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.
-
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
39m ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
1h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
2h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
2h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
4h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
10h ago