Eleven organizations representing the nation’s rental housing providers signed onto a letter urging Congress to pass the revised 21st Century ROAD to Housing Act and send it to President Trump for his signature. The revised bill omits a provision that would have threatened the viability of build-to-rent investment and development.
“Professional housing providers and the sources of capital that support them are an important resource
for Americans who need more housing opportunity,” the letter states. “This legislation preserves flexible housing options for renters, eases affordability challenges and provides more options for those on the path toward homeownership.”
Signatories to the letter include the Affordable Housing Tax Credit Coalition, Leading Builders of America, Mortgage Bankers Association, National Apartment Association, National Association of Home Builders, National Housing Conference, National Leased Housing Council, National Multifamily Housing Council, Nareit National Rental Home Council and Real Estate Roundtable.
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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