Washington, DC

WASHINGTON, DC--Cushman and Wakefield's Joe Stettinius has been named executive vice chairman, Strategic Investments, Americas.

"If the final bill is similar to the one introduced today, our industry will put more people to work modernizing and improving existing properties -- office buildings, shopping centers, apartments, industrial properties -- to meet the changing and growing needs of American businesses and consumers.”

Market rents are well below maximum allowable LIHTC rent levels, providing for a strong yield and preservation opportunity for the buyer.

Colliers is building up this team and expects it will have hired another three members by the end of 2018.

“Foreign investors like the mitigated risk associated with Baltimore and the fact that they are able to get more yield here than in Washington, DC.”

UIP is the buyer of the mid-rise apartment building and Capital One financed the acquisition.

“By sharply reducing the number of taxpayers who would itemize, what's left is a tax bill that essentially eviscerates the mortgage interest deduction and strips the tax code of its most vital homeownership tax benefit.”

“In the class A trophy space it is a tenant market right now and there are no market forces out there that will change that.”