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
Children’s Hospital of San Antonio Receives $20M Donation from Goldsbury Foundation
The Goldsbury Foundation announced its contribution of $20 million to the renovation of Children’s Hospital of San Antonio. This is the most consistent donation in the history of Christus Santa Rosa Health System. The sum will be paid out over the next five years.
Iconic Seattle M-F Property Trades Hands for $94M
Seattle’s multifamily market has recently taken a backseat to the impressive milestones of the Amazon-driven office market. However, during the past few weeks, the residential market seems to have picked up its pace and is now also breaking all sorts of records. The recent trade of the Archstone Belltown building recently became one of the largest residential transactions in recent memory after Mill Creek Residential Trust LLC acquired the building for a fee of $94 million from seller Equity Residential.
Upscale Gated Community in Century City Set to Expand After Land Deal
Located at the corner of Century Park West and Solar Way, the site will house ten 5,000-square-foot homes that will form The Enclave at Century Woods. The development process is set to be fast tracked and construction should begin during the next few months, with completion tentatively set for the end of next year. Along with purchasing the land from a neighboring homeowner association, CLG also acquired JMB Realty Corporation’s option to build homes there.
Microsoft’s Birthplace Converted into Apartments in $9M Redevelopment by NewLife Homes
Representatives from NewLife Homes and the Federal Home Loan Bank of Dallas (FHLB Dallas) celebrated with the Mayor of Albuquerque Richard J. Berry and other officials the official groundbreaking of the Sundowner Uhuru, a residential redevelopment of the former Sundowner Motel. The event took place on Thursday, April 18th, at 6101 Central Avenue NE.
180,000-Sq.-Ft. Shopping Center Purchased by Misuma Holdings
Austin’s 180,000-square-foot shopping center, Lincoln Village, has just been purchased by veteran developers Misuma Holdings for an undisclosed sum. The new owner has not made public its plans regarding the repositioning of the acquisition, but the involved parties can await consistent changes throughout the year. Among the current tenants are Chase Bank, Gold’s Gym, the Marchesa Theater and Men’s Warehouse.
Beech Street Closes $9.6M Fannie Mae Loan for El Cajon Property
The broker that Beech Street Capital worked with in the transaction is Chris Hutchinson of Alcole Capital Group. The representative has worked with the buyer in three previous deals of this type, while the loan is Beech Street’s third transaction with Fannie Mae MAH. According to a statement issued by Beech Street Capital, Kristen Croxton, along with fellow executive vice president Greg Reed, originated the deal from the company’s Newport Beach office. Croxton had this to say regarding the move: “this transaction is the perfect illustration of Beech Street’s ability to apply our expertise in affordable housing for our clients’ benefit”.
CIM Group Acquires Creative Office Building in Strong SoMa Submarket
330 Townsend is a creative office property with an occupancy rate of 98 percent, in keeping with the area’s high average rates. The building is also located in close proximity to the CalTrain San Francisco Station, as well as the currently under-construction Central Corridor transit line. Besides having zoning in place for additional development, in conformity with the West SoMa Community Plan, the newly acquired property is also within the city’s Central Corridor planning district, an area which is currently seeking new development guidelines. This could mean that current land uses and building heights may be adjusted in the near future, as well as an overall plan to turn the area into a more pedestrian-friendly one.
Central New Mexico Community College Undergoes $13M-Plus Renovation
Established in 1964, Central New Mexico Community College has today more than 29,000 students enrolled. This number makes it the largest higher education institution in New Mexico. Because with great power comes great responsibility, CNM has big plans for its campus, Albuquerque Business First reports.
LaSalle Group to Build City’s First Memory-Care Community
The LaSalle Group, a leader of the senior industry with over ten years of experience in the field, in partnership with MedProperties Investment Partners, LP, a private equity fund with specialized investment strategy in healthcare real estate, and Frost Bank, recently announced their plan to build the firm’s first memory care community in San Antonio. Called Autumn Leaves of Stone Oak, it will be located at 20272 Stone Oak Parkway and is expected to open in spring of 2014.
New Development in City’s Arts District Set to Reopen Market for Condo Homes
The Barker Block condo development will become the first new for-sale development in the city for quite some time and will offer 309 residential units to potential buyers in the Arts District. The final phase will include the construction of 68 units for an investment of around $25 million. With the backing of Los Angeles Mayor Antonio Villaraigosa, the community will be added to the city official’s Clean Tech Lab initiative for the surrounding district.