Multifamily

CORPUS CHRISTI, TX-The steady job base provided by the military and oil and gas industries hasn't been enough to solve this south Texas city's multifamily market woes as this product type continues its downward cycle.

DENVER-Legg Mason's Glenn Mueller says the real estate cycle will benefit from population growth as a result of the Echo Boom. That means demand for housing as well as job growth, he says.

PEABODY, MA-A luxury apartment complex here, Terrace Estates, receives $22 million in permanent mortgage financing. Funding for the 521-unit complex, developed by The Terrace Realty Trust, was provided by Freddie Mac through Legg Mason Real Estate Services/Spectrum Financial.

LOS ANGELES-Jeffrey Tamkin, president of Los Angeles-based Tamkin Development, tells GlobeSt.com that most colleges now see student housing more as a marketing tool for attracting new students to their campuses than as a sheer revenue generator.

DALLAS-Higher returns, parental guarantees on rent and a steadily increasing tenant base make off-campus, shared-living projects a windfall for those who can afford to develop. Rent by the bed, not unit, is the premise.

SAN DIEGO-Sales of apartment projects were brisk through September as average monthly rents eclipsed the $1,000 mark countywide. Apartment sales through the first nine months of the 2001 were up 9% from a year ago, mostly due to a strong first half of the year, according to Burnham Real Estate Services.