Anca Gagiuc
Anca Gagiuc brings more than a decade of experience within the real estate industry. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly multifamily reports at Yardi Matrix. Contact Anca at anca.gagiuc@cpe-mhn.com
Henderson Says No to Land Sale; Planned Resort Remains in Limbo
City officials in Henderson passed up on the opportunity to sell federal land to a developer willing to develop a hospitality project in the Las Vegas Valley. Reports indicate that a development team consisting of Kapelfre LLC and CKB Management Affiliates LLC, the latter being an entity controlled by known developer Raymond Shapiro, asked that a 9-acre piece of land be put up for auction during the fall of 2015. Local authorities have denied the sale of the property, with future selling prospects for the land currently being unclear.
Three-Story Downtown Lofts Near Historic District Opens for Renters
In downtown Las Cruces there’s a new apartment complex ready to receive its residents. The Lofts at Alameda, a 38-unit, three-story residential community, a $3 million development, recently received the certificate of occupancy from the city and is ready to rent starting this month.
Broadtree Homes Expands Atlanta-Area Portfolio with Acquisition from The Dominion Group
Private real estate investment entity Broadtree Homes has added to its single family portfolio in Atlanta with the recent acquisition of a slew of homes in the market. The entity managed by Broadstone Real Estate LLC closed on the purchase of 24 single family rental homes from The Dominion Group, for a fee of around $2 million. The deal was completed on the 22nd of December, making it one of the final moves for Q4 to be closed by the company, with a deal currently in the works for another home to be added before the end of 2014. According to the announcement, Broadtree is currently looking to further its investment portfolio in the Atlanta area, as well as the United States.
Fillmore Center Awarded Repositioned Property of the Year by San Francisco Apartment Association
The Fillmore Center in San Francisco was recently honored by the San Francisco Apartment Association. Laramar Management Services LLC, a subsidiary of the Laramar Group, was awarded with the Repositioned Property of the Year and Maintenance Manager of 2014 accolades for its work at The Fillmore Center residential community. The complex is also LEED Silver certified by the United States Green Building Council, and is the largest existing property of its kind to have that level of certification.
South Hills Plaza in West Covina Acquired by Hong Kong-based Investor in $20 Million Deal
South Hills Plaza recently traded hands in a deal worth a reported $20.7 million. According to the official announcement of the transaction, the buyer was LT Global, acting as LT Holdings in the United States market, a Hong Kong-based publicly-traded investment company. The transaction was handled by CBRE Senior Vice President Philip D. Voorhees, along with a National Retail Investment Group – West team. The West Covina, CA retail center was sold by an L.A.-based partnership. The NRIG-West team consisted of Voorhees, Jimmy Slusher, Megan Read, Matt Burson, Brad Rable and John Read.
Civitas Senior Living Announces Plans for New Senior Living Community in Southwest Austin
A new senior lifestyle apartment community will break ground in Austin, owned by Civitas Senior Living, LLC. Ledgestone Senior Living will offer not only independent and assisted living apartments, but also a memory care cottage; the complex will enter the construction phase in June 2015, becoming the seventh property in the company’s portfolio.
Presidium Group Acquires San Antonio’s Cenizo Flats with Loan Provided by Greystone
Cenizo Flats, an apartment complex located in the North Central Side of San Antonio, has new ownership. The acquisition was possible through a $15,100,000 bridge load provided by Greystone. JD Stettin from Chicago originated the transaction.
Hotel Chaco, New Boutique Development Owned by Heritage Hotels, Breaks Ground in Old Town Albuquerque
The first hotel to be built in Albuquerque’s Old Town in the past 40 years has just broken ground. Hotel Chaco, the multimillion project of the Heritage Hotels and Resorts, has begun to take shape at Bellamah and 20th NW, adjacent to the 11-story Hotel Albuquerque.
Stream Realty Assumes Leasing for Rosemont Realty’s San Antonio Portfolio
The entire San Antonio office portfolio of Rosemont Realty has been passed on to Stream Realty Partners. The company was already handling the leasing responsibilities of a Rosemont Realty office property, The Century Building, since the third quarter of 2013.
Grosvenor Sells BluWater Luxury Community to Coast Equity Partners for $25M
As the greater Seattle residential market continues to stimulate investors, BluWater, a luxury residential community in Everett, WA recently traded hands in a deal worth $25.5 million. The multifamily asset was acquired by Coast Equity Partners from owner Grosvenor Americas. The seller was advised by a team of Kidder Matthews representatives in the process.