Regions
MAA Buys Second Apartment Community in Fredericksburg
MAA has completed its acquisition of Station Square at Cosner’s Corner, a 260-unit apartment property in Fredericksburg, Va., for an undisclosed price. The seller was the property’s developer, Johnson Development Associates, and includes an undeveloped parcel.
Western National Property Management to Manage Hutton Company’s Calif. Community
Western National Property Management announced it has been selected to manage the Hutton Companies’ new community The Paseos at Magnolia, which is located in Riverside, Calif.
TODAY’S DEALS: CBRE Global Investors Buys a 352-Unit Community in Houston
CBRE acquires an asset near the Texas Medical Center; and Oak Grove Capital originates two HUD 223(f) loans totaling $37.1 million to the Cornerstone Group.
IHG Announces Jeddah Portfolio Expansion with City’s First Staybridge Suites
InterContinental Hotels Group, the hospitality group with the largest presence in the Kingdom of Saudi Arabia, has recently announced that it is further expanding its portfolio.
DAMAC Properties Breaks Into Iraq Real Estate Market with $100M Residential Tower
DAMAC Properties, the leading private developer of luxury projects in the Middle East, has announced a comprehensive expansion plan into Iraq, a previously untapped market for the development giant.
JB Matteson Acquires California Apartment Community For $26.45M
JB Matteson has acquired a Class A apartment community in Upland, Calif. for $26.45 million from Invesco Real Estate.
MARKET SNAPSHOT: Job Growth in Jacksonville Outpaces Florida, U.S. Averages
After three years of tepid employment growth, the Jacksonville metro is poised to create 12,500 new jobs before year’s end—amounting to a 2.1 percent increase, with even more expected in 2014.
Economy Watch: Existing Home Sales Up Slightly
The National Association of Realtors reported that existing home sales were up 0.6 percent in April from an annualized rate of 4.94 million units to 4.97 million units (including all single-family, condos and co-op residences).
New Broward County Apartment Set to Open
Leasing has started on Elan 33 West, a 376-unit apartment community in Davie, Fla., developed by Charleston, SC-based Greystar Real Estate Partners. The property’s opening is slated for July.
Mill Creek Residential Breaks Ground on Luxury N.J. Community
Mill Creek Residential Trust announced that it has broken ground on Phase I of Latitude, a luxury community in Morristown, N.J., as part of the redevelopment of Speedwell Avenue. This is the first residential development in four years in the area.