Regions

Naperville, Ill.–Phoenix-based multifamily sales and research firm Hendricks & Partners recently sold a 280-unit apartment community in Naperville, Ill. for $39,200,000.The Lincoln National Life Insurance Co. of Fort Wayne, Ind. sold Thornberry Woods to a fund managed by UBS of Hartford, Conn. Art Wadlund of the Tucson, Ariz. Hendricks & Partners office and Ralph DePasquale of the Chicago office negotiated the transaction on behalf of Lincoln.Constructed in 2002, Thornberry Woods consists of 14 two- and three-story buildings with 260,190 square feet of rentable living space.The complex’s one- and two-bedroom units feature kitchens with maple cabinets, modern bathrooms with laminate flooring,…

By Erin Brereton, Content ManagerSt. Maarten–At the new Westin St. Maarten Dawn Beach Residences in St. Maarten, the adjacent Westin resort will offer condo owners a hotel guest experience–and guests will provide funding to offset owners’ mortgage costs.Ninety-nine condominiums are planned for the Dutch side of the Caribbean island. The units will be part of Westin’s five-year leaseback program, in which owners provide a 25 percent downpayment, and Westin secures financing for the remaining portion of the condo purchase price. The resort then rents the units to hotel guests, generating income to contribute to the owners’ monthly mortgage payments.The 1,654-square-foot…

Hong Kong–Based on the relaxed real estate markets in two of China’s biggest cities, the Chinese government’s plan to ease real estate investments appears to be successful, The Wall Street Journal reports.New home prices in Shenzhen, a southern town of nine million next to Hong Kong, fell 8 percent from September to the end of 2007, according to global real estate adviser DTZ. In China’s third-largest city, Guangzhou, new home prices dropped 9.9 percent in November from a high of 11,574 yuan ($1,600) a square meter in October.After several years of growth, real estate in Shenzhen faltered in summer as…

Milton Keynes–U.K. home prices fell for the third consecutive month as homeowners rushed to put their residences on the market before the new regulation requiring pricing packets to be included with all for-sale homes kicked in, according to property Web site Rightmove.In addition, Rightmove said that home prices are increasing at their slowest rate in two years, the Times Online reported Monday.Since December 2007, a Home Information Pack, which contains information such as a sale statement and proof of title, must be made for every U.K. home put on the market. Real estate agents are required to provide buyers with…

Atlanta–Once a public housing pioneer, Atlanta is now reconsidering the future of its plans to renovate housing projects into mixed-income lodging, The Los Angeles Times reported Monday.On Tuesday, the Atlanta Housing Authority–which pioneered the U.S. Department of Housing and Urban Development’s HOPE VI program more than a decade ago–will face a potential stumbling block when City Council members vote on the future of several public housing projects.The council is considering asking the Atlanta Housing Authority to halt the demolition of three of its last housing projects amidst concern about where the buildings’ 3,800 residents will go.Convinced that congregating the poor…

Reading–The weakening housing market helped lower the largest global distributor of plumbing and heating supplies’ trading profits by 40 percent in the five months ending in December, The Financial Times reported Monday.In November, the U.K.-based company–headquartered in Reading–said North American trading profits were down 30 percent. Wolseley’s shares have lost half their value in the past 12 months and fell 8.9 percent early Monday in London trading.North America comprised more than half of last year’s £16.2 billion group turnover and £877 million trading profits, the Times said. Wolseley’s overall trading profit–operating profits before amortization and impairment–fell by a quarter in…

Dallas–Commercial real estate company Holliday Fenoglio Fowler, L.P.’s Dallas office recently arranged a $114.4 million, non-recourse construction loan for The Tower Residences at the Ritz-Carlton, Phase II of the Ritz-Carlton’s luxury hotel and condominium development in Dallas.Holliday Fenoglio Fowler Executive managing Director Scott Galloway, Senior Managing Director Trey Morsbach and Associate Director John Ahmed worked on behalf of Fort Worth, Texas-based Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale, headquartered in Paris.Upon completion in 2009, The Tower Residences will include a 23-floor tower with 96 units and four exclusive townhomes that will be separated from…

By Keat Foong, Executive EditorBoca Raton, Fla.–Developers at a roundtable at the National Multi Housing Council (NMHC) annual meeting here suggested a diverse range of approaches to overcoming common development and redevelopment challenges. Value engineering, community relations, consumer needs and green building were some of the topics covered at the session entitled “Roundtable: Construction Challenges with Development and Redevelopment.”John Doherty, practice leader of the development consultant FMI Corp., moderated a panel that consisted of Paul Hutchinson, president of Lane Construction LLC; Gregory Lamb, executive vice president and regional managing partner at JPI; Guy Poux, director of construction at The Laramar…

Atlanta–Perseus Realty Partners, headquartered in Washington, D.C., recently entered into a joint venture with Atlanta-based J. Tucker Development Partners, Inc. to develop Ashton Hills, a new 225-unit, mid-rise rental apartment community in Atlanta.”We saw this as an opportunity to take advantage of the strong Atlanta apartment market,” says T.J. Hofheimer, Director of Perseus Realty Partners. “We liked this specific site because of its access to major interstates and its location next to the Embry Village shopping center.”Ashton Hills will feature one-, two- and three-bedroom apartments ranging from 673 to 1,366 square feet. The development also will have a swimming pool,…

Zurich–Swiss bank UBS, headquartered in Zurich, will overhaul its investment banking business because of massive U.S. subprime mortgage-related losses, CNNMoney.com reported Friday.In an internal memo, Chief Executive Marcel Rohner said the bank could cut jobs and will decrease its riskier strategies, which included ceasing its U.S. proprietary credit operations.UBS’ credit market business will be reduced and the bank has formed a real estate ” workout group” that will gather the bank’s mortgage-backed securities and credit default obligations, along with UBS’ asset-backed securities.”This team will be primarily responsible for developing exit strategies for our existing portfolio through market alternatives and innovative…