DENVER—Rent trends decelerated again in second quarter 2016, according to Reis, as average effective rent advanced only $7 (0.7%) sequentially, down from $21 (2.1%) in the comparable period of 2015. Expressed on a year-on-year basis, rent increased 4.8%, materially lower than the second quarter's 6.3% metric. Indeed, the y-o-y comparison was the lowest recorded in three years. Axiometrics same-store stabilized property comparisons recorded comparable results. This sample unit-weighted mean effective rent increase was 5.1% during 2Q16, on par with the prior quarter but considerably slower than the 12.2% surge posted in the year-earlier period. Class-C continued to lead, rising 7.7% y-o-y, compared to 4.8% and 3.2% for classes-B and –A, respectively. Only class-A gains were faster in sequential quarters as class rents enjoyed a robust rebound from the first quarter 2016's weak results. The rent model is unchanged, achieving a 97.3% ARS (S.E.=0.6%) with sequential occupancy change (positive), job growth (positive) and home prices as independent variables. The model projects that rent growth will continue to decelerate moderately through the winter but catch fire again as the anticipated economic expansion in 2017 and 2018 gains traction. Rents are expected to rise 5.5% to 6.5% during this period. During the course of the forecast, rents are projected to increase.

NEWS AND NOTABLES

DALLAS—Capview Partners LLC, a Dallas-based real estate investment and fund management firm focused solely on single-tenant, net lease retail properties, has hired Andrew Calderwood as a managing director, where he will lead business development strategies. Calderwood previously served as the head of US real estate for Macquarie Infrastructure and Real Assets in New York. He was also a founding partner of Perennial Real Estate Investments, where he helped build assets to a record $3.5 billion and was ultimately promoted to CEO of the fund due to his strong 10-year track record of investment performance. Prior to that, Calderwood was a senior portfolio manager at Colonial First State, Australia's largest asset manager. While there, he founded the New York office and was portfolio manager for US REITs.

DALLAS—Stream Realty Partners brought in John Huff as managing director to lead its new healthcare real estate division. In this capacity, Huff will be responsible for leading and conceptualizing Stream's healthcare portfolio initially in the Dallas-Fort Worth market for products including medical office, specialized outpatient facilities, hospitals, teaching and research buildings, senior living care and build-to-suit opportunities, among others. With a growing portfolio encompassing more than 130 million square feet of assignments of industrial, office, retail and multifamily leasing and management assets, Stream's advanced platform will focus on a broad spectrum of services including strategic leasing, facility development, investment sales, portfolio analysis, and management, among other service lines.

DEAL TRACKER

ALBUQUERQUE, NM—The Albuquerque Indian School District is a business and cultural quarter that is unique to New Mexico. This innovative economic community will include dozens of profit-generating enterprises, including office and commercial tenants, a state-of-the-art conference center, lodging, retail operations, food service and security operations. The project will have far-reaching impacts and will set a new standard for collaboration between local and tribal governments working toward mutually beneficial economic development.

MULBERRY, AR—Allied Bank was closed late last month by the Arkansas State Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver, according to the FDIC. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Today's Bank, Huntsville, AR, to assume all of the deposits of Allied Bank. The five branches of Allied Bank reopened as branches of Today's Bank and depositors of Allied Bank will automatically become depositors of Today's Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

FORT COLLINS, CO—The Colorado State University scholarship committee selected Miriam Wagoner to be the first annual recipient of the Cornerstone Home Lending, Inc. Scholarship. Wagoner is a senior pursuing a bachelor's degree in business administration with a concentration in corporate finance. She is on the dean's list and recently became the new venture chair for the dean's student leadership council. She also serves on the college of business mentoring program to help incoming freshman of ethnic backgrounds navigate college.

OKLAHOMA CITY—Sonesta ES Suites has been completely reimagined. Following a multimillion-dollar renovation completed this fall, the new residence-style suites welcome guests with all the amenities of a small apartment creating the perfect mix of comfort and flexibility for business travelers and vacationers alike. Centrally located near Oklahoma City's famed Bricktown, Sonesta ES Suites provides travelers easy access to transportation, downtown businesses and many area attractions. The 136 newly designed studio and two-bedroom oversized suites feature spacious bedrooms, separate living and bath areas. In addition to the unveiling of the reimagined property, Sonesta named Mark Dunnweber as the general manager of the Sonesta ES Suites property. In this role, Dunnweber will be tasked with overseeing the daily operational activities of the property and its staff. Working across teams, Dunnweber will be instrumental in maintaining employee engagement, driving revenue and profitability.

COVINGTON, LA—Walk-On's Bistreaux & Bar is coming to River Chase mixed-use development. This will mark the first Northshore location for the highly anticipated sports restaurant and bar, according to NAI Latter & Blum, Stirling Properties and Greenleaf Architects. The company closed on the purchase of 1.82 acres of property located on the northwest corner of Stirling Boulevard and Brewster Road next to Sam's Club. Construction on the site will commence within the next couple of weeks. The restaurant is expected to open by the summer of 2017, according to Arkel Constructors, which has been chosen as the general contractor. Beau Bourque with NAI Latter & Blum represented the tenant and Rhonda Sharkawy with Stirling Properties represented the property owners. Greenleaf Architects was selected to design the custom restaurant for the new Northshore location.

BUILDING BLOCKS

DALLAS—Merriman Anderson/Architects's stamp can be seen on master planned developments, urban housing, office buildings, corporate facilities, hotels, hospitals, schools and retail projects, including interiors and signage, throughout the world. MAA constantly strives to meet and exceed client expectations through all phases of the architectural design process. As part of that solution, its 3D visualization team has become increasingly important in allowing clients to visually understand what is being designed and developed. For years, clients have been offered 3D still images, as well as video fly-bys from concept to construction to aid in the understating of the vision of the project. Virtual reality is the next step in this visioning process for MAA. Though VR is being used in many fields, from art to media, entertainment and sports, the application for architecture and interior design is unique in its own. The image shown is from the virtual reality software of the lobby in The Drever, a 1.5 million square-foot mid-century mixed-use renovation MAA is designing in downtown Dallas.