Liviu Oltean
KDC, JLB Partners Break Ground on Apartment Communities in CityLine
KDC and JLB Partners recently announced that they broke ground on the development of two apartment communities that will be appended to CityLine, the impressive 186-acre, mixed-use development in Richardson. Totaling at 532 units, the two assets will front Plano Road and will be within walking distance of the four office towers leased by State Farm.
P.B. Bell, Stonecutter Purchase $168.5M Phoenix M-F Portfolio
The Cooke Multifamily Investments Team at Colliers International in Greater Phoenix announced that they completed the sale of a $168.5 million portfolio, comprising seven apartment properties. Totaling at 2,759 units, the portfolio was awarded to a joint venture formed by P.B. Bell of Scottsdale and Stonecutter of New York City. Cindy Cooke, senior executive vice president of Colliers International, and Brad Cooke, vice president of Colliers International, represented the seller, Standard Phoenix Fund.
Hotel Equities Celebrates Reopening of 96-Room Courtyard by Marriott Memphis East
In recent news, Hotel Equities (HE) held a ribbon cutting ceremony to celebrate the reopening of the Courtyard by Marriott Memphis East, a recently renovated 96-room hotel. Owned by Batra Hospitality Group Inc., the asset was purchased for roughly $4.2 million in June, 2013. In December of the same year, Hotel Equities had been appointed as manager of the asset.
AmREIT Declines Regency’s Unsolicited Acquisition Proposal
Regency Center Corporation announced three weeks ago that it offered to acquire AmREIT, Inc. for $22 per share. Their unsolicited acquisition proposal represented a 20% premium based on the average closing price of AmREIT’s common stock over the last 30 days, and also exceeds AmREIT’s all-time high stock price by more than $2 share.
TruAmerica Multifamily, Berkshire Group Pay $35M for Avenue 25 Apartments in Phoenix; Security Properties Buys Mesa M-F Asset
TruAmerica Multifamily and an affiliate of Berkshire Group, The Guardian Life Insurance Co. of America, recently announced the $35.4 million acquisition of Avenue 25 Apartments in Phoenix. The off market transaction was supported by a $24.78 million pre-stabilization debt financing provided by Capital One Commercial Bank.
Apartment Complex Breaks Ground Next to University of Memphis; Germantown Welcomes New $4.1M Medical Office Building
California-based Rael Development Corp. recently began the construction of an $8 million apartment complex near the University of Memphis. The company hired Montgomery Martin Contractors LLC to build the four-story complex, and has recently requested a $200,000 building permit for the laying of the foundation of the property.
CNL Healthcare Buys Specialty Hospital for $76M
CNL Healthcare Properties, an Orlando-based REIT that focused on senior housing and healthcare facilities, recently announced the $76 million acquisition of the Houston Orthopedic & Spine Hospital campus (HOSH), representing the REIT’s largest single-property investment.
KPMG Centre to Gain High-Tech Transplants from San Diego
Omnitracs and ACTIVE Networks, two companies owned by Vista Equity Partners, a San Francisco-based private equity firm, recently announced their plan of relocating their HQ from San Diego to Dallas.
Consolidated Investment Group Buys Student Housing Property in Tempe for $38.7M
Denver-based Consolidated Investment Group (CIG) recently announced the $38.7 million acquisition and refurbishment plan of a 225-unit, 640-bedroom student housing property located near Arizona State University in Tempe. Renamed Regents on University, the property formerly known as Block 1949 will be reconditioned before the beginning of the new school year.
Carroll Organization Purchases Memphis’ Largest Multifamily Community for $46.5 Million
Atlanta-based Carroll Organization has increased its Southeastern footprint with the acquisition of an off-market, multifamily portfolio composed of Colonial Village at Inverness in Birmingham, Al; Greenbrook in Memphis, TN; and Colonial Village at Charleston Place in Charlotte, NC. The three assets, totaling at approximately 1,800 apartment units, will be rebranded as ARIUM Inverness, ARIUM Shelby Farms, respectively, ARIUM McAlpine Creek.