Regions

By Anuradha Kher, Online News EditorIrvine, Calif.–Chicago-based Laramar Group has opened an office in Irvine, Calif. The office will be dedicated to pursuing value-add multifamily assets throughout the state, with an emphasis on the Bay Area and southern California, as part of the company’s strategy to acquire and manage such investments nationwide. Laramar’s first acquisition out of the new office is Archstone San Jose (pictured), which the company purchased for approximately $190 million. Located at 355 Kiely Blvd. in San Jose, Calif., the 948-unit, garden-style apartment complex will be renamed “The Park Kiely.”The Park Kiely was purchased on behalf of…

By Anuradha Kher, Online News EditorIll., Ind., Iowa, Neb.–Care Investment Trust Inc. recently acquired a portfolio of 12 senior housing facilities from affiliates of Eby Realty Group LLC for $100.8 million. An affiliate of Bickford Senior Living Group LLC master leased the facilities from Care YBE for 15 years with four 10-year renewal options. Each facility has been subleased to the original seller/operator of the facility.The portfolio, developed and managed by Bickford, contains 569 units and is located in Illinois (five facilities), Indiana (one facility), Iowa (five facilities) and Nebraska (one facility). The properties were all constructed in the last…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. Department of Housing and Urban Development (HUD) has  appointed Sheila M. Greenwood (pictured) as the new assistant secretary for congressional and intergovernmental relations and Susan Peppler as HUD’s new assistant secretary for the department’s office of community planning and development.”As congressional and intergovernmental relations increasingly become the focus of our nation’s housing recovery, there is no better person than Sheila to serve as our principle liaison to Capitol Hill and our local communities,” says HUD Secretary Steve Preston. “Sheila also has a keen appreciation for the needs of Gulf States as they…

By Anuradha Kher, Online News EditorGlassboro, N.J.–Harkins Builders has unveiled its plans with SORA Housing LLC to build new student housing for Rowan University in Glassboro, N.J. The $21.5 million Glassboro Student Housing is part of the Rowan Boulevard development partnership between Rowan University and the Borough of Glassboro, N.J., which is also being developed by Harkins Developers.The 154-unit student housing component will be four-story wood frame construction with slab-on-grade, comprising mostly four-bed, two-bath units, each with a kitchen and living area. Construction is planned in two phases, with Phase I featuring 568 beds.The building wraps around the site, creating…

By Erika Schnitzer, Associate EditorSt. Louis, Mo.–The $14 million renovation of G.W. Lofts, a six-building, 60-unit rental community in St. Louis, has been completed. The development was originally a warehouse for the Edwin F. Guth Lighting Co.“The original aesthetic was maintained as much as possible,” says Gary Rogowski, the project architect for Rosemann & Associates, the architecture and interior design firm that worked on the project. “The floor plans are generally very open and we were able to maintain that character. Each building still has its individual aesthetic and character to it.”Developed by St. Louis, Mo.-based Blue Urban (formerly McGowan…

By Anuradha Kher, Online News EditorMiami, Fla.–MCZ Development Corp. is betting on the weak U.S dollar to sell its remaining units in Florida to overseas buyers. “The South Americans have been interested in this market for nearly a decade now,” Michael Lerner, president of MCZ, tells MHN. “In recent years, we have seen a lot of interest from Europeans, the British, Italians and French, in particular.”International buyers, says Lerner, are mostly interested in Florida, in specific in South Beach, Aventura, Orlando and Sarasota. “They either want it as an investment or as a holiday home in many cases,” says Lerner.To…

By Anuradha Kher, Online News EditorLas Vegas–The Siegel Group Nevada Inc. and Great American Capital together recently completed the acquisition of the Deer Creek Apartments, a 330-unit bankrupt apartment complex in Las Vegas, for $19.10 million.Deer Creek Apartments is situated on approximately 6.68 acres of land adjacent to the corner of Flamingo and Swenson.In late June 2007, the Siegel Group had been negotiating the purchase of Deer Creek with the prior owner of the property, Atherton Newport Investments, which acquired the property in February of 2006 with the intention of demolishing and constructing a condominium development. In early 2008, the…

By Erika Schnitzer, Associate EditorMiami–Marquis, a 67-story condominium and hotel tower, which is expected to be the second-tallest building in Miami, was recently topped off. Designed by Miami-based Arquitectonica for New York-based Leviev-Boymelgreen Marquis Developers, the tower is comprised of 305 loft-style condominiums and a 56-key boutique hotel.The L-shaped building, located at 1100 Biscayne Blvd., is wrapped in blue tinted glass and reflects the surrounding water and sunlight. It is composed of interlocking parallelograms. Glass-railed balconies are visible on the east and north sides of the project.“The building will appear to be a sparkling crystal stalagmite formation in the skyline,”…

By Anuradha Kher, Online News Editor New York–The Ursuline Bedford Park Community, Fordham Bedford Housing Corp. and Enterprise, along with the U.S. Department of Housing and Urban Development (HUD) and the New York City Department of Housing Preservation and Development (HPD), recently broke ground on Serviam Gardens, an 83-unit affordable housing project for medium- to low-income senior citizens. The project, located in Bedford Park in the Bronx, New York, is part of Mayor Bloomberg’s New Housing Marketplace plan to build or preserve 165,000 units of affordable housing over 10 years. It will be ready in 2009.The land for Serviam Gardens was…

By Anuradha Kher, Online News EditorDallas–JPI recently broke ground on Jefferson, a 228-unit luxury rental community in the Arts District in downtown Dallas.Located at the northeast corner of Ross Avenue and Routh Street in Dallas, Jefferson at the Arts District will be a part of the city’s 68-acre urban cultural district featuring the Dallas Museum of Art, the Nasher Sculpture Center, the Morton H. Meyerson Symphony Center, the Margot and Bill Winspear Opera House (currently under construction), and the Dee and Charles Wyly Theatre (also currently under construction).The community is situated five blocks from the city’s planned Woodall Rodgers Park,…