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.”


* 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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