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The company recently acquired The Mint, a 178-unit class-A apartment building in Charlotte.
Research from Berkadia shows that apartment concessions have decreased rapidly from the end of March through June.
In the second quarter, there was 248,000 square feet of positive absorption, pushing the vacancy rate down 10 basis points.
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The purchase of Sorrento Towers is the third acquisition that the two companies have made together.
The market is so tight right now that developers are having trouble finding suitable land.
Rent growth has been whopping this year.
The commercial real estate market on the San Francisco peninsula recorded a marked improvement in the second quarter, driven by R&D activity.
Leasing in some areas is above pre-pandemic levels.