MHN
Starwood Capital Forms JV to Acquire, Develop M-F
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…
Second Phase of $100M Redevelopment Project in Long Branch, N.J. Opens
Long Branch, N.J.–In an area that was once considered the epitome of oceanfront blight in New Jersey, a multi-million dollar upscale redevelopment project is now being built.The Applied Development Co. is developing Pier Village, a spectacular mixed-use development of restaurants, retailers, residential and open spaces, spanning Laird to Melrose streets between Ocean Avenue and Ocean Boulevard, in the city of Long Branch, N.J.Minno & Wasko Architects and Planners and Dean Marchetto Architects P.C. are designing this project.“Some surrounding areas in Long Branch are still blighted, but the city is working on several fronts and making redevelopment possible in multiple locations…
New York Housing Agencies Approve $329M to Build, Renovate Affordable Housing
New York–The boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corp. (AHC), recently approved more than $317 million in financing to build and preserve 278 units of affordable housing in all five boroughs of New York City.The approvals included $315 million in financing for a multifamily 80/20 rental project in the Hudson Yards section of the far West Side of Manhattan; a $400,000 grant to the Neighborhood Housing Services of New York City (NHS) to finance home improvements for 85 housing units on sites in the Bronx, Brooklyn, Queens…
Sterling JV Pays $38M for Tampa Apartments Despite Soft Market
Sterling American Property Inc., in a JV with The Collier Cos., has purchased the St. Croix Apartments, a 540-unit, gated, resort-style apartment community in Tampa, for just north of $38 million. The seller was Sentinel Real Estate Corp., a real estate investment management services firm. The complex will be managed by Paradigm Properties, a Collier subsidiary that is the largest owner/manager of apartment communities in North Central Florida. Senior vp/acquisitions Jeff Smith handled the acquisition for Sterling, and Sentinel was represented by James Bobbitt and John Selby of CB Richard Ellis Inc.’s Tampa office. The purchase is Sterling American’s first…
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