News
Joint Venture Acquires Unfinished Chicago Structure, Plans Apartments
Chicago–Related Cos. and Clark Wacker L.L.C. have formed a joint venture to acquire 111 West Wacker Dr. in downtown Chicago, with about 500 upscale apartments planned for the building.
TODAY’S DEALS: 300-Unit Phillips Development Gets HUD Financing
Phillips Development and Realty lands HUD financing for a Charlotte, N.C., community; Cassidy Turley BRE Commercial sells a 120-unit community in Ariz.; and Cambridge provides a $5.2 million FHA-insured refinance loan.
MARKET SNAPSHOT: Value-Add Opportunities Abound in Denver
Denver–Attracted to the in-migration and job growth, Advenir recently entered the greater Denver marketplace with its acquisition of the 220-unit Briarglen Apartments in Colorado Springs.
Work Commences on First Multifamily Project at Charlotte’s Cameron Village
Crescent Resources L.L.C. has kicked off the development of Gallery, a 282-unit luxury apartment project in Raleigh, N.C.’s sprawling mixed-use Cameron Village.
Economy Watch: Debt Ceiling Done, Now Back to Worrying about Jobs
Corporate downsizing announcements spiked to a 16-month high in July; a Bureau of Labor Statistics report shows a wide variation in jobless rates among metro areas; and the non-manufacturing sector is growing, but slowly.
All Property Management Partners with RentalHomesPlus.com
Seattle–All Property Management will power RentalHomesPlus.com’s new property manager search by providing enhanced search services and resources to the RHP website.
SF Affordable Co-op Apartments Finish Major Renovation
San Francisco–The three-year renovation of the 211-unit Martin Luther King-Marcus Garvey Square Cooperative Apartments in San Francisco’s Fillmore District has been completed.
TODAY’S DEALS: Advenir Acquires a 220-Unit Property in Colorado Springs
Advenir kicks off its Colorado acquisition campaign with a 220-unit community; Marcus & Millichap brokers the $34.2 million sale of an asset in Washington; and Walker & Dunlop closes a $6.6 million Fannie Mae loan.
SWACHA Recognizes NWP for Green Electronic Solutions
Dallas–SWACHA has awarded NWP Services Corporation with its first PayItGreen Seal of Approval for commitment to decreased paper usage through electronic solutions.
Completion of Two More Phases in Nemchinovka Development
The Nemchinovka development, a $600 million luxury residential and commercial development in suburban Moscow, has moved closer to completion.