DAILY READS: Jan. 30, 2020

Fourth-quarter GDP Rose Only 2.1% and Full-Year 2019 Posts Slowest Growth in Three Years at 2.3%

“The GDP increase matched the third quarter and met expectations of economists surveyed by Dow Jones. For the full year, the economy grew 2.3%, below the 2.9% increase from 2018 and the 2.4% gain in 2017, the first year of Donald Trump’s presidency, according to the initial estimate released Thursday by the Commerce Department.”
—CNBC

Why Low Rates are Raising Questions About the Next Commercial Real Estate Unwind

“Rents may be too damn high for apartment dwellers, but they look pretty weak for the rest of the U.S. commercial property market as prices skyrocket.  That might not be a problem now, particularly as the Federal Reserve reaffirms its plan to keep rates low, its balance sheet available and credit spigots open.”
—MarketWatch

Chicago Homeowners Pay More to Live Downtown Than in Any U.S. City

“The report looked at 2018 residential transactions in family homes, condos, co-ops, and townhouses in 34 of the largest U.S. cities. It found that downtown’s median sale price was a whopping $900,000 versus the $225,000 for the rest of the city. Chicago’s nearly $700,000 gap was far greater than the next highest cities Philadelphia ($407,000) and Boston ($369,000).”
—Curbed

Change in Regulation Paves Way for $81M Hospital-to-Senior Living Redevelopment

“The project saw new life when Illinois Rep. Sara Feigenholtz (D-Chicago) sponsored a change to the legislation which would allow for assisted living in mixed-use developments. That bill was passed by the Illinois General Assembly and signed into law by former Gov. Bruce Rauner in April 2018.”
—Senior Housing News

More Than 2,000 Apartment Units Hit DTLA Market

“In the fourth quarter, a near record number of apartment units delivered in Downtown Los Angeles. For only the second time in the market’s history, more than 2,000 units hit the market in a single quarter, according to research from the DCBID. Four properties—a total of 2,011 units—came onto the market, second only to the third quarter 2018, when 2,027 units came to the market.”
—GlobeSt.

Sol y Luna Student Housing Complex Near UArizona Sells for $200M

“Built in 2013/2014 at 14-stories, Sol y Luna stands the tallest and boasts the most amenities along with the best 360 degree views in the entire Tuscon market. Given current construction and land costs coupled with its pedestrian location and structural layout, Sol y Luna has a substantial competitive advantage over its current and future competitors.”
—AZBigMedia

UBS Asset Management Makes Executive Changes to Real Estate Business

Sources close to the situation said these promotions are part of a reorganization of the UBS real estate business’ management teams in the U.S. and Europe. The real estate business is part of UBS’ real estate and private markets unit, which is led by Joe Azelby, who joined UBS last year.
—Pensions & Investments

More Than 2,000 Apartment Units Hit DTLA Market

“In the fourth quarter, a near record number of apartment units delivered in Downtown Los Angeles. For only the second time in the market’s history, more than 2,000 units hit the market in a single quarter, according to research from the DCBID. Four properties—a total of 2,011 units—came onto the market, second only to the third quarter 2018, when 2,027 units came to the market.”
—GlobeSt.