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Grubb & Ellis Buys Two Apartment Complexes in Metro Atlanta Grubb & Ellis Apartment REIT Inc. has acquired two Class A apartment communities totaling nearly 500 units in the metro Atlanta area. Grubb purchased the 216-unit AMLI at Kedron Village multi-family community in Peachtree City from AMLI Residential and Prudential Real Estate Investors, and the 280-unit Creekside Crossing in Lithonia from Harbor Group International, Norfolk, Va. |
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Colonial Properties Trust Sells 5 Apartment Communities for $82M Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not identified. |
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World's Tallest Timeshare Tops Off in Vegas The $1.2 billion PH Towers by Westgate in Las Vegas has reached a pivotal point in development with the attainment of the highest point of vertical construction. Located at the Planet Hollywood Resort & Casino, the upscale 52-story PH Towers (pictured) will be the tallest timeshare building in the world. |
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Corus Bank Completes $60M Loan to Finance MF Construction in Washington, D.C. Corus Bankshares Inc. said that its banking subsidiary, Corus Bank, closed a $60 million loan to a joint venture between The Cohen Cos. and O’Connor Capital Partners L.L.C. to finance the construction of Velocity, a 14-story condominium building located at 1025 First Street SE in Washington, D.C. |
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Kennedy Wilson Expands Seattle-Area Apartment Portfolio via $117M Buy Kennedy Wilson Multifamily Management Group Ltd., the multi-family investment division of Kennedy Wilson, has acquired two Class B apartment communities in the Seattle area for a total of just over $117 million. |
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JV Lands Largest U.S. Construction Loan of Year The Carlyle Group, Extell Development Co. and RREEF Alternative Investments have pulled off quite a financing coup, securing a $613 million construction loan for an upscale two-building residential project in Manhattan. The financing deal represents the biggest construction loan attained in the United States thus far this year. |
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Grubb & Ellis Realty Investors Takes Georgia M-F Grubb & Ellis Realty Investors L.L.C. has acquired 3100 River Exchange, a multi-family community situated on almost 23 acres in Sandy Springs, Ga. |
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Northland Investment Buys Royal St. George in Florida Northland Investment Corp. said today that Northland Fund III L.P. has acquired The Royal St. George, a 224-unit apartment community located in West Palm Beach, Fla., for an undisclosed sum. |
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Quantum First Closes Loan for Woodridge Apartments Dallas-based Quantum First Capital has closed a $6.5 million loan to finance the Woodridge Apartments in Fort Worth, Tex. |
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Silver-McCann Buys Villas at South Point Apartments in Atlanta Silver-McCann Apartment Group II L.P. acquired Villas at South Point Apartments in Atlanta, Ga. |
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83-Unit Apartment Complex Sold in Los Angeles StarPoint Properties L.L.C. announces the sale of an 83-unit apartment building located at 737 S. Kingley Drive in Los Angeles, Calif. |
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Pyramid Apartments Sold for $30M in Las Vegas The Bentley Group Real Estate Advisors announces the sale of Pyramid Apartments, a 304-unit apartment complex in North Las Vegas, Nev., located at 7055 East Lake Mead Boulevard. |
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Starwood Land, Riverway Properties Form JV to Invest in Houston Residential Market Starwood Land Ventures L.L.C. has formed a joint venture partnership with Riverway Properties, a Houston-based residential community developer, companies announced today. |
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Federal Home Loan Bank of San Fran Awards $37M in Affordable Housing Program Grants The Federal Home Loan Bank of San Francisco awarded $37 million in Affordable Housing Program grants in the first round of the 2008 competition. |
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SCI Buys 10-Building Student Apartment Complex Near Oklahoma State SCI Real Estate Investments L.L.C. has purchased Campus Park, a student apartment community in Stillwater, Okla., from Internacional Realty Group. |
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Cooling Condo Sales Tied to Seattle Rental Growth, $48M Sale Taking advantage of a Seattle apartment market with a high barrier to entry, Sobrato Development Cos. has acquired Expo62, a 114-unit apartment complex in the Lower Queen Anne area of the city from Intracorp Real Estate L.L.C. in a $48 million deal. |
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Chicago High Rise Moves Ahead with Kennedy Funding Loan The Catalyst, a high rise condo going up in Chicago's West Loop has gotten an $8.4 million loan from Kennedy Funding Inc., the lender reported |
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CBRE Forms JV with Chinese Developer Vanke CB Richard Ellis Inc. and China Vanke Co., a major residential developer in China, have formed a joint venture to provide property management services to high-end residential properties developed by Vanke. |
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Houston Apartment Complexes Sold to Out-of-State Investors In a market where employment continues to grow, a luxury apartment complex in Downtown Houston and another in the Westchase submarket were sold to out-of-state buyers. |
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Jimenez Named Sales Executive for Infinity at Brickell Jose Carlos Jimenez has been named sales executive for Infinity at Brickell, the all-loft condominium tower rising in the Brickell area in Miami, Fla. DYL Group expects the project to be complete by this fall. |
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