Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 02 August 2018

AvalonBay Eyes Denver, Southeast Florida for Acquisitions

AvalonBay Communities Inc. is looking to expand its presence in Denver and South Florida, markets that it entered only last year. It would fund investments with proceeds of sales of additional properties in the Northeast.

Commercial Real Estate Direct Staff Report

AvalonBay Communities Inc. is looking to expand its presence in Denver and South Florida, markets that it entered only last year.

The Arlington, Va., REIT would fund investments with proceeds from the sale of additional properties in the Northeast. During the second quarter, it sold four apartment properties with 947 units in California and Massachusetts for $307 million.

It sold two of the properties - the 276-unit Avalon Blue Hills, at 1 Avalon Drive in Randolph, Mass., and the 196-unit Avalon Canton at Blue Hills, at 9 Bay Drive in Canton, Mass. - to Blackstone Group, which branded them Prynne Hills Apartments.

It also sold the 224-unit Eaves North Quincy, at 95 West Squantum St. in Quincy, Mass., to Pantzer Properties, which has renamed it Point at North Quincy, and the 251-unit Avalon Anaheim Stadium, at 2100 East Katella Ave. in Anaheim, Calif., to Advanced Real Estate Services Inc. of Irvine, Calif.

The prices paid for the properties resulted in an average 4.7...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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