News
Atlanta Affordable Housing Property Finishes Redevelopment
Atlanta–Hercules Real Estate has completed the renovation of the former Amal Heights community just south of downtown Atlanta–rechristened the Villas at Lakewood.
TODAY’S DEALS: MAA Completes Two Florida Acquisitions
MAA acquires two recently constructed apartment communities in Florida; Edgewood Capital finances the acquisition of a 186-unit property in Jacksonville; and Berkadia originates an acquisition loan at 80 percent LTV.
Condo in Morristown Named Community of the Year by NJBA
Morristown, N.J.–The luxury condominium community 40 Park has won Community of the Year from the New Jersey Builder’s Association.
Economy Watch: Hiring Surprisingly Strong in April
The U.S. Bureau of Labor Statistics report on hiring turned out better than expected; retailers reported strong sales in April; and a few commodities showed symptoms associated with bubbles popping.
TODAY’S DEALS: Donaldson Group and Angelo, Gordon Acquire 599-Unit Property
The Donaldson Group finalizes the acquisition of a 599-unit community in Forestville, Md.; NorthMarq Capital arranges a $32M mortgage via a life insurance company; and Prometheus expands its management role in the Pacific Northwest with three new properties.
Miller Honored as Legislator of the Year
Chicago–The Institute of Real Estate Management and the CCIM Institute have jointly honored U.S. Congressman Jeff Miller with their 2011 “Legislator of the Year” award.
Marquis Residences Partners with Tempo Hotel for Extended-Stay Program
Miami–Homeowners at Marquis Residences will be able to lease out their condos under a new extended-stay program that will provide accommodations of a luxury hotel.
Economy Watch: ADP Jobs Numbers Point to Hiring Weakness
The ADP unemployment numbers are out for March; Freddie Mac reports its first quarterly profit since 2009; and Finland’s new government shows resistance to an E.U. bailout of Portugal.
Berzack Group Joins Lee & Associates
Sherman Oaks, Calif.–The Berzack Group, led by President Warren Berzack, has joined Lee & Associates.
Federated Cos. Acquires Another New England Multifamily Project
Wakefield, Mass.–Federated Cos. has bought Legacy Park Wakefield, a multifamily project that will consist of two four-story garden buildings and a single three-story townhouse.