Archive for ‘Multi-Family’

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May 30, 2012

Magic Johnson Group Developing 257-Unit Apartment in Austin

AUSTIN — Forestar Group has formed a venture with Magic Johnson’s Canyon-Johnson Urban Funds for development of a downtown multifamily community located in Austin. The project, to be called Eleven, is at the southeast corner of East 11th Street and Interstate 35.

Eleven will consist of 257 units in a four-story podium style building above a two-story parking structure.

The City of Austin in conjunction with the Austin Urban Renewal Agency has invested nearly $20 million into the East 11th Street neighborhood over many years, with the intention of jumpstarting new construction from private developers. The Eleven apartments, along with several new mixed use retail and office buildings, restoration projects and city investment will contribute to the area turning the corner into a growing district.

BGO Architects designed Eleven and the interior design is created by Leslie Fossler Interiors. Construction will begin within 30 days.

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May 30, 2012

Multi-Family Wire

HOUSTON – The Cranbrook Portfolio, a 1,038-unit portfolio including the Polo Club Apartments, Monticello Apartments and Timbers Apartments.  Transwestern’s Ed Cummins and Clint Duncan represented the seller in the transaction. Located on Ella Boulevard in Houston, the three properties span across 33 acres and were 87.7 percent occupied at the time of sale. The largest of the complexes is the Polo Club Apartments with 520 units, followed by Timbers Apartments with 274 units and Monticello Apartments with 244 units. The transaction was a distressed asset sale on behalf of the lender, and the portfolio was purchased for an undisclosed amount by a California investor.

ALBUQUERQUE, NM — The 232-unitLa Ventana  located at 12200 Academy Road NE in Albuquerque has been sold to MPLA Ventana Apartments LLC of Los Angeles, Calif. La Ventana was built in 1995. The transaction was negotiated by Bill Fox (Albuquerque), Art Wadlund (Tucson), Mark Forrester (Phoenix), and Ric Holway (Phoenix) of Hendricks & Partners on behalf of the seller, GFPG 12200 Academy Road ABQ II, LLC of Lakewood, Colo.
WILLISTON, N.D. — A new property in the Bakken Shale,  the Williston Garden Apartments is 100 percent pre-leased. When completed, this development will provide 90 furnished units and 55 unfurnished units. Currently, two of the four buildings are open and the remaining two are scheduled to open this summer.  Investors Real Estate Trust (IRET) owns a majority interest in the project.

HOUSTON – Wood Partners will begin construction in May on Alta Heights, a 256-unit project at 145 Heights Blvd., near Washington Ave.

 FOR MORE APARTMENT NEWS  click here.

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May 28, 2012

Lehman Bros. Buys Remainder of Archstone

NEW YORK – Bank of America and Barclays Bank PLC have entered into an agreement with Equity Residential and Lehman Brothers Holdings Inc. pursuant to which Bank of America and Barclays will sell their remaining 26.5 percent interest in Archstone, an apartment firm, for a purchase price of $1.58 billion to Lehman. Bank of America and Barclays will pay an $80 million break-up fee to Equity Residential if the sale to Lehman closes. Upon consummation of this transaction in the second quarter of 2012, Bank of America and Barclays will have sold a 53.0 percent  interest in Archstone in two steps for a total purchase price of $2.905 billion. Archstone has net debt and third-party preferred securities of $10.5 billion.

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April 11, 2012

Archstone Announces 378-Unit Construction Project in S. Florida

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 3rd 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

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