Bankers Association’s Secondary and Capital Markets Conference & Expo at the Marriott Marquis in Times Square.
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“Compared to a year ago, the price of everything from filling a gas tank to buying a carton of eggs has increased due to inflation. Since wages of many consumers have not kept up with inflation, people are spending more to get less. However, there are several positives to note, including low unemployment, lenders increasing access to credit and strong consumer performance. These are all indications that consumers are well positioned as the economy continues to find its footing from the financial volatility of the pandemic.”
–Michele Raneri, vice president of research and consulting with TransUnion, Chicago.
People in the News May 16, 2022: PGIM Real Estate Names Christy Lockridge Chief DEI Officer
PGIM Real Estate appointed Christy Lockridge as its chief diversity, equity and inclusion officer, based in Chicago. She will build upon the firm’s expanded commitment to advancing diversity, equity and inclusion and will lead the business’s first formal DEI office.
MISMO Seeks Public Comment on Phase Two of Commercial Appraisal Dataset
MISMO®, the real estate finance industry standards organization, seeks public comment on phase two of proposed data standards for the Commercial Appraisal Dataset. The 60-day comment period runs through July 12.
MISMO Spring Summit in Charleston June 6-9
The MISMO Spring Summit takes place June 6-9 in Charleston, S.C.
George Baker of Talk’uments: In Spite of Storm Clouds, Genuine Opportunities Emerging for Lenders
The virtually untapped and growing market of Limited English Proficiency borrowers deserves consideration and investment, and promises real potential for lenders which do.
Howard Lin of Cielway: How to Manage Mortgage Servicing Rights in This Fast Market
Mortgage servicing rights are a natural hedge to those who primarily focus on the origination side of the business. However, retaining servicing rights is not an easy business, not to mention properly valuing them, especially when the current volatile interest rate movement makes hedging a task only to the most sophisticated mind.