Realty News Report

BOCA RATON, Fla. — Archstone,  a major apartment developer,  has acquired a 5.78-acre development site near the Mizner  Park development in Boca Raton, Fla.

Archstone plans to build a 378-unit apartment community with 13,448 square feet of retail space on the parcel located along East Palmetto  Park Road at the SE 3^rd Avenue intersection just blocks from the Atlantic Ocean beach. Construction is expected to begin in the first quarter of  2013.   

“The Palmetto Park development in Boca Raton will be an excellent  addition to our outstanding portfolio of apartment communities in premier locations in the country,” said Neil Brown, Archstone’s chief  development officer. “Near the Mizner Park development, the site embodies the three characteristics that are prevalent at many of our  communities and make our portfolio among the most prestigious in the  industry. The site is in a market with very limited land on which to  build, in a highly desirable neighborhood with very expensive single  family homes, and in a city with a strong, diversified economy.”

Mizner Park, which is within walking distance of Archstone’s development  site, is an upscale, mixed-use lifestyle center in downtown Boca Raton that features an array of high-end shopping, dining and entertainment       opportunities

SEATTLE – Seattle-based companies Goodman Real Estate and Harbor Urban, LLC, along  with equity partner Capri Capital Partners, LLC, announced the purchase of the property at 1915 Second Ave. in Seattle where  construction will begin in April on a 24-story multifamily mixed-use  project called Viktoria Apartments. The total cost to develop the       project, scheduled for completion by the end of 2013, is approximately $95 million.

Construction financing for Viktoria Apartments will be provided by the INDURE Fund, based in Washington D.C. “We are pleased to be providing financing to the Goodman, Harbor Urban, Capri Partnership, and are delighted to be playing an important role in the creation of a very significant new building in Seattle,” said Jeff Kanne, President and CEO       of National Real Estate Advisors, manager of the INDURE Fund.