Multifamily

The Tampa-based firm says it plans to undertake approximately $3.5 million in capital improvements at the complex at 812 S. Park Road. The property that at the time of closing was 97% occupied.

The de Blasio administration reports that the city financed 32,116 affordable homes in 2017, which broke the all-time record set by the administration of Mayor Ed Koch in 1989 at 25,243 units.

Adaptive reuse projects are very appealing, and colleges will look favorably on sale-leasebacks that monetize properties and preserve some student housing.

With rent control voted down and projected 4.8% rent growth, Long Beach investment activity has picked up.

NP International, which acquired the 4.3-acre site in November 2016 from Berkowitz Development for $60.25 million, has hired UK-headquartered Balfour Betty to build the transit-oriented project that is scheduled for delivery in the fourth quarter of 2020 and is designed to achieve LEED-certified Silver designation.

In the right market, it is possible to make new construction workforce housing projects pencil.