A proposed ballot measure to reintroduce rent control to Massachusetts will not go before voters this fall following a Supreme Judicial Court ruling that the law would be unconstitutional, reported the Boston Business Journal. The potential ballot question failed to advance to voters because of an exemption for religious institutions. A ballot question would have “impermissibly” made religion a factor in whether a property was subject to rent control or exempted from it, the court ruled.
The ballot initiative has been closely watched by the state’s real estate community and by proponents concerned about the region’s high cost of living. NAIOP Massachusetts and other industry groups opposed it. If passed in November, the law would have made Massachusetts just the third state with such restrictions, along with California and Oregon.
Rent control was legal in Massachusetts until a voter referendum in 1994. The ballot question called for limiting annual rent increases to the cost of living, with a cap at 5%. For units renting at $2,000 per month, the increase would be limited to $100.
PCCP provided a $71 million senior construction loan to a joint venture between EMBREY Partners and Southstar Development for the development of Crossings Boulevard, a 360-unit apartment community located at 4101 Legacy Point Trail in Spring Hill, TN. Completion of the project is anticipated for Q1 2028. Spring Hill is about a half hour from...
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Western Wealth Capital (WWC) acquired two Tennessee apartment communities; the River City North Apartment Homes in Chattanooga, Tennessee, and Meadow Creek Apartment Homes in Goodlettsville, Tennessee, just north of Nashville. WWC and its investment partner, FSO Capital Partners (FSO), closed on the 192-unit portfolio for a purchase price of $20.7 million. The transaction was brokered...
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An affiliate of Hathaway Development has started work on The Exchange at Wyle Oaks, a 325-unit apartment community is Apopka, near Orlando. The project is one of the first at the 215-acre Wyld Oak mixed-use project. Financing for the approximately $71 million development includes a $47 million construction loan from Ameris Bank and $22 million...
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