News
Economy Watch – California Incentivizes Green Rooftops
Gov. Arnold Schwarzenegger was busy over the weekend signing off on policies that could have an impact on green real estate development. Among other things, he signed a memorandum of understanding with U.S. Secretary of the Interior Ken Salazar to expedite the siting of California renewable energy projects, thus making California the first state to do so. The memorandum commits the federal government to work with California to review and approve renewable energy applications in the state.
Riverstone Residential Group Names Industry Veteran Walt Smith New CEO
Riverstone Residential Group has named industry veteran, Walt Smith, as the company’s new Chief Executive Officer. Smith will lead the overall operations and board of director efforts for Riverstone, a privately owned, third party multifamily property management company in the United States and a subsidiary of CAS Partners.
REITs Amass Capital Raised on Public Markets
REITs have been raising capital on the stock market in earnest since the beginning of this year.
TODAY’S DEAL: Marcus & Millichap Arranges Sale of 136-Unit Rental Property for Over $33M
Marcus & Millichap Real Estate Investment Services has brokered the sale of Waterstone Millbrae, a 136-unit, 114,440-sq.-ft. multifamily property in Millbrae, Calif. The sale price of $33,782,500 represents $248,400 per unit and $295 per square foot.
Asset Plus, Meeks + Partners Celebrate Grand Opening of Mixed-Use Student Housing Community
Asset Plus Companies, along with Meeks + Partners, recently celebrated the grand opening of The Lofts at Wolf Pen Creek, a 679-bed mixed-use student housing community.
MTI’s New Line of Bathtubs
MTI is introducing MTI BASICS, a new line of tubs created for situations when needs are more simple, desires more modest or delivery schedule is critical.
Lighthouse at Oyster Bay Is Now Open
The Lighthouse at Oyster Bay, St. Maarten’s newest privately owned luxury condominiums, and the Pavilion, a 40-unit timeshare building is now open.
TODAY’S DEAL: Cushman & Wakefield Arranges $43M Sale of 2 Atlanta Properties
Cushman & Wakefield has completed the sale of two suburban Atlanta properties: Madison at River Sound, a 586-unit apartment complex located in Lawrenceville, and Covington Glen, a 254-unit apartment complex located in Decatur.
Despite Economy, Greystar is Pleased with Leasing Pace at Two New Houston Communities
Greystar Real Estate Partners recently completed and opened two luxury garden communities, Northgate Oaks Apartments (pictured) and Yorktown Crossing, in the Houston market.
TODAY’S DEALS: Alliant Capital Closes Two Loans Totaling Over $7M for Two Apartment Communities, and Other Transactions
Alliant Capital LLC recently completed the acquisition financing of Spring Lake in Seattle and the refinance of Misty Bayou Apartments in Houma, La., for a total of $7.7 million.