National
Small San Diego Apartment Communities Trade Hands in Deals Totaling $10M
Two small deals were perfected for San Diego-area multifamily properties recently with the combined transaction value of just under $10 million. The Coronado Villa Apartments in San Diego and a Pacific Beach multifamily property both have new owners after trading hands for fees of $5.7 million and $4 million, respectively.
Thorofare Capital-Arranged Loan Leads to Sale of Final Condo Units at The Martin
Thorofare Capital, an alternative investment platform, recently announced that it had provided a $4 million short-term loan to finance the acquisition of a condo unit portfolio at The Martin. The sponsor will use the financing to acquire the final units under the ownership of the tower’s developer, and then focus on selling the condos to foreign investors. KCD Martin is buying the units from New York-based iStar Financial.
Toll Brothers Moves Forward with Master-Planned Community Next to The Woodlands
A new master-planned community is in the works west of The Woodlands. Developed by renowned Toll Brothers, the community will be spread across 600 acres along FM 2978, according to the Houston Business Journal.
Frisco Square Set to be Home to New Luxury Community
In a joint venture, Behringer and PegasusAblon announced the development of The Ablon at Frisco Square, a 275-unit luxury, multifamily community that will be located in Frisco Square. The asset will be developed by PegasusAblon, the joint venture’s general partner.
555 Montgomery Street Property Management Contract Awarded to Kennedy Wilson
Kennedy Wilson is the new property manager of a San Francisco office high-rise after the company was awarded the contract for 555 Montgomery Street. KW will now handle property management duties at the property on behalf of owner East West Bank, a Pasadena-based financial entity.
Kimpton Hotels & Restaurants to Convert Iconic Chicago LaSalle Building into Four-Star Hotel
Kimpton Hotels & Restaurants recently announced it has purchased the landmark Chicago building located at 39 South LaSalle St., with plans to convert it into a four-star, 281-room hotel.
HFF Obtains Financing for Chicago’s 401 North Michigan Ave. on Behalf of Zeller Realty Group
HFF recently announced that it has secured a five-year, floating-rate loan for 401 North Michigan Avenue in Chicago.
Z Block Project in Downtown Denver to Include 170-Room Sage Hospitality Hotel
The Z Block development project in Denver’s LoDo neighborhood will include a 170-room hotel by Sage Hospitality, the Denver Business Journal reports.
Brookline Investment Group Acquires 236-Unit Multi-Family Community in Durham for $23.6M; Investcorp Pays $84M for RTP’s Meridian Business Campus
Brookline Investment Group of Aliso Viejo, California is now the new owner of the newly-renovated Yorktown Club apartment community in Durham.
Canadian Home Builder Mattamy Launches Tucson Division
According to a recent written announcement released by Mattamy Homes, the home builder continues with its Arizona growth strategy and launches a new local division in Tucson. Mattamy already has a number of active communities and land positions in the Phoenix area.