Adaptive reuse is the process of updating an existing structure and adapting it for a new use. In 2020 and 2021, a total of approximately 32,000 converted apartment units were delivered to market, according RentCafe, with Philadelphia and Washington, DC … Continue reading →
Eleven million renter households with extremely low incomes (those with incomes at or below the poverty line or 30 percent of the area median income (“AMI”), whichever is greater) account for 25 percent of all renter households and nine percent … Continue reading →
Upzoning is a change in the zoning code to allow for increased development or density (for example, increasing the allowable FAR). On September 16, California governor Gavin Newsom signed Senate Bill No. 9 (SB 9) into law. Known as the … Continue reading →
The Q2–2021 median sale price for condos and co-ops in Manhattan rose to $1,130,000 – its highest level in eight quarters, according to Douglas Elliman. The number of sales surged 151.8 percent year-over-year to 3,417 and the months of supply … Continue reading →
On October 23, 2020, CRE Worldwide filed a lawsuit against Thai Tanic (now Ammathar) et al. and the owners of 1326 14th NW (Michael Askarinam and Vahid (“Tony”) Askarinam). The matter concerns the alleged breach of a brokerage representation agreement … Continue reading →
RentPath Holdings, the owner of Rent.com and ApartmentGuide.com, has terminated its $588M deal to be acquired by CoStar, according to Bisnow. The Federal Trade Commission (FTC) filed a complaint in November to block the move on antitrust grounds, One could … Continue reading →
A Brookings report breaks down the component costs for a mid-rise (four- to six-story) multifamily project into three categories (land costs, hard and soft costs) and estimates the contribution of each category to the total development costs as follows: Land … Continue reading →
On July 1, the DC government announced that the development team consisting of Monument Realty, Morningstar Community Development, The May Firm, and Community Housing Partners was selected out of six proposals for the development of 2 Patterson NE – a … Continue reading →
WashREIT has entered into two agreements with separate institutional buyers to sell a total of eight retail assets. The first sale agreement includes the following five retail assets: Gateway Overlook, Columbia, MD; Wheaton Park, Wheaton, MD; Olney Village Center, Olney, … Continue reading →
According to the National Low Income Housing Coalition’s “Out of Reach 2019″ report, the Fair Market Rent (FMR) for a two-bedroom apartment in California is $1,804/month. In order to afford this level of rent plus utilities (without paying more than … Continue reading →