BLOOMFIELD HILLS, MI—The number of multifamily properties changing hands has soared in recent years, and experts believe this growth will continue. Data from Real Capital Analytics, shows growth every year since the Great Recession of 2009, from 1,757 properties to 7,230 in 2015. Officials from Income Property Organization, a Bloomfield, Hills, MI-based broker say this past October saw the largest sales volume in the organization's 18-year history. Total sales for 2016 were up 30% compared with the record-setting year of 2015. “Demand for apartment communities in the area is as strong as ever,” says Greg Coulter, broker/managing member. “Even more remarkable is the fact that the current nationwide prices are on average 33% higher than the previous all-time high attained in 2007,” he adds, citing data from Moody's Investor Service.

NEWS & NOTABLES

CHICAGO—Effective Jan. 27, General Growth Properties, Inc., will officially change its name to GGP Inc. Founded in 1954, it acquiring its first shopping center two years later and evolved into one of the preeminent developers of regional shopping centers in the US. “The US has eight billion square feet of retail real estate, with approximately 1.3 billion square feet considered high quality,” says Sandeep Mathrani, chief executive officer of Chicago-based GGP. “We control eight percent, approximately 100 million square feet, of the best retail real estate in the country. In addition to traditional retailers, our regional shopping centers incorporate supermarkets and lifestyle stores as well as dining and entertainment venues. GGP currently owns and operates 126 retail properties in 40 states.

CHICAGO—The Chicago chapter of the Society of Industrial & Office Realtors recently named their new executive officers for the year 2017. Pictured are (from left to right): Adam Roth of NAI Hiffman, SIOR Chicago chapter past president; Dan Benassi of Entre Commercial Realty, treasurer; Dan Smolensky, of Taurus Modal Group, vice president; Jason West, of Cushman & Wakefield, SIOR Chicago chapter 2017 president; Tom Boyle, of Transwestern, secretary; and Geoff Kassleman, of Newmark Grubb Knight Frank, SIOR national president.

DEALTRACKER

ST. LOUIS—Holliday Fenoglio Fowler, LP has secured $27.05 million in financing for The Enclave at Winghaven, a 400-unit, class A multi-housing community in O'Fallon, MO, a suburb of St. Louis. HFF secured a seven-year, fixed-rate loan with a correspondent life company lender. The borrowers include affiliates of both Banner Apartments, LLC and Doug Imber, president of Essex Realty Group, Inc. GlobeSt.com reported in 2006 that the property, located at 1000 Applerock Dr. and built in 2001, was bought by Northbrook, IL-based Essex Capital LLC. This loan refinances maturing Freddie Mac debt on the property. Tenants have leased 97% of the 20-acre property, which has 16 residential buildings with units averaging 952 square feet each. The HFF debt placement team was led by managing director Matthew Schoenfeldt.

BY THE NUMBERS

LOUISVILLE—The Louisville office market continues to post positive net absorption and the average asking lease rate increased $0.20 per square foot to $17.36 per square foot in the fourth quarter, according to CBRE's latest Office MarketView. Overall, 2016 total net absorption was 318,112 square feet, similar to the levels reached in the past three years. The vacancy rate for class A properties decreased 20 bps to 10.8% and the class B vacancy rate declined 120 bps to 15.5% during the quarter. “It's been another strong year for Louisville's office market and we expect this to continue into 2017,” says David Hardy, managing director.

CHICAGO—Federal Reserve economists just released their latest Beige Book, an economic survey and analysis published eight times a year, and say construction and real estate activity in the Chicago region edged up over the reporting period. Residential construction only grew slightly across home types and locations. Home sales and prices increased slightly overall, but here the growth was uneven. Demand for homes under $250,000 grew strongly, while demand for homes between $250,000 and $500,000 was flat, and demand for homes over $500,000 was up slightly. Nonresidential construction increased modestly on balance. Commercial real estate activity increased slightly in both the for-sale and for-lease segments. Commercial rents and availability of sublease space were little changed, and commercial vacancy rates decreased slightly.

BLOOMFIELD HILLS, MI—The number of multifamily properties changing hands has soared in recent years, and experts believe this growth will continue. Data from Real Capital Analytics, shows growth every year since the Great Recession of 2009, from 1,757 properties to 7,230 in 2015. Officials from Income Property Organization, a Bloomfield, Hills, MI-based broker say this past October saw the largest sales volume in the organization's 18-year history. Total sales for 2016 were up 30% compared with the record-setting year of 2015. “Demand for apartment communities in the area is as strong as ever,” says Greg Coulter, broker/managing member. “Even more remarkable is the fact that the current nationwide prices are on average 33% higher than the previous all-time high attained in 2007,” he adds, citing data from Moody's Investor Service.

NEWS & NOTABLES

CHICAGO—Effective Jan. 27, General Growth Properties, Inc., will officially change its name to GGP Inc. Founded in 1954, it acquiring its first shopping center two years later and evolved into one of the preeminent developers of regional shopping centers in the US. “The US has eight billion square feet of retail real estate, with approximately 1.3 billion square feet considered high quality,” says Sandeep Mathrani, chief executive officer of Chicago-based GGP. “We control eight percent, approximately 100 million square feet, of the best retail real estate in the country. In addition to traditional retailers, our regional shopping centers incorporate supermarkets and lifestyle stores as well as dining and entertainment venues. GGP currently owns and operates 126 retail properties in 40 states.

CHICAGO—The Chicago chapter of the Society of Industrial & Office Realtors recently named their new executive officers for the year 2017. Pictured are (from left to right): Adam Roth of NAI Hiffman, SIOR Chicago chapter past president; Dan Benassi of Entre Commercial Realty, treasurer; Dan Smolensky, of Taurus Modal Group, vice president; Jason West, of Cushman & Wakefield, SIOR Chicago chapter 2017 president; Tom Boyle, of Transwestern, secretary; and Geoff Kassleman, of Newmark Grubb Knight Frank, SIOR national president.

DEALTRACKER

ST. LOUIS—Holliday Fenoglio Fowler, LP has secured $27.05 million in financing for The Enclave at Winghaven, a 400-unit, class A multi-housing community in O'Fallon, MO, a suburb of St. Louis. HFF secured a seven-year, fixed-rate loan with a correspondent life company lender. The borrowers include affiliates of both Banner Apartments, LLC and Doug Imber, president of Essex Realty Group, Inc. GlobeSt.com reported in 2006 that the property, located at 1000 Applerock Dr. and built in 2001, was bought by Northbrook, IL-based Essex Capital LLC. This loan refinances maturing Freddie Mac debt on the property. Tenants have leased 97% of the 20-acre property, which has 16 residential buildings with units averaging 952 square feet each. The HFF debt placement team was led by managing director Matthew Schoenfeldt.