Multifamily Dive

2 days ago | multifamilydive.com | Leslie Shaver

Starts for buildings with five or more units fell 14.2% month over month in March and dropped 9.7% year over year to a seasonally adjusted rate of 371,000, according to a monthly report from HUD and the U.S. Census Bureau. Apartment developers pulled permits for a seasonally adjusted rate of 445,000 apartments in buildings with five units or more, a 0.9% YOY decrease and a 10.1% increase compared to February.

3 days ago | multifamilydive.com | Leslie Shaver

This audio is auto-generated. Please let us know if you have feedback. Property: 805 Harmon Heights Apartments & CondosBuyer: WithheldSeller:  Diaz ConstructionProperty type: Garden styleUnits: 100Location: Valdosta, GeorgiaTotal purchase price: $18.3 millionBobby Diaz, builder and operator of Valdosta, Georgia-based Diaz Construction LLC, built 805 Harmon Heights Apartments & Condos, a 100-unit apartment property in its hometown, in phases from 2009 to 2021, according to a news release.

1 week ago | multifamilydive.com | Leslie Shaver

Sponsor: The Vistria GroupTarget equity raised: $2.5 billionTarget:  Affordable housingTarget markets: New York, Texas, Georgia, California, Michigan, Illinois and Washington, D.C.Last month, The Vistria Group announced that it has raised more than $2.5 billion for affordable housing, making it one of the largest vehicles for that sector in the United States, according to a news release.

1 week ago | multifamilydive.com | Leslie Shaver

Multifamily commercial mortgage-backed securities loan delinquencies for apartments jumped 98 basis points in March to 5.44%, according to a report from data firm Trepp. A year ago, the delinquency rate for apartments was 1.84% — meaning it has risen 360 basis points over the past 12 months. The March rate is the highest since December 2015, when it was 8.28%. A separate report from Cred iQ said the multifamily distress rate fell 10 basis points to 12.9% in March.

1 week ago | multifamilydive.com | Leslie Shaver

After maturing in December, the loan backing Parkmerced, a 3 million-square-foot, 3,221-unit complex in San Francisco, went into receivership in March, according to a Morningstar Credit report shared with Multifamily Dive. San Diego-based real estate services provider Douglas Wilson Cos. has been appointed receiver and will take control of property management and operations. Funds were provided to handle operational expenses.