FLAGSTAFF, AZ – American Campus Communities, the nation’s largest owner, developer and manager of high-quality student housing, broke ground on Tuesday, March 29 on their fourth student housing transaction with Northern Arizona University. Upon its opening in Fall 2017, the 284,982-square-foot residential community will house 626 students in 163 units.

The groundbreaking event was held at the International Pavilion on the NAU campus and was attended by representatives from both the University and ACC. President Rita Cheng of NAU and CEO Bill Bayless of ACC gave remarks at the reception, which was followed by a groundbreaking ceremony on the property site.

The property, to be named SkyView, will feature 3, 4, and 5-tale buildings with spacious flat and townhome floor plans available in 4-bedroom, 4-bathroom; 3-bedroom, 3-bathroom; 2-bedroom, 2-bathroom; and 2-bedroom, 2.5-bathroom units. An on-site parking garage will also be provided to residents, along with 2,800 square feet of convenient student retail.

A 2-tale, 12,602-square-foot community center will be provided to residents and will feature academic amenities including private study rooms, a silent study loft and Academic Success Center. The community center will also feature a large community plaza with fire pit, active gaming and lounge areas, and mail and leasing services.

Amenities that support a fit and healthy lifestyle will include a two-tale fitness center with storage lockers and ample bike parking. The residence facility will be located in the heart of campus on Runke Drive, providing residents with the option to walk or bike to class.

The SkyView transaction was structured under ACC’s American Campus Equity (ACE®) program, which gives universities the opportunity to expand their student housing portfolio while taking on the least amount of risk. Under the ACE program, no university financial resources are used, allowing universities to dedicate their capital to educational and research facilities, while ACC delivers lower development costs and operating expenses, lower rents to residents, without the use of taxpayer funds.

“We must ensure our students have the academic facilities and support services they need to be successful in a global workforce, and their educational experience is our first priority,” Cheng said. “Our housing partnership with ACC allows us to also keep pace with needs for on-campus housing, while focusing the university’s funding where it should be—on student success.”

“We’re excited to further the NAU-ACC partnership with the development of SkyView,” said Bill Bayless, ACC CEO. “President Cheng’s dedication to making a strong student housing portfolio has resulted in a rewarding and successful partnership that makes an extraordinary college living experience for NAU students.”

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NEW YORK, NY – Mortgage rates continued to decline this week, with the benchmark 30-year fixed mortgage rate slipping to 3.83 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.17 discount and origination points.

The larger jumbo 30-year fixed dropped to 3.76 percent, and the average 15-year fixed mortgage retreated to 3.09 percent. Adjustable mortgage rates were on the downswing also, with the 5-year ARM sliding to 3.28 percent and the 7-year ARM dipping to 3.45 percent.   

Mortgage rates pulled back sharply following weak consumer spending figures and a speech by Fed Chair Janet Yellen that took a very cautious tone about further interest rate increases. The prospect of small term interest rates remaining lower for longer helped bring long term interest rates lower as well. Longer term rates, such as the 10-year Treasury note yield to which mortgage rates are closely related, are a reflection of where interest rates are expected to be in the future. The Fed’s tentative approach to interest rates is outweighing the recent uptick in inflation indicators and otherwise solid economic fundamentals, putting a downward influence on mortgage rates.

At the current average 30-year fixed mortgage rate of 3.83 percent, the monthly payment for a $200,000 loan is $935.33. 

SURVEY RESULTS

30-year fixed: 3.83% — down from 3.90% last week (avg. points: 0.17)

15-year fixed: 3.09% — down from 3.13% last week (avg. points: 0.13)

5/1 ARM: 3.28% — down from 3.36% last week (avg. points: 0.20)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The majority of panelists – 60 percent – predict that mortgage rates will remain more or less unchanged in the coming week. Of the remaining participants, just 10 percent forecast an increase and 30 percent expect mortgage rates to keep falling.

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MCLEAN, VA – Freddie Mac released its Multi-Indicator Market Index® (MiMi®), showing that many of the nation’s housing markets are getting back to normal heading into the spring homebuying season. But, there are pockets of weakness, particularly in the Fantastic Lakes Region and the South outside of Florida and Texas.

The national MiMi value stands at 82.7, indicating a housing market that’s on the outer range of its historic benchmark level of housing activity, and small changed with just a +0.18 percent improvement from December to January and a three-month improvement of +1.46 percent. But, on a year-over-year basis, the national MiMi value has improved +7.57 percent. Since its all-time low in October 2010, the national MiMi has rebounded 40 percent, but remains significantly off from its high of 121.7.

Market Facts:

Thirty-four of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with the District of Columbia (101.8), North Dakota (96), Hawaii (95.6), Montana (95.1) and Utah (94.5) ranking in the top five. Compared to the same time last year, 22 states and the District of Columbia had MiMi values within their benchmark ranges.

Fifty-six of the 100 metro areas have MiMi values within range, with Denver, CO (99.8), Austin, TX (99.1), Salt Lake City, UT (97.7), Honolulu, HI (97.6), and Los Angeles, CA (96.9) ranking in the top five. Compared to the same time last year, 29 of the top 100 metros had MiMi values within their benchmark ranges.

The most improving states month over month were Colorado (+1.41%), Oregon (+1.31%), Mississippi (+1.07%), New Jersey (+1.05%) and Arizona (+0.88%). On a year-over-year basis, the most improving states were Florida (+16.72%), Colorado (+15.56%), New Jersey (+14.61%), Nevada (+14.21%), and Oregon (+14.04%).

The most improving metro areas month over month were Colorado Springs, CO (+2.09%), Denver, CO (+1.53%), New Orleans, LA (+1.48%), Ogden, UT (+1.19) and Stockton, CA (+1.12%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+20.39%), Cape Coral, FL (+19.25%), Denver, CO (+19.09%), Tampa, FL (+18.93%) and Portland, OR (+18.07).

In January, 44 of the 50 states and 78 of the top 100 metros were showing an improving three-month trend. The same time last year, 13 of the 50 states, and 42 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Despite a stronger jobs market and declining unemployment, wage gains have not kept pace with house prices putting a pinch on homebuyer affordability. In the top 100 metro areas MiMi tracks, Los Angeles and Honolulu have elevated payment-to-income indicators and Miami, FL, is very close to elevated. An additional six metro areas have their MiMi payment-to-income indicators over 100, indicating that the payment-to-income statistic for that area is above its historic benchmark. At the state level, the District of Columbia has an elevated payment-to-income indicator while Hawaii and California have values above 100.

“These payment-to-income indicators are high despite the fact that mortgage interest rates remain low. Mortgage rates fell at the start of the year, helping to bolster affordability heading into the spring season. But a lack of available inventory of for-sale homes has constrained many markets. We see that reflected in the MiMi buy applications indicator, which remains weak nationwide.”

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