News
Economy Watch: Income Drops Slightly in April; Consumer Confidence Rises
Personal income was down $5.6 billion, or slightly less than 0.1 percent, in April. And the Conference Board’s consumer confidence index was up last week.
Industrial, M-F Properties Trade in El Cajon
On the residential front, Trion Properties moved to acquire a 22-unit apartment complex in the area. The company acquired the value-add property for a fee of $2.35 million, through a team of representatives from Colliers International. Trio is now looking to invest in the property and bring it up to standards, as it had not been proactively managed by its former owners.
Wolff Co. Buys 3,098-Unit M-F Portfolio
With new mega-resort projects coming back to the Strip, and the Downtown Project continuing its shopping spree in the core of the city, Las Vegas is seeing interest from investors and developers finally rise after a few years of uncertainty. In the multifamily sector, a major transaction was just completed for a large multifamily portfolio in the area. The Wolff Company has announced the acquisition of the “Oasis Portfolio” from Sierra Nevada Multifamily Investments LLC.
Columbus, Dublin M-F Projects Win Key Approvals
Apartments are popping up in the Columbus area like mushrooms after a spring rain. In my previous article, I told you about a 504-unit project NP Limited and Trivium plan to develop in Westerville. And the Columbus apartment construction boom continues with two new projects that will deliver over 400 units.
Concord Eastridge Plans 150-Key Hyatt Place Property on Raleigh’s Centennial Campus
Concord Eastridge Inc. is planning to develop a Hyatt Place hotel and conference center on North Carolina State University’s Centennial Campus in Raleigh. According to the Triangle Business Journal, construction on the project is expected to begin early next year and be complete by mid-2015.
Wells Fargo Center Welcomes New Tenants, Renews Existing Leases
The millions of dollars spent on modernizing Wells Fargo Center in downtown Tampa seem to be paying off as the tower has managed to attract two new tenants, as well as to renew two existing ones.
Local Hotel Operator Signs Deal to Purchase Hyatt Regency
The 395-room Hyatt hotel building in Downtown Albuquerque is changing ownership. Hotel operator Jim Long and his business partner Chris Smith have signed an agreement to a deal that will close in the next 60 days, reports Albuquerque Business First.
Upcoming Reopening Brings New Name for Wyndham Orlando Resort
The iconic Wyndham Orlando Resort, currently undergoing a multi-million dollar “re-imagination”, will open in October 2013 under a new name. Owner Wyndham Hotels and Resorts, LLC has decided to officially change the hotel’s name to Wyndham Orlando Resort International Drive, change meant to mark a new era in its 40-year history.
Post Properties Kicks Off Phase II of $75.5M Buckhead Apartment Tower
The elegant Post Alexander is now set to add 340 units to the Buckhead submarket of Atlanta, developer Post Properties announcing that work has started on the second phase of the luxury high-rise community.
Ground Broken on $400 Million Horseshoe Casino Baltimore
Ground was broken Wednesday, May 29, on Maryland’s newest casino, Horseshoe Baltimore. At the groundbreaking ceremony held by CBAC Gaming, LLC, the consortium developing the casino, Caesars Entertainment Chairman, President and CEO Gary Loveman joined Baltimore Mayor Stephanie Rawlings –Blake in throwing a pair of oversized, red dice on a ceremonial craps table, to mark the official start of construction on the $400 million facility.