News
Canadian REIT Enters U.S., Buying Kansas-Based Lodging Enterprises
American Hotel Income Properties REIT, led by Canadian hotel veteran Rob O’Neill, has made its first acquisition in the U.S., purchasing Lodging Enterprises, a chain with 32 hotels in 19 states.
Economy Watch: Small Uptick for 4Q GDP; Mortgage Delinquencies Slide; Initial Jobless Claims Dip
The real U.S. GDP was up during the fourth quarter of 2012. The U.S. mortgage delinquency rate decreased from 7.17 percent in December to 7.03 percent in January. And initial unemployment claims decreased by 22,000 compared to the previous week’s revised figure of 366,000.
Centennial Acquires Multi-Family Complex from JP Morgan Affiliate for $39M
Atlanta-based Centennial Holding Company LLC has recently purchased the 270-unit Addington Farms apartment community in Durham, which it renamed Century Trinity Estates. The Triangle Business Journal reports that an affiliate of J.P. Morgan Investment Management Inc. of New York has sold the property for $38.6 million.
Located at 240 Ivy Meadow Lane, just minutes away from Duke University and UNC Chapel Hill, the 33-acre pet friendly property offers luxurious one, two and three bedroom garden style apartments, as well as townhomes and cottages. Amenities include a resort-style swimming pool with complimentary poolside Wi-Fi, a fitness center, media center, as well as a lighted tennis court and a picnic and grilling area.
Renovated Radisson Plaza-Warwick Hotel Philadelphia to Operate Under Radisson Blu Signature
Carlson Rezidor Hotel Group, a leading hospitality group based in Minneapolis, Minn., and Brussels, Belgium that operates more than 1,300 hotels globally, announced a $17 million renovation that will rebrand the historic Radisson Plaza – Warwick Hotel into a Radisson Blu signature hotel.
Crescent Changes Name of $86M Tampa Multifamily Community
Following the recent groundbreaking ceremony held February 13, developer Crescent Resources is changing the name of its landmark $86 million multifamily development in Tampa from “Circle” to “Crescent”.
Detroit Invited to Bid for the 2024 Summer Olympics
25 large cities and metropolitan areas in the country and 10 other city that have expressed interest in hosting an Olympic competition have received letters from the U.S. Olympic Committee (USOC) to see if they would consider bidding for the 2024 Summer Olympic and Paralympic Games.
High-Profile I.M. Pei Apartment Community Slated for Renovation
One of Pittsburgh’s iconic residential towers, the 24-story Washington Plaza Apartments, is set to undergo a series of upgrades this year. According to the Pittsburgh Business Times, Faros Properties LLC has hired Perkins Eastman of New York to remodel the property’s lobby, business center, fitness center and swimming pool. Improvements are also planned for the kitchen and bathroom(s) of each unit.
Built in 1964 and designed by I.M. Pei and Partners, the 388-unit high-end apartment complex is located at 1420 Centre Avenue, just west of the city’s downtown. The property includes studios, as well as one- and two-bedroom residences, with monthly rents going from $1,000 to more than $2,000. The complex offers approximately 400 parking spaces, 291 storage units, a 24/7 concierge service, controlled access and valet parking, as well as tennis courts, volleyball courts and BBQ picnic areas. There is also a retail portion on the ground floor, with a bar & grill, massage spa, dentist and hair salon.
Titan, Alliance to Break Ground on 13-Acre Apartment Community
Titan Development is planning to break ground on an upscale apartment community near Cottonwood Mall this summer. The Albuquerque developer has teamed up with Phoenix-based Alliance Residential Co. to build a 254-unit multifamily housing complex on a 13-acre site in West Side Albuquerque.
First Hotel to Open in Gulch Has $17.5 M Price Tag
The hotel, a future Fairfield Inn & Suits by Marriott is being developed by Chattanooga, TN-based Vision Hospitality with Brentwood, TN-based Biscan Construction as main contractor.
Essex Property Trust Picks up Fox Plaza Residential Component, Commits to Improvement of New Asset
The acquisition deal did not include the lower floors featuring commercial office space. However, an adjacent two-story, 37,800 square-foot commercial building was part of the agreement. The REIT’s interest in this second building is clearly linked with the fact that there is permitting in place for a 250-unit, 11-story apartment development. While Essex maintains that it has no immediate intentions of activating the entitlement, the entity has confirmed that the possibility of developing the tower will be evaluated in the future.