News
Stronger Live, Work (But Not Play)
(national cap rate performance based on properties and portfolios of $2.5 million and greater)
$160 Million Tower Adds to Student Housing Options in University City
A University of Pennsylvania-owned site located at the corner of 30th and Chestnut Streets in Philadelphia’s University City district is being developed into a 33-story student housing tower in team effort between Brandywine Realty Trust, Campus Crest Communities and Harrison Street Real Estate Capital (HSRE).
Regent Homes Plans Boutique Luxury Condos in Nashville
After a long stretch in which apartment news ruled the Nashville multifamily scene, Middle Tennessee developer Regent Homes and Companies has announced plans for a 16-unit luxury condo development in Hillsboro Village.
Microsoft Set to Open First Store in Michigan
Software giant Microsoft Corporation (NASDAQ:MSFT) confirmed this week that it will open five new retail stores in five different states by summer. According to the list of locations revealed on the company’s official blog, Michigan’s first Microsoft location will open in Troy at the Somerset Collection shopping center, where its direct competitor, Apple Inc. (NASDAQ:AAPL), has already opened a store on the first floor.
$3.5M Repentance Park Set for February Opening
The wait for the highly anticipated Repentance Park, a stunning public open space will soon be over, announced the Downtown Development District of Baton Rouge.
Pebblebrook Pays $113M for Embassy Suites San Diego
Pebblebrook Hotel Trust has recently announced the acquisition of one of San Diego’s most iconic hospitality properties. Embassy Suites San Diego Bay is now part of Pebblebrook’s portfolio after the completion of a $112.5 million-deal. The REIT is assuming a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded through available cash.
Veer Towers Units Hit Market, Beef Up City’s High-Rise Condo Inventory
Veer Towers is a LEED Gold certified, twin-tower, 37-story development planned to be the centerpiece of MGM International’s gargantuan CityCenter development on the Las Vegas Strip. The 480-foot towers were built leaning against each other at a five degree angle, following a design by renowned architect Helmut Jahn. Each tower houses 337 luxury condo units offering surfaces between 500 and 1,500 square feet. Each of the two towers has an amenity-packed top floor including spa, fitness center, cabanas and an outdoor patio.
Wewatta & Wynkoop Refinance Two Denver Office Buildings for $74M
Wewatta & Wynkoop, a GE Asset Management and Crestone Partners managed entity, has secured a $74 million loan to refinance 1400 Wewatta and 1401 Wynkoop, two Class A contiguous office buildings totaling approximately 300,000 square feet in downtown Denver.
Western National Nabs 496-Unit Suburban LA M-F for $100M
Western National Realty Advisors wraps up acquisitions under its $200 million Western National Realty Fund II with the purchase of Ironwood and Fairway Palms, a sprawling 496-unit apartment compound in the suburban Los Angeles town of Rancho Cucamonga.