News
TODAY’S DEALS: UDR Inc. Finalizes $138M NYC Acquisition
UDR Inc. has completed the acquisition of a 210-unit community in New York; Holliday Fenoglio Fowler arranges construction financing for a New Jersey development; and NorthMarq arranges $37.2 million Freddie Mac mortgage.
New Jersey Affordable Seniors Project Gets Green Light
Lawrenceville, N.J.–The Planning Board of the Township of Florence, N.J., has approved plans for a 66-unit affordable seniors housing development in the township. The property will replace the dilapidated Marcella Duffy School building.
Chicago’s One East Delaware Captures LEED EB Silver
Chicago–The first Chicago apartment property to earn multifamily LEED EB Silver certification from the U.S. Green Building Council is One East Delaware. The 22-year-old, 36-story, 306-unit upscale tower on the Windy City’s pricey Gold Coast is the nation’s third largest apartment community to gain the certification.
Magellan Development Group Names Steven L. Mandell VP of Business Development and Operations
Chicago–Magellan Development Group has announced the appointment of Steven L. Mandell, 43, as vice president of business development and operations of affiliate Magellan Project Services.
Marcus & Millichap Promotes Felipe J. Echarte to Vice President Investments in Fort Lauderdale Office
Fort Lauderdale, Fla.–The board of directors of Marcus & Millichap Real Estate Investment Services has promoted Felipe J. Echarte to the position of vice president investments in the Fort Lauderdale, Fla. office.
Economy Watch: Foreclosed Properties Still About One-Third of Residential Sales
According to RealtyTrac’s second quarter 2011 U.S. Foreclosure Sales Report, which was released on Thursday, the sale of houses in some stage of foreclosure accounted for 31 percent of all residential sales during the quarter. That’s a drop from the first quarter of this year, when the total was 36 percent, but more than the same quarter a year ago, when the total was 24 percent.
Bonaventure Realty Group Names New Director of Property Management
Bonaventure Realty Group LLC, multifamily real estate company, announced that Christina Bolter has just been named director of property management.
MARKET SNAPSHOT: Shadow Inventory Continues to Trouble Tucson Market
Tucson, Ariz.–The majority of Tucson investment activity is likely to involve distressed assets for the balance of 2011, according to Marcus & Millichap.
TODAY’S DEALS: HFF Lists Class A Community in St. Louis
HFF is picked to market a luxury community in St. Louis; Champion Real Estate Services purchases a $4.2 million community in central Ohio; and Jones Lang LaSalle brokers apartment sale by AMLI and Northwestern Mutual.
USAA-JLB JV Breaks Ground on Atlanta Apartments
Atlanta–A joint venture between USAA Real Estate Co. and JLB Partners L.P. has broken ground on Buckhead Village, a multifamily property in Atlanta. When complete, the property will feature 373 units in four- and five-story buildings totaling about 345,200 square feet, along with 583 parking spaces.