Multifamily

The apartment supply in Glendale has grown 10% in the last few years, but even as the biggest project yet, Next on Lex, is delivering, absorption and rents remain strong.

Apartment rent growth has tempered in Los Angeles, but older apartment buildings are seeing strong rent growth as demand for luxury properties softens.

In its report on the three boroughs for the month of August, the brokerage firm says that concessions remain a key part of leasing strategy in Manhattan and Brooklyn and to a lesser degree in Queens.

The seller, a Wharton equity company, acquired the property in early 2017 in an off-market transaction from the original developer and thereafter undertook significant renovations at the property that produced dividends.

The recently completed property was acquired by Hudson Capital Properties, a New York-based company headed by the family that runs Hudson Media, the leading magazine distributor in the Northeastern U.S., as well as the nation's largest airport news and concessionaire.

The property, located at 2900 Connecticut Ave., NW in Washington's historic Woodley Park neighborhood, achieved occupancy stabilization in just eight months after the initial lease-up period.

Since 2013, improving economic conditions in the housing market area have led to increased net in-migration, averaging 24,800 people annually, and the Beaverton-Hillsboro submarket comprises 28% of the total.

The Apartment Association of Greater L.A., which has been actively campaigning against Prop 10, says that a hidden detail will place litigation costs on taxpayers.