Regions
Security Properties Buys Fourth Multifamily Complex in Metro Phoenix
Security Properties Inc. has acquired the 207-unit Lakeside Village in metro Phoenix. The company paid $16.4 million for the property, which was sold by Toronto-based Rose Lakeside Corp.
Marcus & Millichap Brokers Sale of Indiana Apartment Complex
Marcus & Millichap Real Estate Investment Services has closed the sale of The Reserve, a 158-unit apartment complex in Evansville, Ill., on behalf of the property’s seller, Indianapolis-based SC Bodner Company Inc.
MARKET SNAPSHOT: Weak Demand for Lower-Tier Product Leads to Stagnant Vacancies in Indianapolis
Although payrolls are gradually expanding following layoffs in May and June, the picture for multifamily in Indianapolis remains somewhat mixed.
Economy Watch: Case-Shiller Reports Monthly, Annual Home Price Increases
According to the S&P/Case-Shiller Home Price Indices, which were released on Tuesday, average U.S. home prices increased by 1.5 percent for the 10-city composite index and by 1.6 percent for the 20-city composite index in July 2012 compared with June.
TODAY’S DEALS: Stalled Chicago Tower Restarts with U.S. Bank Loan
Related starts a Chicago tower thanks to financing from U.S. Bank; Stoneleigh Companies and Arris Investments land construction financing for a 298-unit asset in Denver; and NorthMarq arranges a $20 million loan for a market-rate Las Vegas community.
SPECIAL REPORT: The New Apartment Development Cycle Targets Generation Y
The new apartment development cycle focuses on the needs and wants of a huge demographic that is now entering prime renter age–Generation Y, said Rohit Anand, KTGY Principal, during MHN’s Excellence Awards ceremony held in New York.
Sale of Bradenton Luxury Rental Community Completed
Lost Creek Resort at Lakewood Ranch, a newly built luxury apartment community in the coastal Florida city Bradenton, has been sold.
KKR and Partners Buy Sunrise Management Business
In the wake of HealthCare REIT’s announced acquisition of Sunrise Senior Living Inc., a partnership led by Kohlberg Kravis Roberts & Co. LP is buying Sunrise’s management company business for about $130 million.
TODAY’S DEALS: Brookfield and Fairfield Close $323M Fund
Brookfield Asset Management and Fairfield Residential close a $323 million value add fund; Beech Street provides a $21.7 million acquisition loan; and Berkadia arranges interim and permanent financing for properties in Brooklyn, N.Y.
Four Seasons to Celebrate Opening of Flagship Hotel in Toronto
On October 5, Four Seasons Hotels and Resorts will celebrate a homecoming of sorts with the opening of a landmark 259-room hotel in Toronto, the multicultural metropolis where the company was founded more than 50 years ago.