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The finish line is in sight for the competition to acquire a nearly 6,000-unit Brooklyn apartment complex that will command the highest price for a U.S multi-family property this year and rank among the biggest transactions in any category. Early next month, a winning bidder should emerge for Starrett City, a 34-year-old, nearly 6,000-unit complex located on Jamaica Bay. Unsettled credit markets and declining commercial property prices in New York City make predictions difficult, but local industry players have suggested that the property could command close to $1 billion. If so, the sale’s price tag would exceed all New York…

Almost exactly six months after closing on the sale of 86 apartment properties to DRA Fund VI L.L.C. and joint venture partner Steven D. Bell & Co., UDR Inc. has concluded the reinvestment of 1031 exchange funds from the from the $1.7 billion sale. The Denver-based REIT used $951 million of the proceeds to purchase, in various transactions, 12 apartment communities encompassing nearly 4,100 residential units. The acquisitions allowed the company to reposition its portfolio with newer properties within close proximity to lifestyle centers and transportation hubs in its core markets, which are characterized by high rent-growth potential, expanding employment…

The U.S. hurricane season is well on its way, with Tropical Storm Hanna battering the East Coast this past weekend, and Ike and Josephine becoming potential, significant threats. Hurricane Gustav, which hit the Gulf Coast last week, caused up to an estimated $10 billion in damages. The National Oceanic and Atmospheric Administration projected that this year’s hurricane season, which began on June 1, to be near or above normal; however, there is a 65 percent chance of an above normal season versus a 25 percent chance of a near normal season. The outlook indicates a 60 to 70 percent chance…

Treasury Secretary Henry Paulson Jr. announced Sunday that the Treasury Department and Federal Housing Finance Agency would step in to act on behalf of Fannie Mae and Freddie Mac. A conservatorship has been formed that will manage taxpayer investment in the two giants, among other steps.In July, Congress had given the department power to bolster the two. “Since that time,” Paulson stated over the weekend, “we have closely monitored financial market and business conditions and have analyzed in great detail the current financial condition of the GSEs – including the ability of the GSEs to weather a variety of market conditions…

Residences Melior, an affiliate of Groupe Melior, of Montreal, has exercised its right under a joint venture agreement with Chartwell Seniors Housing REIT to sell to Chartwell the remaining 50 percent interest owned by Melior in seven assisted-living properties in the Province of Quebec. The companies announced that the price for the transaction, which will include Melior’s 50 percent interest in the joint venture property management company, will be determined by independent appraisers. Assuming that regulatory approval is obtained, the deal could close within 60 days. The seven properties are: * Monastere d’Aylmer, Aylmer, 272 suites. * Notre Dame de…

Gaylord Entertainment has inked a deal to buy a parcel of land at the Mesa Proving Grounds in Mesa, Ariz., for the development of a resort and convention center. The development will occupy about 100 acres of the Mesa Proving Grounds, which totals about 3,200 acres. The planned convention center and resort will be part of a larger mixed-use development in undertaken by DMB Mesa Proving Grounds L.L.C., an affiliate of DMB Associates Inc. DMB bought the site in 2006 from automaker General Motors, which leased the facility back until 2009. Besides the Gaylord resort and convention center — the…

The art and science behind making commitments and managing expectations has always been a critical skill set for senior executives and entrepreneurs to master. In fact, understanding how to come out on the right-side of the expectation curve can often be the difference between average performers and corporate superstars. This is evidenced by the fact that the consulting industry has zeroed in on the importance of this issue such that it has evolved into an emerging discipline known as “Promise Management.” In today’s column I’ll discuss the value of promise management as a discipline. Nothing engenders confidence and creates a…

As part of its ongoing effort to deal with some $18.4 billion in debt that’s scheduled to come due over the next three-and-a-half years, Chicago-based General Growth Properties has completed the repayment of $391 million in near-term mortgage loans. The company has also closed another part of the $1.75 billion finance package (a secured loan facility) that it has been putting together recently as part of its plan to deal with its debt. Yesterday’s closing brings the total loan facility amount currently outstanding to $1.41 billion. A final seven properties were added to the collateral pool, thus completing the 24-property…

The return and value of retail assets has recently slipped relative to other categories, according to a recent survey of CCIM designees and candidates. Given consumer worries about high prices and the burdens facing retail tenants, the survey results come as no surprise, said Kenneth Riggs, president & CEO of Real Estate Research Corp. “The message they’re sending is that (these conditions) will continue at least for the next year,” RIggs said. RERC conducted the study in association with the CCIM Institute, an educational affiliate of the National Association of Retailers.The RERC/CCIM Institute study found that respondents consider the retail…

W.P. Carey Group’s publicly traded CPA:17 Global REIT has completed a $28 million sale-leaseback deal with wireless communications firm Sabre Industries on two industrial properties located in Alvarado, Texas and Bossier City, La. Sabre will use the capital from the sale to invest in their infrastructure on the properties, which primarily will deal with wireless technology, including the construction of new towers and shelters. The infusion of cash will allow Sabre to remain competitive in the wireless communications marketplace, which has experienced a rapid growth in demand in the 21st century. Sabre is owned by private equity fund Corinthian Group…