A report from WHEC in New York. "A bank filed to foreclose on five Rochester properties owned by developer Bob Morgan, according to paperwork filed with the Monroe County Clerk's Office. The Tompkins Bank of Castile claims a number companies controlled by Morgan defaulted on their mortgage loans worth $4.2 million. Earlier this week, ESL Federal Credit Union filed a notice of foreclosure for an apartment complex in Henrietta owned by Morgan. Last month, News10NBC was in Buffalo when Bob Morgan was indicted on federal charges, including money laundering and bank fraud."

From King 5 News in Washington. "RealPage found 3,400 apartments in Seattle got new renters between January and March, marking the first time since last spring that more new units were filled with renters than were built. It also follows a dismal fall and winter when Seattle added new renters in just 286 units."

"The RealPage report found Seattle’s rental demand is 'stronger than it has been in a while,' but still isn’t outpacing supply. Over the last year, Seattle added 12,250 new apartment units, just over 10,000 of which were rented out."

"Seattle is expected to build another 12,375 apartment units this year, according to a RealPage analysis of multifamily building permits. 'With this competitive environment, rent growth is likely to soften slightly over the next few quarters as developers continue to bring new units to market faster than renters can fill them,' the report said."

From Chicago Business in Illinois. "The owner of McClurg Court, the second-largest apartment complex in downtown Chicago, is seeking a buyer for the Streeterville property with a simple pitch: It’s an affordable rental option in a market crowded with new high-end buildings. The complex has good amenities on par with more expensive buildings, including tennis courts, a sports room and outdoor fire pits, bocce court and grilling areas."

"Downtown apartment values have soared the past several years. Development has surged as well, fueling worries about a potential glut, but demand is so strong today that rents are expected to keep rising. Most of McClurg Court’s 1,061 apartments are outdated, but that could be appealing to investors that seek out so-called value-add opportunities. A new owner could boost the value of the property by fixing the apartments, replacing appliances, kitchen cabinets and flooring, said Peter Evans, president of Moran’s eastern region. Then the investor could raise rents, increasing the property’s income and ultimately, its value."

The Indy Star in Indiana. "Renter reflect the high demand for Downtown living, a trend driven by amenities such as walkable streets, contemporary restaurants and bustling nightlife. Not surprisingly, the market has responded. So much so that Downtown's apartment development has grown at a faster pace than demand."

"Apartment vacancies in the past three years have risen nearly 50%, driven up by the addition of new apartments on market. A glut of large luxury developments are expected to add more than twice as much new inventory in 2019 than last year."

"As many as 1,300 new apartments are projected to be delivered Downtown this year, according to Downtown Indy Inc. The majority are clustered of three large developments, said Hannah Ott, Cushman & Wakefield executive managing director. From a hot tub and private balconies and patios at Penrose to the outdoor saltwater pool at CityWay 2.0 and the virtual doorman and rooftop sundeck at The Whit, many of the area's apartments tilt toward the upscale."

"'These new properties that are coming in 2019, because they are brand new and high-end, they’re going to have the highest rents,' Ott said. 'So they're going to be over what we're seeing in the market right now.'"

"Still, it's not uncommon for apartment owners to offer rent concessions in their initial leasing period to have good leasing momentum, Ott added. Rental deals can range from $500 off the first month's rent or one month free with a 13- or 14-month lease. 'We are seeing some concessions on the newest product,' Ott said, 'but not anything that's a-typical.'"

"Brad Vogelsmeier, director of development at Milhaus, developer of Downtown complexes Artistry, Circa and 747, said Indianapolis' overall housing market was under supplied prior to the Great Recession of 2008. 'For the past few years, I think we've seen a lot of supply come online to kind of catch up from where we were previously,' Vogelsmeier said. 'I think what we're kind of seeing now is a leveling out, or a correction, from that previous period.'"

The Dallas Morning News in Texas. "A Houston apartment landlord just signed one of the biggest leases in that city's history. Developer Camden Property Trust rented a block of 100 apartments in its new downtown Houston residential tower to a single tenant. More than a third of the 21-story high-rise will be rented to a Washington, D.C.-based firm for what it calls a 'pop-up' hotel."

"Founded in 2017, WhyHotel leases big chunks of apartment buildings to use as short-term stay hotel space. Since Dallas-Fort Worth is the country's fastest-growing metro area and economy, don't be surprised if WhyHotel turns up here, too. The D-FW area has more than 35,000 new apartments on the way, with about a dozen high-rise rental projects either under construction or just completed."

"Some North Texas apartment community owners already are dabbling in the short-term stay sector, with units up for grab on websites including Airbnb and Vrbo. 'Look for some properties in Dallas to begin offering short-term rentals pretty quickly,' said Greg Willett, chief economist at RealPage. 'The concept is worth exploring in neighborhoods where apartment construction is heaviest, especially in spots like the Victory area where there are multiple lease-up projects located adjacent to each other.'"

"That means some of the folks you meet in your apartment tower elevator aren't neighbors but visitors in town for a weekend sports event. 'What's unclear at this point is whether or not renters signing long-term leases will care that a portion of the property is being operated as what's essentially a pop-up hotel,' Willett said. 'If long-term renters object to the degree that it slows a new project's leasing velocity or lowers pricing power, short-term leasing will disappear quickly.'"

The News Press in Florida. "A memory care center in Estero is headed for an auction after a multimillion-dollar foreclosure. Lenders foreclosed on the property after the owners defaulted on a more than $10 million loan in 2018, according to court records. The center opened Nov. 5, 2016. It's one of dozens developed and owned by The LaSalle Group, a Dallas-based development group, which is facing financial woes."

"LaSalle voluntarily filed for Chapter 11 bankruptcy protection on May 2. The company is owned by Mitch Warren, who last month told Senior Housing News that he stepped down as the company's chief executive to smooth the way for a financial restructuring — and that 'all operations will continue uninterrupted and as usual at all Autumn Leaves locations.'"

"LaSalle has been hit with a slew of lawsuits, unable to meet all of its loan and rent obligations and pay all of its vendors in many of its markets. The company has blamed its financial problems on a surge in the construction of assisted living centers in recent years, which has created greater competition and pushed down rental rates for senior housing."