Multifamily

LOS ANGELES, CA-The market has maintained stable vacancy rates despite the weaker economy, but rent growth slowed in the second quarter and demand was lackluster, according to a quarterly study by Hendricks & Partners.

DENVER-The $12-million Clyburn Apartments will be occupied by residents 55 years old or older making less than $33,000 a year. The 100 units are the first of 4,000 multifamily units coming to the redevelopment of Stapleton International.

MIDLAND, TX-The limited partnership borrower takes out the loan through Dallas' Malone Mortgage. Secured by HUD's Multifamily Accelerated Processing program, the 30-year loan is fully assumable.

BOSTON-Edward A. Fish Associates and the Asian Community Development Corp. begins construction on the Metropolitan, a 251-unit project that is being developed through a public/private partnership on a 43,860 sf parcel in Chinatown.

BOSTON-The state legislature passes the omnibus housing bill, which includes a financing alternative for municipalities to fund capital improvements. After six years, NAIOP is thrilled that the local developmental tool finally made it through.

LOS ANGELES-Starpoint Properties acquires the apartments in three Mid-Wilshire buildings for an average of $27,178 per unit and plans renovations in a value-added play.

MIAMI-Locally based Alliance Construction LLC is constructing the 10-garden style, 204-unit community at 11900 NE 16th Ave., North Miami, FL. The hard construction cost is $10.3 million or $50,490 per unit.

MARINA DEL REY, CA-For the highest price ever paid for an apartment community in Los Angeles County, SSR Realty Advisors and one of its clients pick up a 583-unit complex in Marina Del Rey. Apartments here average 854 square feet with an average rent of $1,671 per month.