News
Cleveland Metro Area Apartment Construction Achieves Five-Year High
In recent years, the soft job market and the uncertainty about the local economy kept many people in the Cleveland area from buying new homes. Instead, they opted to rent. That’s why, during 2012, apartment vacancy in the metro area reached one of the lowest levels of the last decade. Marcus & Millichap reports that apartment construction in the Cleveland area has reached a five-year high, as many developers looked to take advantage of the low vacancy levels. 550 units were completed in 2013 and builders are expected to deliver 750 units this year. Apartment construction projects seem to be springing up like mushrooms after the rain.
Procter & Gamble Selling Sycamore Building Downtown
Another high-rise building in Cincinnati’s CBD is on the market. Last week, I wrote about the Garfield Tower, an apartment building listed for sale by CBRE. Now, Procter & Gamble is selling its office property at 299 E. Sixth Street.
Los Angeles Apartment Communities Trade Hands as M West Expands Portfolio
The local multifamily market has had a good start to 2014, with a number of deals taking place since the beginning of the year. Recently, real estate investment services firm announced that it had arranged the sale of a three-multifamily property portfolio in the Santa Monica submarket of Los Angeles. Additionally, M West Holdings recently announced the acquisition of a number of residential properties, expanding its multifamily portfolio in the Los Angeles market.
LargaVista and Related Team Up to Create Mixed-Use Building in SoHo
A former BP gas station and two other derelict buildings at the corner of Houston and Lafayette streets in SoHo, Manhattan, will be replaced by 300 Lafayette, a boutique office and retail building by a joint venture between LargaVista Companies and Related Cos.
Waypoint Companies Set to Build 80-Unit Multifamily Building in Allston
The Boston Redevelopment Authority (BRA) recently approved a new residential project that will transform a 30,550-square-foot industrial site along the Massachusetts Turnpike in Boston’s Allston-Brighton neighborhood into a residential complex with retail and office space for start ups.
Arundel Village Plaza Shopping Center Sold for $6.5M
An Anne Arundel county shopping center changed hands last week. BTR Capital Group sold the Arundel Village Plaza Shopping Center to Oak Tree Management for $6.5 million. The Greysteel Company, a real estate investment services firm based in Washington D.C., served as exclusive advisor and agent.
CBRE Renews, Expands Relationship with Bank of America Merrill Lynch
The strength of CBRE Group Inc.’s association with Bank of America Merrill Lynch has gotten even stronger. The commercial real estate services firm just renewed and expanded its relationship with the global financial services company to include new territory.
Silverstone Sells M-U Apartment Tower in Manhattan for $100M
Owner-developer and affiliate of Madison Realty Capital, Silverstone Property Group has sold 247 E. 28th St., also known as The Grayson, for $100 million.
Elm Associates JV to Redevelop $171M M-U Skyscraper in Downtown Dallas
A stalled effort to redevelop 1401 Elm, a vacant 52-story, 1.5 million-square-foot downtown Dallas office building, into a mostly residential tower should move forward now, following the building’s purchase by a new joint venture.
KDC to Develop 2 MSF Transit-Oriented Project in Metro Atlanta
KDC is developing a 2.2 million-square-foot corporate office development on 17 acres in the Perimeter Center area of Dunwoody, Ga.