News
Archstone Acquires Development Site in Orange County
Huntington Beach, Calif.–Archstone, as part of a joint venture with Red Oak Investments, has acquired a four-acre development site to develop a mixed-use property with 384 apartments and 10,000 square feet of retail.
TODAY’S DEALS: Red Capital Finances $70M New Construction Loan
Red Capital Finances $70 million in a new construction loan for an infill project; Helios Capital Advisors completes two note sales; and The Community Preservation Corporation provides a $1.2 million construction loan for the rehabilitation of two Harlem apartments.
Massive Trump Hotel Tower Opens in Panama
The 70-story Trump Ocean Club International Hotel & Tower Panama, occupying a total of 2.7 million square feet, is poised to become one of Latin America’s newest landmark properties.
Holmes Named COO of Madison Apartment Group
Philadelphia– Private equity fund managers BPG Properties has appointed Dean Holmes as chief operating officer of Madison Apartment Group, the firm’s multifamily operating arm.
Economy Watch: No Deal Yet
Votes in the House and Senate on their respective debt-ceiling plans are expected today; the Beige Book reports mediocre economic recovery; and the United States takes UBS to court over selling bum mortgages to GSEs.
WEB FEATURE: Biometrics: The Future of Multifamily Security Technology
Biometrics are already being implemented into multi-housing communities, replacing old security with technology that can identify residents by the way they look, talk and walk.
Silverman Joins Perkins Eastman as Principal
Washington, D.C.–Sandy Silverman, AIA, has joined design and architecture firm Perkins Eastman as a principal.
Riskier Treasuries Might Send Investors to Top-Quality Multifamily Properties
MHN talks with Christian L. Redfearn, associate professor at the USC School of Policy, Planning and Development and member of the Lusk Center for Real Estate, about what the debt crisis might mean for multifamily.
$250M Mixed-Use Development Breaks Ground in Atlanta
Emory Point, a partnership between Cousins Properties and Gables Residential, will be the largest private development start in the metro Atlanta Perimeter in more than three years.
TODAY’S DEALS: Colonial Properties to Sell $338M Apartment Portfolio
Colonial Properties enters a preliminary agreement to sell an 18-property portfolio; Krupp & Company sells a 144-unit Bay Area community for $25.2 million; and Cignature Realty Associates closes the sale of a 55-unit walk-up in Manhattan.