News
TriBridge and Pritzker Embark on JV
Atlanta–TriBridge Residential, an Atlanta-based multifamily investment company, and Pritzker Realty Group, a Chicago-based real estate investment company, have announced the creation of a new venture with an initial capital commitment of $75 million.
Charlotte Apartment Development to Break Ground Next Month
Mooresville, N.C.–Construction is slated to begin on Fountains at Mooresville Town Square, a 227-unit, $23 million apartment property developed by Hawkins-Dixon Ltd.
TODAY’S DEALS: CBRE Capital Markets Arranges $70M for Multifamily in Fla.
CBRE Capital Markets arranges $70 million for multifamily financing in Florida; Blizin Sumberg Baena negotiates $30M mortgage for former Miami condos; and ARA New England brokers the sale of a 4.1 acre development site in Massachusetts.
Green Modular Carpet Company Makes Internal Strides in Sustainability
Atlanta–Interface Inc., which designs and manufactures a sustainable modular carpet product, spent the last 12 months making its green operations even greener and has now gone public with its accomplishments.
Economy Watch: U.S. Economy Turns in Lackluster First Quarter
Real GDP increased minimally last quarter; hiring is scarce everywhere except McDonald’s; and pending home sales see an uptick.
NAA to Induct Shelton into Hall of Fame
Arlington, Va.–Dallas apartment industry executive Ron Shelton, CAPS, senior vice president at Amalgamated Management Corporation in Dallas, will be inducted into the National Apartment Association Hall of Fame on June 23.
L.A. Greenlights Wilshire Blvd. Multifamily Development
Los Angeles–The Los Angeles City Council approved plans this week for The Vermont, a 464-unit apartment complex with ground-floor retail and a public park.
TODAY’S DEALS: Panther Properties Acquires 300-Unit Property near Atlanta
Panther Properties acquires a 300-unit property in Georgia; Behringer Harvard purchases two student housing communities near the University of Georgia; and Alliance Residential picks up an REO asset in Las Vegas.
CetraRuddy Wins Residential Architect Magazine Award for One Madison Park
New York–CetraRuddy was recently honored with a Multi-Family Grand Award for its design of One Madison Park, a 50-story high-rise sheathed in clear and white glass.
MARKET SNAPSHOT: Miami’s Long-Term Prognosis Stronger than Other Boom/Bust Markets
Miami–Even though Miami did get caught in the housing boom and bust, its underlying economy is stronger than most other markets that saw itself in the same trouble.