News

Bozzuto, Invesco JV Acquires Northern Virginia MF Property

Washington DC + Apartment Buildings

Bozzuto and Invesco Real Estate have jointly acquired Ashton at Dulles Corner, a 454-unit apartment community in Northern Virginia’s high-growth Reston-Herndon corridor. The acquisition is the second in the firms’ joint $330 million multifamily investment program, which has an overall deployment capacity of approximately $1 billion and targets value-add multifamily assets. Located in one of...

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WNC and Partners Launch Construction on Maine Affordable

Boston & New England + Apartment Buildings

WNC & Associates, Avesta Housing and master developer Reveler Development launched construction on 89 Elm Apartments, a 201-unit affordable housing community in downtown Portland, ME. This is the fourth community for WNC in Portland, following the recent completion of nearby Riverton Park. Located at 89 Elm St. within walking distance of restaurants, grocery stores, health...

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Graham Street Divests Corte Madera Offices for Resi Conversion

California & West + Apartment Buildings

San Francisco-based commercial real estate investment firm Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has sold Hunt Plaza, a 1.57-acre, 68,456-square-foot commercial property in Corte Madera, for an undisclosed sum. The buyer plans to convert the property into an affordable multifamily community featuring 99 homes. GSR sponsored the acquisition of Hunt Plaza, which sits 10 miles north...

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CBRE Facilitates $63M Trade of Redmond Apartments

Seattle & Northwest + Apartment Buildings

CBRE arranged the $63.25 million sale of Archstone Redmond Lakeview Apartments, a 166-unit garden-style multifamily community in Redmond. CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper represented the seller, AvalonBay. “This acquisition represents a rare opportunity to secure a rare generational asset on the waterfront. With limited future development in the area, Archstone’s...

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PREMIER Breaks Ground on Large Chicagoland MF Development

Chicago & Midwest + Apartment Buildings

PREMIER Design + Build Group is partnering with Cullinan Properties to deliver The View at Rock Run Collection, a multifamily residential project within an expansive 310-acre mixed-use development in Joliet, Illinois. The View represents the largest multifamily development in the Chicagoland area, featuring 573 units across fourteen three-story, garden-style apartment buildings spread over 30 acres....

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Seaport Trades 250 Water St. Development Site to Tavros

New York & Tri-State + Apartment Buildings

Seaport Entertainment Group Inc. has agreed to sell the mixed-use development project located at 250 Water St. in Lower Manhattan for $150.5 million to Tavros, a privately owned real estate investment management and development firm based in New York City. A JLL team led by Andrew Scandalios, Ethan Stanton and Nicco Lupo represented Seaport. “We...

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Fairstead Spending $24M for Renovations to Dallas Section 8 Housing Community

Texas + Apartment Buildings

Fairstead acquired the 167-unit Royal Crest apartments, at 3558 Willhurt Ave., in Dallas and plans to extensively rehab the Section 8 subsidized housing community. The redevelopment will feature comprehensive interior and exterior renovations, and the total rehabilitation costs will amount to approximately $24 million. Royal Crest has not had any appreciable improvements since it was...

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Morgan to Acquire Dream Residential for US$354M

Apartment Buildings

Dream Residential Real Estate Investment Trust announced that it has entered into an agreement under which Morgan Properties will acquire the REIT in an all-cash transaction valued at approximately US$354 million. Under the terms of the arrangement, unitholders of Dream Residential REIT and DRR Holdings LLC Class B units will receive US$10.80 per unit. The...

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