Archstone-Smith, Denver, is acquiring a portfolio of 30 multifamily communities from affiliates of Oakwood Worldwide, Los Angeles, for a total consideration of about $1.4 billion.The real estate investment trust said it expects the acquisition to strengthen its position in many submarkets in which it already has a "dominant ownership position," considering that over 40% of the portfolio is within walking distance of communities it already owns. Archstone said about 70% of the portfolio is located in its core markets, including Southern California; Washington, D.C.; Boston; Chicago; and Seattle. To fund the acquisition, the multifamily REIT is planning to tap its cash available, proceeds from the sale of some other assets, and debt -- including the assumption of outstanding mortgage debt on the properties. Archstone will directly manage 15 of the properties, and Oakwood will lease back and continue to manage the rest for a seven-year period, the REIT said.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11