News

Finstar’s Entire Portfolio to Be Sold Through Court Sale

Canada + Apartment Buildings

The entire real estate portfolio of the financially troubled Groupe Finstar will be put up for sale through a court-supervised process aimed at maximizing recoveries for creditors, a court document shows. The decision was approved by Quebec Superior Court Justice Luc Morin, who sided with a proposal from receiver Raymond Chabot Grant Thornton to sell...

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MBK Opens Murrieta Rentals Following Strong Demand in Pre-Leasing Phase

California & West + Apartment Buildings

Developer MBK Rental Living has opened Vintage Farms, a 15-acre community featuring 330 apartments in Murrieta. The community, now open and leasing with immediate move-ins available, has experienced early demand during its pre-leasing phase. “In today’s competitive housing landscape, differentiation matters,” said Ken McCarren, president of MBK Rental Living. “Vintage Farms reflects our commitment to...

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B.C. Will See Limited New Multi-Family Development in Next Two Years: C&W Specialist

Canada + Apartment Buildings

British Columbia will see limited new multi-family rental-housing development over the next two years as elevated construction costs, restrictive financing conditions and excess inventory continue to weigh on project feasibility, says a Cushman & Wakefield broker who specializes in the asset class. David Venance, an executive vice-president based in Cushman & Wakefield’s Vancouver office, told...

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Hazelview Founder Bizzarri Calls Lifetime Achievement Award a Team Effort

Canada + Apartment Buildings

Ugo Bizzarri, founder of Hazelview Investments, has received a lifetime achievement award from Rental Housing Canada. The award came after he relinquished his CEO duties, promoting long-time Hazelview senior executives Corrado Russo and Michael Tsourinos to newly created Co-CEO positions and becoming the company’s executive chair. In this interview, Bizzarri discusses what the award means...

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Norris & Stevens Arranges Sale of Slabtown Apartments

Seattle & Northwest + Apartment Buildings

Norris & Stevens, Inc. recently completed the $1.55 million sale of the Evelyn Apartments, an apartment building located at 1215 NW 21st Ave in Portland, Oregon. Located in northwest Portland’s Slabtown neighborhood, the nine-unit multi-family property was constructed in 1911 and totals approximately 10,870 square feet. The building feature a mix of a one-, two-,...

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Pennrose Breaks Ground on Final Housing Phase of Marshall-Ridley Choice Neighborhood Initiative

Washington DC + Apartment Buildings

Pennrose recently celebrated the groundbreaking for Choice Neighborhood V – Downtown, a new mixed-income residential development that marks the fifth and final housing phase of the Marshall-Ridley Choice Neighborhood Initiative. Located at 2815 Washington Avenue, Choice Neighborhood V – Downtown will add 73 new apartment homes and ground-floor commercial space. “The groundbreaking marks the fifth...

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Blackstone-Backed Group Completes Austin Affordable Housing Renovations

Texas + Apartment Buildings

Blackstone Real Estate’s affordable housing division, April Housing, has reopened three affordable housing communities totaling 654 units in East Austin. The company spent over $60 milllion on makeovers at the three locations. REBusinessOnline reports that working in partnership with the Housing Authority of the City of Austin (HACA), April Housing completed renovations across Heritage Point,...

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JLL Arranges Sale of 182-Unit Seniors Housing Property in Lynnwood

Seattle & Northwest

JLL has arranged the sale of Fairwinds Brighton Court, a 182-unit seniors housing community in Lynnwood, Washington. JLL’s Senior Housing Capital Markets team, which represented the seller, was led by Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenweig, Senior Director Dan Baker and Director Dean Ferris. A public REIT purchased the asset and...

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