Regions
New Chicago Loop Apartment Building Becomes Temp Corporate Housing
Chicago–Oakwood Worldwide, a temporary housing specialist, has obtained a master lease for a new 42-story downtown Chicago apartment building.
TODAY’S DEALS: Archstone Acquires 187-Unit Condo-Conversion for $80M
Archstone acquires a 187-unit condominium development; BPG Properties sells a 292-unit community in San Antonio; and Hendricks completes the sale of a 36-unit asset in Ohio.
Ceres Series Highlights California City’s Workforce Housing
Fontana, Calif.–This spring’s opening of Ceres Way marked the sixth affordable housing project developed by Jamboree Housing Corporation for the city of Fontana, Calif.
Novogradac Study Calls LIHTC Program a Success
San Francisco–According to a study on LIHTCs, the program has been quite successful by all applicable performance measures.
TODAY’S DEALS: Phoenix, Paredim Acquire Connecticut Community for $27.7M
Phoenix Realty Group and Paredim Partners acquire a 192-unit community in Connecticut; Harbour Realty buys a 368-unit community in Tamarac, Fla.; and GFI Realty sells mixed-use buildings in a prime Brooklyn location for $10 million.
Matteson and E&S Ring Form Strategic Alliance
Culver City and Redwood City, Calif.–The Matteson Companies and E&S Ring Management Corporation have entered a long-term strategic alliance in the West.
TODAY’S DEALS: George Smith Arranges $92M in Debt, Equity Construction Loan Take-Out
George Smith Partners arranges $92 million for an L.A. community; A JV between Praedium and StarPoint acquires a 558-unit community for $79 million; and IPA brokers the sale of a 220-unit community in Southern California.
Tribeca Sells Multifamily Assets Acquired through Loan Purchase in 2009
San Francisco–Tribeca Cos. has sold nine of the 12 properties that it acquired through a loan purchase from lender UBS in late 2009, then acquired the title through foreclosure of the properties.
Morgan Stanley and National Equity Fund Create $100M Natural Disaster Fund
The Rebuilding Local Economies Fund is designed to support economic recovery in 13 States by accelerating rebuilding and creating jobs.
NMHC: U.S. Housing Policy Must Be Rebalanced
Attendees at an NMHC mid-year meeting agree that the government needs to adopt a new housing policy that is more supportive of the expanding population of renters.