Property Types Multi-Family
Post Sells Atlanta Apartment Property, Refinances Others
Aug. 21, 2008
It’s only Wednesday and already it’s been a big week for upscale multi-family developer Post Properties of Atlanta. The REIT has sold its 250-unit Post Oglethorpe apartment community in Atlanta’s Brookhaven area for $38.5 million and has refinanced two apartment complexes held in joint ventures. In addition, two of the big three credit rating agencies recently had some news for the company.
Och-Ziff, Kolter in $1B Southeast Residential JV
Aug. 20, 2008
New York-based Och-Ziff Capital Management Group and Kolter Group of West Palm Beach, Fla., have announced the formation of a $1 billion joint venture that will target residential properties in the Southeast that are at any stage of development, from undeveloped, unentitled land to finished projects.
The Orbach Group Acquires Miry Run Apartments in New Jersey
Aug. 19, 2008
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units.
Fowler Buys 420-Unit Atlanta M-F, Plans Upgrades
Aug. 19, 2008
Conifer Crossing, a 420-unit multi-family property in Norcross, Ga., has traded hands for $31.75 million. The buyer was San Francisco-based Fowler Property Acquisitions; the seller, Denver-based Simpson Housing L.L.L.P.
Denver Apartment Community Commands $31M
Aug. 15, 2008
After four years, the for-sale sign at Orchard Crossing has finally come down. Oakwood Homes sold the 420-unit Class A apartment complex to multifamily property developer and manager Dominium for just over $31 million, as per an article by CREFeed.com.
Apartment Sales Volume, Availability of Equity, Debt, Capital All Decline
Aug. 08, 2008
Despite a sluggish economy resulting in a small decline in market tightness, overall apartment demand is holding up fairly well, according to the National Multi Housing Council’s (NMHC) latest quarterly survey. Sales volume is down and both equity and debt capital are less available, the study finds. More than twice as many respondents said markets were looser rather than tighter, although about half of respondents said market conditions were unchanged from the previous quarter. Of the four measures in the quarterly survey, this one has held up the best over the last year.
Phoenix Apartment Property Fetches $10M
Aug. 08, 2008
Ownership of Brookside, a 203-unit multi-family property in Phoenix, has just come under new ownership courtesy of a transaction valued at $10.3 million.
Army Taps Balfour Beatty as Partner on West Point Housing Project
Aug. 06, 2008
Under the government's Military Housing Privatization Initiative, the pool of residential units at the United States Military Academy at West Point will be upgraded and expanded, and Balfour Beatty Communities L.L.C. has just been tapped to partner with the U.S. Army on the project. The 50-year commitment will kick-off with an eight-year initial development period valued at $207 million, and will ultimately encompass 824 units.
Altamonte Apartments Sold in Tampa
Aug. 05, 2008
Altamonte Apartments in Tampa has sold for $13.7 million to Asset Development & Management Group, reported NAI's John Burpee, chairman of NAI Global’s multi-family group, along with T. Sean Lance, Casey Babb and Bill Renje. The team brokered the sale.
JV Sells Residential Units at 50 Biscayne for $30M
Aug. 04, 2008
Cousins Properties Inc. and its partner The Related Group have closed on the sale of the remaining 120 residential units at 50 Biscayne, a 54-story, 528-unit luxury condominium tower in Miami, Fla.
Starwood Capital Forms JV to Acquire, Develop M-F
Aug. 01, 2008
Sarasota, Fla.-based Starwood Land Ventures L.L.C., an affiliate of Starwood Capital Group Global L.L.C., has established a joint venture with Vienna, Va.-headquartered The Penrose Group to acquire, develop and hold multi-family properties in key Mid-Atlantic markets. Penrose brings to the table 20 years of experience as a leading real estate force in the Metropolitan Washington, D.C. While Starwood Land and Penrose have not disclosed further specifics of their planned activities, the Metro D.C. multi-family market is still fertile ground for potentially lucrative investments. The region--encompassing the District, as well as Northern Virginia and neighboring Maryland suburbs--continues to hold its position as one of the top apartment markets in the country, according to a midyear report by commercial real estate research firm Delta Associates.
Enterprise Provides Carbon Offset Funds for Green Mixed-Income Housing in Albuquerque
Aug. 01, 2008
Albuquerque, N.M.--Enterprise Community Partners has chosen the first phase of Silver Gardens, a 119-unit green, transit-oriented, mixed-income housing community, as the first in the nation to receive funding from the newly formed Enterprise Green Communities Offset Fund, an initiative to counter developments’ carbon emissions.
Smart Car Dangled as Carrot for Potential Buyers at New Philly Condo Property
Aug. 01, 2008
With the souring economic climate and frosty lending market, for-sale multifamily residences are not selling like hotcakes anymore, so in an effort to lure buyers for the remaining condominium units at the seven-month-old Symphony House in Philadelphia's Center City, developer Dranoff Properties has decided to give a Smart Car to every new purchaser.
Preconstruction Contract Moves Green Beverly Hills Project Forward
Aug. 01, 2008
Plans for the development of 9900 Wilshire, an über-upscale condominium project in Beverly Hills, are moving forward now that developer Project Lotus L.L.C. has awarded Rudolph and Sletten Inc. the preconstruction services contract for the long-awaited endeavor. Project Lotus, a joint venture involving CPC Group and Kaupthing HF, will build the 235-unit green residential project on an eight-acre parcel that the team snapped up for $500 million in 2007.
Housing Law is Confidence Builder, Not Cure-All
July 30, 2008
Washington, D.C.--President George W. Bush signed into law today a comprehensive package of housing legislation including broad authority for the Treasury Department to safeguard Fannie Mae and Freddie Mac and a plan to help hundreds of thousands facing the possibility of foreclosure.
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Commercial real estate and commercial property trends are explored extensively in each issue of Commercial Property News. CPN is the real estate magazine the industry turns to for the latest news on multi-family projects and real estate trends.
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