Current conditions bode well for the outlook for lodging and resorts. Corporate profits, one of the main drivers of business travel, increased 5.5 percent last year while household budgets are benefitting from low unemployment and rising wages. Get the full sector spotlight here.
Nareit's annual conference brings together 1,500+ REIT executives, investors and industry professionals for a mix of private meetings, educational sessions and networking events. REITworld will take place Nov. 7-9 at the San Francisco Marriott Marquis. Register today.
Even as a strong multifamily supply pipeline concerns some observers, demand in this asset class will remain strong enough to mitigate a downturn, according to Marcus & Millichap. It reports that developers will deliver slightly more than 300,000 units this year, but the low homeownership rate among millennials, among other trends, will keep absorption steady.
CapitaLand Ltd. is buying a 16-property, 3,787-unit US apartment portfolio for $835 million from Starwood Capital. This is the Singapore-based investor's initial foray into the US apartment market, and it says it will continue to invest in these assets.
Carter Validus Mission Critical REIT II has appointed Todd Sakow to succeed Lisa Drummond as the company's chief operating officer and secretary. Sakow has stepped down from his roles as chief financial officer and treasurer, which will be assigned to Kay Neely, former senior vice president of accounting for Carter Validus Advisors II.
Institutional investors are increasingly accepting of health care real estate assets in their portfolios, and they are turning to REITs to acquire them -- a trend that is giving health care REITs the opportunity to reposition their portfolios. Even though these REITs are net sellers right now, they are well-positioned to make strategic acquisitions.
Transactions in New York's multifamily market for July dropped 37% in dollar volume and 8% in transaction volume compared with the monthly average for the first half of 2018, according to Ariel Property Advisors. The Bronx was the only submarket with increased dollar volume for the month.
Equity Residential has purchased a recently completed 354-unit apartment tower in downtown Denver for a reported $134.8 million. The property, called SkyHouse Denver, also has 6,650 square feet of street-level retail.
Armada Hoffler Properties completed phase six of its Virginia Beach Town Center, a 19-year project in which the REIT has collaborated with Virginia Beach. Over the years, the project has transformed vacant land into a mixed-use central business district.
Brixmor Property Group's leasing outlook for its 475-asset retail portfolio is perhaps its best. "We are sitting on one of the most robust forward pipelines that we've had as a company, and the gap between the spaces that we have leased and what we're billing is as large as it's ever been," said James Taylor Jr., Brixmor president and CEO.
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