Toronto—Canadian apartment investor Milestone Apartments REIT has completed its initial public offering of 20 million units at a price of $10 per unit on the Toronto Stock Exchange. The offering raised gross proceeds of $200 million and was underwritten by a syndicate co-led by BMO Capital Markets and CIBC.
The company, which is part of The Milestone Group, plans to acquire 52 garden-style communities comprised of 16,944 units that are located throughout the Southeast and Southwest United States. That portfolio is currently owned by MileSouth Apartment Portfolio LP, an affiliated entity of Invesco Ltd.
Pennrose picked to co-develop Brooklyn affordable/public housing
Brooklyn, N.Y.—The New York City Housing Authority (NYCHA) and New York City Department of Housing Preservation and Development (HDP) has selected Pennrose as a co-developer for the redevelopment of Brooklyn’s Prospect Plaza, an affordable and public housing project. Other developers include Blue Sea Development Co., Duverny + Brooks and Rosenberg Housing Group.
“Pennrose is thrilled to be working with NYCHA and HPD on this property,” says Mark H. Dambly, President of Pennrose Properties. “This development will not only revitalize the community by repurposing a currently underutilized property, but also offer future residents an affordable place to call home.”
Prospect Plaza will be built in three phases with 364 new housing units, including 80 units of NYCHA public housing and 284 affordable housing apartments. The first two development phases will include both public housing units and affordable apartments. These affordable units will be available for New Yorkers earning less than 60 percent of the Area Median Income, or what is equivalent to an annual household income not exceeding $49,800 for a family of four.
The third phase will include affordable apartments in a mixed-use property with 22,000 square feet of retail space for a supermarket as well as a community facility with a rooftop greenhouse and recreation space.
Cassidy Turley represents Mark-Taylor, Kitchell Development in joint venture purchases totaling 30 acres
Tempe, Ariz.–Mark-Taylor Capital LLC, in joint venture with Kitchell Development Company, assembled and purchased approximately 30-acres in Tempe, Ariz., south of the southwest corner of Warner Road and Priest Drive. Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley Arizona’s Land Group represented the buyer during the two sales transactions that totaled $11.2 million.
Mark-Taylor and Kitchell are developing San Sonoma, a 590-unit multi-family community to be built in two phases. Construction is expected to begin this summer on Phase 1. “Mark-Taylor has been a great partner in Tempe for many years and we are excited for this new development, San Sonoma” says Tempe Mayor Mark Mitchell. “Their collaboration with Kitchell is a perfect fit for Tempe and this area of town.”
The land assemblage included a 14.75-acre parcel that was purchased in December 2012 for $5.4 million from Anglin Family LP and Anglin Family Trust (Queen Creek, AZ) and a 14.15-acre parcel that closed March 1st for $5.8 million in a purchase from private land owner Lexi Siegal. The owners represented themselves during the sale.