News
Grainger to Use JV to Broaden Funding of $280M German Apartment Portfolio
A joint venture to be formed by Grainger, of Newcastle upon Tyne, England, and Heitman, of Chicago, will invest in a German rental residential portfolio of nearly 3,000 units, currently wholly owned by Grainger.
Economy Watch: Foreclosed Property Discounts, LV Short Sales Down; Consumer Confidence Up
In some positive signs for the market, Zillow reported a reduced discount between the prices at which foreclosed and non-foreclosed residential properties sold in September, while a Las Vegas real estate group found fewer homes selling out of foreclosure and consumer confidence rose in early November.
Oxford Properties to Build $3B M-U Redevelopment Project in Downtown Toronto
Oxford Properties Group, one of Canada’s largest pension funds, has unveiled its proposal for a $3-billion-plus mixed-use project in downtown Toronto.
Emaar Properties Launches Two M-U Projects in Cairo
Developer of the Burj Khalifa, Emaar Properties PJSC has recently launched two ambitious projects: the mixed-use Emaar Square in Uptown Cairo and Boulevardi in Cairo.
South Florida Multifamily Properties Trade for Combined Price of $100M
Behringer Harvard’s 560-unit Parrot’s Landing recently changed ownership, as a Toronto-based real estate investment recently paid $56.3 million for the North Lauderdale property. The Boca Raton office of ARA brokered the sale of Parrot’s Landing, which was managed by a team including Avery Klann, Marc deBaptiste and Hampton Beebe.
Los Angeles Company Buys 2,044-unit Riata Apartment Complex in Northwest Austin
Los Angeles-based IMT Capital LLC, along with affiliate IMT Residential, has made its largest acquisition ever, closing a deal on the 2,044-unit Riata apartment complex. The deal represents one of the largest apartment portfolios ever sold in Austin, according to the Austin Business Journal. The portfolio had been on the market since July, when news broke that CBRE Group Inc. was chosen to list the property on behalf of Hunt Investment Management.
Wesley Village Fetches $45.8M
KBS Legacy Partners Apartment REIT has announced the purchase of Wesley Village for an estimated price of $45.8 million.
Calida Moves to Revive Stalled $350M Manhattan West Project
By Alex Girda, Associate Editor
Four years after its original developer filed for bankruptcy, the $350 million Manhattan West condominium project may be getting new life. The Calida Group is moving to acquire the stalled 700-unit development on Russell Rd., the Las Vegas Review-Journal reports.
Strategic Capital, Compass Development Launch N. Salt Lake City Mixed-Use Project
Set on a parcel originally owned by the Compass Development Group, Eaglewood Village will include office, retail, multi-family and single-family components. Compass sold its stake to Strategic Capital except for the apartment portion. Strategic Capital now owns 17 acres of land that will feature office and retail space, as well as entitlements for 300 residential units.
NYRR to Purchase 149 KSF NYC Office Tower for $65M
American Realty Capital New York Recovery REIT Inc. has been doing quite a bit of buying over the last couple of months and now it is on the verge of adding a fully leased Manhattan office property to its portfolio.