National
Tanque Verde Holdings Grabs Luxury Multifamily Property in Tucson for $12M
In a $12.3 million deal, Santa Barbara, California-based Tanque Verde Holdings LLC has acquired Aerie at Tanque Verde, an 85-unit luxury rental community in in Northeast Tucson, from Alta Vista Communities LLC.
Twilight Homes to Sell Houses Starting at $140,000 at Master Development
By Anca Gagiuc, Associate Editor The mixed-use Mesa del Sol has been under development since May 2001 when the State Land Office named Forest City master developer. The walkable development site is 10 minutes from Albuquerque International Sunport and 20 minutes from downtown. Multiple homebuilders have enrolled in the project, including Rachel Matthew Homes, Pulte Homes […]
Historic Ford Plant in Highland Park to Become Automobile Heritage Destination
It finally happened: after years of fighting the massive loss of population and industrial and economic distress, Detroit filed for bankruptcy protection last week. Most voices agree that it was bound to happen but it remains to be seen how this historic decision will help the city regain its lost glory.
Premier Riverfront Hotel in Pittsburgh Sells for $61M
Cleveland-based Forest City Enterprises has sold the 399-room Sheraton Station Square hotel in Pittsburgh. Station Square Pittsburgh Hotel LLC, a joint venture between Boston-based Pyramid Hotel Group and an affiliate of Glenmont Capital Management, LLC of New York acquired the asset for $61 million. The Plasencia Group represented the seller in the transaction.
New Multifamily Development in The Mission Trades Hands Only Days After Opening
By Alex Girda, Associate Editor Avant Housing’s newly opened apartment community was sold just days after its official opening. The company’s new Vara development was purchased by global commercial real estate investor, Behringer Harvard. Avant Housing was represented during the sale by Moran Co. representatives Brett Betzler and Mary Ann King. The buyer managed to […]
Public-Private Partnerships Sought to Invest in Gary/Chicago International Airport and Surrounding Areas
The City of Gary and the board of directors of the Gary/Chicago International Airport Authority recently approved and released a request for proposals for the development and management of the Gary Chicago International Airport and related assets. The proposals to invest in the airport and the surrounding area through a public-private partnership are awaited until 5 P.M. August 26, 2013.
Milestone Apartments REIT to Acquire 358-Unit Canyon Chase Apartment Community
Milestone Apartments REIT recently announced it has entered into an agreement to acquire the 358-unit Canyon Chase apartment community. Located in the Westminster submarket of Denver, Colorado, the garden style multifamily apartment community was built in 1986. The Toronto-based REIT acquired the property for a purchase price of $40.5 million, represented an estimated initial capitalization rate of 6.55 percent and the transaction is expected to be immediately accretive to the REIT’s AFFO per unit.
Troubled Apartment Building in Evanston Makes Way for New Homes
A century old building in Evanston was demolished on Wednesday, July 17, to make way for new development and help revitalize the Cincinnati neighborhood. Hundreds of people were present at the event and cheered as machines belonging to the O’Rourke Wrecking Company brought down the mammoth building. Anzora Adkins, President of the Evanston Community Council, Cincinnati City Manager Milton Dohoney Jr. and Vice Mayor Roxanne Qualls were among them.
Koontz McCombs Announces Grand Opening of Sendero Ranch in San Antonio
The second phase of Sendero Ranch, Dilley, is completed and the community will open its gates on July 25th, announced developer Koontz McCombs. The residential development is located in the fast-growing area of Eagle Ford Shale oil and gas formation.
Bellevue’s Spring District Kickstarts Development with Two Office Buildings
The development process for the Spring District project in Bellevue is now underway after the city’s official records point out permitting approved for two new office structures in the mixed-use neighborhood. Developed by Wright-Runstad, the Spring District will constitute a 36-acre, environmentally sustainable urban area that will replace the old Safeway Distribution Center in the Bel-Red Corridor. The development comes as a consequence of the area’s rising tech market and the growing interest in the Puget Sound area overall. An appeal limit was set for July 25th.