Regions

Denver–Chateau Nicole, LLC has purchased an 80-unit apartment complex in Denver for $3.6 million, approximately $43,902 per unit.GRM Real Estate LLC sold the 56,361-square-foot Villas at Gage Pointe apartment complex. Jeff Johnson and Matt Ritter of Pinnacle Real Estate Advisors LLC represented the seller. Bobby Hutchinson and Joe Hornstein of Pinnacle Real Estate Advisors LLC negotiated on the buyer’s behalf.Built in 1973, the Villas at Gage Pointe consists of five studio apartments and 75 one-bedroom apartments located in seven three-story buildings. The units were renovated in the past two years to include new bathrooms and kitchens.

Laurel, N.J.–PHH Corp. announced Tuesday that asset manager Blackstone Group LP and a unit of General Electric Co. would not be acquiring the Mount Laurel, N.J., mortgage originator and fleet management service because Blackstone couldn’t raise the $1.7 billion required for the deal, The Wall Street Journal reports.Blackstone’s inability to finance the deal–considered small by most standards–could indicate that putting together large debt packages to finance buyouts in the future would prove difficult, the Journal says.Although the deal was signed in March, earlier this summer, J.P. Morgan and Lehman Brothers Holdings Inc., which also had agreed to fund the deal,…

Kuwait–The Kuwait Investment Authority hopes to find investment deals in the U.S. in the wake of the subprime mortgage collapse, The Financial Times reported Wednesday.The $213 billion sovereign wealth fund–which, unlike most Middle Eastern funds of its kind, is supervised by parliament instead of the ruling family–hopes to act quickly to benefit from crisis-related opportunities.The fund is said to be interested in financial service investments, according to the Times.”Perhaps we are at the eye of the storm now and are close to the peak of the problem,” Bader Al-Sa’ad, head of the KIA, told The Financial Times. “We don’t see…

Washington, D.C.–U.S. construction spending rose unexpectedly in November, but private homebuilding spending saw its biggest drop since 2002, according to Commerce Department data released Wednesday.Construction spending was up 0.1 percent; in October, it fell by an adjusted 0.4 percent, Bloomberg reports. School, power plant and factory construction offset continued weakness in homebuilding.Private residential building spending declined 2.5 percent–the 21st consecutive drop in home construction–following a 2.3 percent decline in October. Non-residential building was up 2.1 percent.While the increase in commercial spending showed signs economic growth may be stronger than many had feared, the drop in residential building indicated the housing…

By Matthew Marin, Associate EditorNashville, Tenn. –Designed by Cleveland-based ka architecture, Velocity in The Gulch, an environmentally friendly, condominium development, located in downtown Nashville in an area known as The Gulch, has broken ground. Bristol Development Group and Marketstreet Enterprises developed the project.“In designing Velocity, we worked with our clients’ vision to create a walkable environment designed with the young professional in mind,” says Robert Weeks, project manager at ka architecture. “In doing this, we developed efficient layouts and construction techniques making it an attainable option for those urban-minded professionals who enjoy the liveliness of the city.” Velocity, a five-story building,…

New York–How much longer can economic growth continue? Thanks to the housing decline and other economic threats, it’s unclear, The New York Times reported Wednesday.Housing prices could drop, consumers would stop spending and declining business would prompt companies to cut jobs–that’s the negative 2008 scenario many economists feel is most possible, according to the Times.In 2007, job growth slowed and inflation concern increased–but consumer spending stayed solid and unemployment remained level.Yet housing, which posed a serious threat to the economy last year, is an ongoing fear. Currently 2.1 million homes–2.6 percent of the U.S. housing inventory–remain vacant and on the…

By Erin Brereton, Content ManagerOrlando–The Nationals award program, sponsored by The National Association of Home Builders’ National Sales and Marketing Council, has announced its 2007 winners, who will be honored at the 27th annual Nationals Gala on February 13 in Orlando.Regional, Silver and Gold award winners were chosen in more than 59 new home sales and marketing categories by a panel of eight industry members. Nearly 1,400 entries were received.Gold Awards in each category also will be given out at the Feb. 13 awards ceremony, held during with the International Builders’ Show in Orlando.The Nationals, which began as the MIRM…