News
Ares Management Acquires AREA Property Partners
In one of the industry’s biggest transactions of 2013, Ares Management has signed a definitive agreement to acquire AREA Property Partners, the top-level real estate management firm investing across North America, Europe and India.
Marcus & Millichap Gains Listing for 240-Unit San Antonio Apartment Complex
Bandera Commons, the 240-unit apartment complex in San Antonio, has become the exclusive listing of Marcus & Millichap Real Estate Investment Services, with the price yet “to be determined by market”. Senior associates Joe James and Kent Myers, together with associate Reynold Greenway, all from the Austin Marcus & Millichap office, will act as brokers for the seller, a private investor.
126 KSF Dillard’s Announced as Anchor of Summit Fremaux Phase II
CBL & Associate Properties, Inc. and Stirling Properties have announced that Fremaux Town Center Phase II will be anchored by national fashion apparel and home furnishings retail chain Dillard’s Inc.
American Campus Communities Breaks Ground at Princeton
American Campus Communities has begun construction on a 325-unit faculty and staff housing project at Princeton University, its second development at the New Jersey school but the REIT’s first that’s not for students.
Big CMBS Play Will Put KeyBank into Top Tier of Servicers
KeyBank Real Estate Capital, the CRE business unit of KeyCorp, has entered into a series of agreements that reportedly will make it the nation’s third-largest named servicer of commercial/multi-family loans, with a commercial mortgage servicing portfolio of about $205 billion.
NRP Group Starts Construction on 624-Bed Student Housing Community in Akron
The NRP Group, a Cleveland-based award-winning full-service developer, general contractor and property manager, announced on May 8 it will construct a 624-bed, four-story luxury student housing community in Akron.
Miller-Valentine Group’s Summit Pointe Apartments Reopens in Lawrenceburg
The Miller-Valentine Group held a ceremony last Wednesday, May 8, to celebrate the grand re-opening of the Summit Pointe Apartments, an affordable housing community in Lawrenceburg, Indiana. Alan Rakowski, Tax Credit Manager, Indiana Housing and Community Development Authority, Tim Bete, President of St. Mary Development Corporation, Adrian Colosimo, Development Risk Manager for RBC Capital Markets were among those present at the ceremony.
Economy Watch: Senior HomeBuilders More Optimistic; Fed Expands Oversight; Gas Prices Moderate for Summer
The 55+ Single-Family Housing Market Index increased 19 points year over year to 46 in the first quarter of 2013. The central bank is expanding its oversight beyond banks and into other kinds of financial institutions. And the price of regular gasoline nationwide is expected to average $3.53 per gallon over the summer driving season.
Greenway Plaza Becomes Largest LEED-Certified Office Campus in Texas
Crescent Real Estate Holdings’ 10-building office campus, Greenway Plaza, recently achieved LEED certification from the U.S. Green Building Council, becoming the largest Texas office campus to earn this designation.
Connor Group Sells 301-Unit Apartment Community; Regency Plaza Earns LEED Silver
Centerville, Ohio-based The Connor Group recently completed the sale of The Reserve at Galleria, a 301-unit rental apartment community in Dallas.
Purchased by FPG Reserve at Galleria LLC for an undisclosed sum, the high-end complex is located at 13907 Montfort Drive and features one-, two-, and three-bedroom townhomes with attached-garages.