News
Fifield Companies Sells Chicago Community for $302M, Begins Work on New Luxury Development
In a joint venture, Fifield Companies and Pacific Life Insurance Co. have announced they have sold an 848-unit multifamily community in Chicago to REIT Morguard Corp. for $302 million. This marks the highest amount paid for a Chicago apartment tower since May 2011.
TODAY’S DEALS: Vornado Buys Interest in 1,328-Unit Manhattan Asset
Vornado buys into a large Tribeca asset; Charles Dunn Co. completes an L.A. sale to the tune of $10.8 million; and The Sterling Group opens a luxury asset in Alabama.
Portland’s Pearl District In Line to Get High-Rise Gem
A 21-story, 250-unit multifamily community for Portland’s downtown Pearl District is being planned by Wood Partners and Hoyt Street Properties, which have agreed to pursue development of the $80 million project.
Economy Watch: Personal Income, Savings Up
Even as the 2012 holiday shopping season was ending on Monday, at least one estimate said that consumers didn’t spend that much more this year than last year.
TODAY’S DEALS: CityCenter Closes Bulk Las Vegas Condo Sale
A $119 million bulk condo sale closes in Las Vegas; Ares Commercial Real Estate provides $49.6 million for a Tampa-area acquisition of two properties; and NorthMarq advances a $29.3 million Freddie Mac refinance at less than 3.5 percent interest.
Apartment Renovation Completed in D.C.
Urban Investment Partners has completed a $2.7 million full-building restoration of 346 Park Road NW in the Washington neighborhood of Columbia Heights.
HFF Closes on $66.25M Sale of N.J. Community
HFF has closed on the sale of Avalon at Aberdeen Station in Aberdeen, N.J., for $66.25 million on behalf of the seller, AvalonBay Communities Inc. MFREVF Aberdeen Urban Renewal LLC purchased the multifamily community.
Multifamily Property Managers Improve Lead Management and Leasing with Yardi PopCard
Yardi announced that multifamily property management clients using Yardi PopCard™ are reporting improved results in capturing leads and converting them into leases.
Economy Watch: Existing Home Sales Spike
The National Association of Realtors said on Thursday that total existing-home sales nationwide—including completed transactions for single-family houses, townhomes, condos and co-ops—rose 5.9 percent to an annualized rate of 5.04 million units in November, compared with 4.76 million in October.
Kista Galleria Shopping Center in Stockholm Sells for $700 Million
Citycon Oyj and the Canada Pension Plan Investment Board have entered into definitive agreements to acquire the Kista Galleria shopping center in Stockholm from DNB Livsforsikring ASA.