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Category Archives: National

Apartment Roundup

  IRVING, Texas – Oak Villas, a 548-unit property located at 2414 North MacArthur Boulevard in Irving has been sold to Oak Villas Apartments, LLC of Brooklyn, NY. Built in 1964, Oak Villas underwent a significant rehab in 2002, and the Buyer plans to continue toupgrade unit interiors and push rents higher. The Seller was Orix Capital Markets, LLC, a ... Read More »

Office Sells for Record Price

NEW YORK — Brookfield Office Properties has sold the Newport Tower office building in Jersey City, NJ to Multi-Employer Property Trust for $377.5 million. It is the largest single office asset transaction in the history of New Jersey. Newport Tower is a 36-story, 1.1-million-square-foot class A office building located on the Hudson River in Jersey City. Brookfield Office Properties acquired ... Read More »

National Apartment Round Up

DALLAS – Estancia at Ridgeview Ranch, a 500-unit, Class A multi-housing community in Plano, Texas has been sold. HFF  arranged acquisition financing for the project. Working on behalf of Praedium Group and Mike Ochstein, president of Price Realty Corporation, HFF placed the loan with MetLife Real Estate Investments. Completed in 2007, the property has 23 apartment buildings with an average ... Read More »

Blackrock Projects Solid Commercial RE Returns

HOUSTON — Blackrock Inc. is projecting solid returns on commercial real estate investments in the United States, with annual returns projected at 6 percent to 7.5 percent over the next decade. A summary of the Blackrock report is published in Ben Johnson’s OKCReview.com. http://www.okcreview.com/nationalnews.php?nationalnews_id=299&page=1 The strength in the realty market might represent a good time to sell off some realty ... Read More »

Apartment Report

 PHOENIX –  CB Richard Ellis  has negotiated the sale of Aldea at Estrella Falls, a 328-unit luxury apartment community in Goodyear, Ariz. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office acted on behalf of the seller, a partnership between Scottsdale, Ariz.-based Globe Corporation and Austin, Texas-based Trammell Crow Residential, to structure the $32.8 million transaction. The buyer ... Read More »

Multi-Family Wrap

HOUSTON – Post Investment Group has purchased the 700-unit Palms on Westheimer apartment project at 6425 Westheimer. Maury Bronstein and David Malev of Situs Asset Solutions represented  New York-based Petra Capital Management in the sale.  The project covers 18 acres at the intersection of Westheimer and Briarhurst Drive.                                                                            — SAN ANTONIO – Leon Capital Group has purchased the 264-unit ... Read More »

David Weekley Homes Assumes Control of Phoenix Home Builder T.W. Lewis

PHOENIX — David Weekley Homes of Houston has taken over the T.W. Lewis building firm on Phoenix and will begin building there under the name the “T.W. Lewis Collection built by David Weekley Homes.” Weekley purchased the remaining lots of T.W. Lewis and in a cash and options transaction. Lewis, a luxury home builder, has 35 employees, according to the Big Builder publication, ... Read More »

Multi-Family Deal Report

Apartment Briefs HOUSTON – Jamie Mullin and Brandon Brown of LMI Capital arranged $38 million in financing for nine apartment communities totaling 2,364 units throughout the Houston region. The nine properties are: Applewood Townhomes Bellestone Villas, Colony Oaks, Indigo Falls, Madison Bear Creek, Palm Bluffs, Trails of Woodlake, Water Mill and Westheimer Terrace  FLORHAM PARK, NJ – HFF  has arranged a construction ... Read More »

Top Ten College Cities for Residential Investment

Sending a child to college can mean moving into a dorm. Or it can be a time to think about buying a house as an investment that can provide housing for a few years, until your son or daughter graduates. The Move Inc. organization has created a list of 10 cities that are promising spots for back to school investments. ... Read More »

Apartment Trade Roundup

TRADE BRIEFS TUCSON,  Ariz. – The 410-unit Casa Bella, located at 175 West Valencia Road in Tucson, AZ. The 410-unit apartment community was sold for $9,100,000.  The Buyer was BH Properties of Los Angeles, CA. The transaction was negotiated by Art Wadlund of the Tucson office of Hendricks & Partners.  CHICAGO — Aspen Place Apartments, a 416-unit, value-add multi-housing community ... Read More »

Hines to Spend $1 Billion to Buy/Develop Office Buildings with NY Fund

HOUSTON – Hines has formed a  joint venture with New York State Common Retirement Fund (NYSCRF) to invest in more than $1 billion of office and medical office projects in the U.S.  The venture, called Hines Corporate Properties II (HCP II), capitalized with $500 million of equity, will develop, acquire, own and manage buildings primarily occupied by single-tenant users. Read More »

Gables Post Oak breaks ground

Gables Residential has broken ground on the 316-unit Gables Post Oak apartments in Houston, near Loop 610 and San Felipe at the SE corner of Post Oak Park and Post Oak Place, according to a report by Jennifer Dawson of the Houston Business Journal. Northwestern Mutual is JV partner with Gables, Dawson said. Read More »

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