JP 3E Holdings Inc (JPTE)

[dukeb]

KAM provided a link to an on-line article. The Wall Street Journal ran a piece a couple of months ago about apartment building owners in the southern USA that are walking away from properties and letting the bank foreclose. Rents are softening because of oversaturation, operating costs are rising and interest rates are stubbornly high. That's a triple whammy for anyone who has leveraged their portfolio which is likely the case with many of these projects.

In most of New Jersey (can't comment specifically about the Hamilton project area) the apartment rental market continues to be crazy strong. "Luxury" buildings fill up almost immediately with rents on a 1 bedroom approaching $ 3,000 a month. I've seen new 3 bedroom townhomes renting for more than $ 6k a month. None of these are student housing through which I believe was the target market for Hamilton Street.