DEAL OF THE DAY: GE Real Estate Invests $9.56M to Develop 350-Unit Property

By Anuradha Kher, Online News EditorAustin, Texas–GE Real Estate, a global resource for commercial real estate capital, has made a $9.56 million equity investment in partnership with Trammell Crow Residential (TCR) to develop 350 Class A apartments in northwest Austin, Texas.The multifamily project, called Alexan Ribelin, will be comprised of 15 three-story buildings on 17.55 acres and features upscale unit and community amenities. It is part of a master planned development that includes offices, retail shops and a middle school and a high school. The average rent in this project will be $1,115. TCR will be the general contractor for the project.Riverstone Residential Group, an independently owned property management company, will provide leasing and property management services. The first Alexan Ribelin units are scheduled for delivery in November 2008.“GE Real Estate understands our business model and provided an attractive financing structure, which included the deferral of development fees,” says Ken Valach, TCR executive managing director, South Central Division.