Tudor Scolca-Seușan is an Associate Editor with Commercial Property Executive and Multi-Housing News. He joined CPE and MHN in 2017 and is passionate about doing research for the two publications. He is responsible for data center and industrial coverage on CPE, writing seasonal metro reports on multifamily, interviews and features, as well as occasionally editing news stories.
WWC Continues Phoenix Divestment Streak
The Canadian company acquired the asset in 2016. ROI from the current transaction is projected at approximately 18 percent over the 20-month term.
On the Market: 5 Interesting Listings for the Week of 3/12
This week’s listings include a newly constructed asset in Culver City, Calif., which includes ground-floor retail, as well as a community in southern Dallas near the booming I-45 industrial sector.
Passco Extends in ATL with $69M Acquisition
The increasing job and population growth in Gwinnett County is what drove Passco Cos. to make the investment, with existing assets like Merritt at Sugarloaf presenting strong value-add opportunities.
Broadtree Expands ATL Portfolio With $59M Buy
Stone Ridge at Vinings is a 440-unit community that includes a swimming pool, tennis court and dog park.
High Street, MetLife Break Ground in Phoenix
The partnership will construct a five-story 190-unit community that will include a coffee bar, interactive lounge space and gaming area.
RRA Sells 6 in Temple University Area
Temple University contributed to the area’s recent revitalization and proved to be a good driver for the surrounding real estate market.
PA Community Receives $9M Freddie Mac Loan
The borrower used the current loan to pay off debt service and prepayment penalty, while also recovering trapped equity, which will be reinvested into the apartment community.
Tempe Luxury Property Trades for $73M
Transwestern Development built the 290-unit Vela Apartments in partnership with a private investor. The developer obtained $34 million in construction financing from Bank of the Ozarks.
Rittenhouse Realty Closes $6M Sale in Philly
The four-story building comprises 15 units and a commercial ground floor component, a space currently leased to Sherwin Williams.
On the Market: 5 Interesting Listings for the Week of 3/5
This week’s multifamily listings include a portfolio in Denver’s Glendale market and newly converted condominiums in Scottsdale, Ariz.