News
TODAY’S DEALS: Western National Buys Archstone Long Beach for $46M
IPA lands a buyer for Archstone Long Beach; UC Funding closes an $18.4 million bridge loan for a historic conversion in Baltimore; and IPA oversees the sale of a 190-unit distressed condo property in Miami-Dade.
Digital Realty Acquires Three-Property Data Center Portfolio In Paris For $79.7M
Digital Realty Trust Inc. has acquired a three-property data center portfolio in the Paris area for EUR 60 million, or about $79.7 million. The seller was Bouygues Telecom, France’s third largest telecommunications operator.
DDR’s Puerto Rico Retail Properties Get $90M Upgrade
Leading shopping center owner and manager DDR Corp. has announced it will continue the successful redevelopment and expansion activity at four selected properties across Puerto Rico due to strong tenant demand and lucrative previous projects.
Velocity Hires Industry Veteran for Loan Acquisitions
Velocity Commercial Capital, a specialty finance firm focusing on originating, acquiring and securitizing small balance commercial loans, announced the addition of Craig Kolasinski to its Capital Markets team.
Richard Katzenstein Joins Freddie Mac Multifamily as Managing Regional Director, Northeast Region
Richard Katzenstein has joined Freddie Mac Multifamily, and will lead the Northeast Region as its managing regional director.
MSHDA to Build New Senior Development in Michigan Suburb
Michigan State Housing Development Authority will open The Lake Pointe Apartments, a planned $4.2 million affordable housing development for seniors in downtown Hart, Mich.
MARKET SNAPSHOT: Cleveland Sees Best Annual Employment Growth Since 2000, Tightening Vacancies
While vacancy in the Forest City has been falling steadily since 2009, mostly due to lack of new supply, a similar trend in unemployment has taken a bit longer to materialize.
Economy Watch: Beige Book Reports ‘Strong’ Residential Growth
The Federal Reserve released the latest Beige Book, which reported “all 12 Districts characterizing the pace of growth as either modest or moderate.”
Marcus & Millichap Lists 128-Unit Indiana Community
Marcus & Millichap Real Estate Investment Services are marketing the sale of Embassy Place Apartments, a Class A community in Highland, Ind. The seller is a Northwest Indiana-based builder and the original developer of the property.
Equity to Sell $1.5B Portfolio
Equity Residential has unveiled a major deal to sell $1.5 billion worth of multifamily properties to a joint venture of Goldman, Sachs & Co. and Greystar Real Estate Partners. The transaction will involve 27 properties in various parts of the country.