Backhoes and bulldozers should be busier in 2017 with 5 percent growth in construction starts, for a total volume of $713 billion, according to Dodge Data & Analytics’ annual forecast. Completed prior to the 2016 Presidential election, the study is summarized in Leslie Braunstein’s most recent article in Urban Land magazine, “Shovel-Ready.” An earlier Urban Land article by the same author, “Increased Use of Wood, Reduced Parking May Reduce Multifamily Construction Costs” explains how a key modification to the International Building Code is leading to a cost-cutting revolution in high-density multifamily wood-frame construction. Reduced onsite parking also is helping to trim construction costs for new multifamily residences.
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StoneBridge Investments of Washington, DC has acquired Beech’s Farm, a 135-unit rental apartment community in Columbia, MD, for $25.5 million. The new ownership plans unit renovations and a new fitness center. StoneBridge’s European investors were attracted to the area’s strong economy and demographics.