The city's multifamily market is experiencing strong fundamentals, including robust employment, healthy population gains and record-breaking rental rates, per-unit prices and median home values.
Chandler Management purchased two residential properties totaling 676 units in Fredericksburg, Va. The seller, Equus, purchased both assets in 2012 for a total of $74.3 million.
Forum Real Estate Group is developing a mixed-use project that will include a nine-story apartment community with 286 units and a ground-floor Whole Foods Market 365 store.
The real estate investment trust arranged the first mortgage financing for the community. Pinnacle at Union Hills was purchased for $48 million using proceeds from an equity offering.
Brass Enterprises made its first foray into the metro’s multifamily market with the acquisition of 1221 Broadway, a 194-unit garden-style property in Tempe, Ariz.
The 130-year-old company has announced the promotion of Anne Marie Gianutsos to CMO and the appointment of Nicholas Fears as CFO of the company’s corporate management team, headquartered in Rye, N.Y.
The deal is in line with the company’s long-term plan to grow its portfolio and strengthen its focus on creating passive income streams for its investors.
