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

NewLife Homes Turns The Sundowner Motel, Former Bill Gates Abode, into Affordable Apt. Community

Famous for its location in the heart of Albuquerque on historic Route 66 and for having served as home to Microsoft founders Bill Gates and Paul Allen in the mid-1970s, the Sundowner Motel is no longer what it used to be; the property was transformed into a residential complex with commercial space for small businesses by NewLife Homes.

Blackstone Acquires The Cosmopolitan from Deutsche Bank in $1.7 Billion Deal

In one of the largest deals recorded this year in commercial real estate, Deutsche Bank recently announced that it had reached an agreement for the sale of The Cosmopolitan of Las Vegas, one of the most high-profile hotel & casino properties in the city. Buyer Blackstone Real Estate Partners VII is set to acquire the owning entity of The Cosmopolitan, Nevada Property 1 LLC for a fee of $1.73 billion. As per the terms of the deal, the Blackstone subsidiary will now own 100 percent of the hospitality facility.

KB Home Acquires 78-Acre Lot for New Mirabel Community

A new community of single family homes is scheduled to enter the construction phase starting this September, northwest of San Antonio, at the base of the Texas Hill Country, and along the IH-10 corridor. Mirabel will spread on 78 acres, recently purchased by renowned homebuilder KB Home and is expected to hold the groundbreaking event in spring of 2015.

Portland Residential Community Trades Hands for $50M

A California-based multifamily investment firm recently completed the acquisition of a Portland, OR asset, as HFO Investment Real Estate reports. According to the investment brokerage firm, the Monterey Springs Apartments in Clackamas County traded hands for a total fee of around $51.25 million. HFO was in charge of arranging the transaction on behalf of both the buyer, and the seller, a private equity group from the Midwest.

UT Approves Construction of $172 Million Robert B. Rowling Hall

The construction of Robert B. Rowling Hall has been approved by The University of Texas Board of Regents. The development will house the McCombs School of Business Texas MBA and Texas MSTC programs. It will add to the available space for Texas Executive Education Programs doubling it and increase the university’s convention and conference activities.

Santa Fe Opera’s ‘Setting the Stage’ Campaign Undertakes $35 Million for Renovation and Expansion

Since New York conductor John Crosby founded the company in 1956 and presented to the public its first performance of Puccini’s Madama Butterfly a year later, The Santa Fe Opera has built up its influence becoming one of the world’s most highly regarded summer opera festivals. A major piece of real estate with a splendid fusion of nature through its dramatic adobe theater, it calls home a 200-acre facility with its own waste water treatment plant, features that no other opera company in the world can claim.

NRP Group Sells Belleza at Cresta Bella Apartments to Inland

The Class A multifamily development Belleza at Cresta Bella Apartments has changed owners. NRP Group LLC turned it over to Illinois-based Inland, a distinguished Real Estate Investment Trust for an undisclosed amount; the sale has been brokered by CBRE.

Riverside Resources Started Construction on Capital Ridge Office Development

The 38 acre office/hotel campus site located at the intersection of Loop 360 and Bee Cave Road has turned into a construction site that will give Capital Ridge, a 215,000 square feet 7-story Class A office building. The developer is Riverside Resources, specialized in investment, development, and management of commercial real estate in Central Texas.

Former Beach Waterpark Site Listed for Sale for $12.5M; Uptown Square Venture Closed on $3.6M Refinance for Mixed-Use Property

For 18 years the Beach Waterpark has been a staple of the summer for Albuquerque’s children. Unfortunately, it was shut down in 2005 after it received an “unsatisfactory” rating from the Environmental Health Department; a year later everything on site was auctioned off and ever since the land remained empty.

Tower Two at One Rincon Hill Kicks Off Leasing for Upscale Residential Units

One of San Francisco’s most high-profile residential projects recently announced that the leasing process for units has commenced. Tower Two at One Rincon Hill, an iconic luxury tower, now has homes ready for lease, with unit occupancy slated to begin this August. According to the official statement announcing the move, private tour appointments are now available via online registration and by calling the development’s Welcome Center.