News
Historic Celebrity Magnet ‘El Royale’ Trades Hands for $29.5M
Located at 450 North Rossmore Avenue, the building features 56 luxury units, with an impressive per-rate unit of $527,000. The property offers an expansive overlook with views that include Hancock Park and the nearby Wilshire Country Club. The average apartment is about 1,400 square feet. Forty-six of the units are rent-controlled, while the remaining ten are exempt due to their luxury residence designation. According to Ron Harris, one of the brokers in charge of the transaction, “El Royale is one of the most iconic and celebrated apartment communities in all of Los Angeles County”.
LEED Silver Certification Awarded to UMass Medical Building
The U.S. Green Building Council (USGBC) has awarded LEED Silver certification for sustainable design and efficient operation to one of the facilities built by University of Massachusetts’ Medical School (UMMS).
Greystar and PREI Break Ground on Westside Luxury Community
Greystar and Prudential Real Estate Investors recently celebrated the groundbreaking of their newest Atlanta luxury apartment community, soon to rise in the exclusive Westside Provisions District. The groundbreaking ceremony was held October 9 at the White Provision Event Space.
Walmart Supercenter Opens in Randallstown, MD
Brixmor Property Group, the second largest owner of community and neighborhood shopping centers in the United States, opened a new Walmart Supercenter in Randallstown, MD, on Wednesday, October 17. At the ribbon-cutting ceremony, Walmart associate, Hugh Lowery performed the national anthem.
1.4 MSF National Industrial Portfolio Pulls in a Rumored $80M
The Columbia Portfolio, a nearly 1.4 million-square-foot group of industrial properties, has changed hands and the word on the street is that it fetched $80 million.
IREM Special Report: Leaders Focus on Technology, Training and Trends
Technology, training, and trends in real estate property categories topped the agenda during the opening session of the Institute of Real Estate Management’s opening general session in New Orleans on Thursday.
Xinyuan Buys Brooklyn Land, Plans $54.2M Condo
Beijing’s Xinyuan Real Estate, acting through its U.S. division, XIN Development Group International Inc., has made its entrée into the U.S. multi-family market with the $54.2 million acquisition of a development site in Brooklyn, N.Y.
Thor Equities Refinances Chicago’s Palmer House Hotel for $365M
Chicago’s historic Palmer House Hilton luxury hotel has been refinanced by owner Thor Equities to the tune of $365 million, it was announced Wednesday by Jones Lang LaSalle, which arranged the floating-rate financing package.
San Antonio to Welcome TRISUN Healthcare Assisted-Living Center
A new TRISUN Healthcare assisted-living and memory-care facility will be built in San Antonio, next to the TRISUN Care Center at Lakeside, which opened this summer. The 53,313-square-foot complex will have 42 assisted-living and 18 memory-care units. Designed by Austin-based DFD Architects and built by San Antonio-based Metropolitan Contracting Co., it will sit on 5.2 acres of land near Loop 410 and State Highway 151.
Courtyard New Orleans Downtown/Iberville Completes Conversion
The multimillion-dollar conversion of the Courtyard New Orleans Downtown/Iberville is now complete.