Home sales

US home sales up in March; Blackstone buys American Campus for $13 billion

S&P Global Market Intelligence offers our top picks of real estate news released throughout the week.

The average number of home sales rose 32.2% month-over-month in March amid strong demand, according to real estate franchisor RE/MAX’s National Housing Report.

The median sale price was $360,000, 4.7% higher than the $344,000 recorded in February.

Of the 51 metro areas surveyed in March, the Wilmington/Dover, Delaware market saw the largest year-over-year increase in the number of transactions at 6.0%.

Year-on-year prices rose 16.7%, but ttransactions fell by 6.5%.

“The market remains very active right now, especially on the high-demand buyer side,” said RE/MAX President and CEO Nick Bailey. “You have buyers rushing to beat mortgage rate hikes as well as buyers ready to roll as soon as the right listing comes up.”

Offers

* Blackstone Inc., through Blackstone Real Estate Income Trust Inc. and Blackstone Property Partners, has agreed to buy American Campus Communities Inc. in a deal that values ​​the student housing company at around 12, $8 billion including debt, Dow Jones Newswires reported. The American campus based in Austin, Texas has 166 buildings across the United States

* NorthWest Healthcare Properties REIT has completed a C$765 million purchase of a portfolio of healthcare properties in the United States. The 27-asset portfolio includes seven hospitals, five micro-hospitals and 15 medical office buildings totaling 1.2 million square feet in 10 states.

* SL Green Realty Corp. agreed to buy the building at 450 Park Ave. in New York from Oxford Properties Group Inc. for $445.0 million. The 33-story Class A tower in Manhattan spans 337,000 square feet of office and retail space.

Property Development

* Prologis Inc. plans to build a more than 2 million square foot warehouse in Butts County, Ga., on Atlanta Business Chronicle reported, citing a Regional Impact Brief Developments. The $135 million project could start on a 164-acre site as early as 2025, according to the report.

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