Multifamily

Rent collection company Zego has had its best customer acquisition in the company's history.

Silverback Development, a New York-based real estate owner, developer and investor, is slated to welcome its first tenants to move into its luxury condominium at 24-16 Queens Plaza South, in Long Island City. The property, dubbed the HERO LIC, features 109 luxury condominiums with views of Manhattan.

Investors are poised to take precaution on portfolio decisions amid frozen market supply and demand because of the coronavirus pandemic, which has left businesses shuttered and a large number of tenants short on rent payments. As a result, borrowers are strained to make loan payments, which they fear could go into default.

The 32,184-square-foot multifamily property closed at $4.7 million, or approximately $149 per square foot.

According to Apartment List, the same number of homeowners also missed mortgage payments in April.

Landsea Homes has acquired the final 34 homesites at Wilder, a residential community in Orinda, and development is expected to begin this year with the anticipated grand opening in early 2021.

WindMass Capital Partners will capitalize on planned upgrades to units and common areas for Vineyards at the Ranch I & II and Beacon Hill in order to compete within a submarket already benefiting from these types of renovations.

While the coronavirus has brought much of the market to heel, Urban Pacific Group of Cos. is anticipating increased labor availability and decreased land costs.