Apartment Look

From left to right: An ERA Insite Realty office , Greystar’s 1 Kennedy Flats in Danbury. Bronxville’s Carlson Real Estate merges with ERA Insite Realty of White Plains Two family- owned Westchester real estate firms merged this week, the Westchester Business Journal reported . Bronxville’s Carson Real Estate , founded in 1972 by Marie Carlson and now run by her son Craig, will join ERA Insite Realty , a franchise of ERA that has operated as a family business in White Plains for 32 years. Previous to this, the Carlson brokerage was a franchise of Coldwell Banker. Craig Carlson will become an associate broker at ERA and will bring 20 brokers with him. Louis Budetti, principal broker of ERA Insite, said the merger worked because both firms “are both family- owned businesses and share common philosophies .” [WBJ] One Danbury apartment complex sells for $31M as a nearby Greystar-owned complex goes on sale The 135- unit Willow Grove apartment complex in Danbury sold for $31 million l...

Vanguard Group is fast becoming a dominant investor in the U.S. real estate industry . Securities and Exchange Commission reports compiled by Bloomberg show that the company’s mutual funds and exchange-traded funds are now the leading owners of real estate investment trusts (REITs), the tax- protected investor funds that own many of the nation’s offices, shopping centers, apartments, hotels, warehouses, and data and storage centers. Including its indexed stock and REIT-focused funds, Malvern- based Vanguard owns 18 percent of Host Hotels & Resorts, whose portfolio includes Ritz -Carlton, Marriott, and Westin hotels; 15 percent of Simon Property Group , the national mall owner that counts King of Prussia Mall among its holdings; and a similar share of Prologis, the warehouse giant. Locally, Vanguard funds control 16 percent each of Brandywine Realty Trust , which owns a majority of Center City’s highest buildings; Liberty Property Trust ...

Printer-friendly version SAN FRANCISCO, CA – August 22, 2017 – Holliday Fenoglio Fowler , L.P. (HFF) announces the $2.35 million cash-out refinancing of Hillside Terrace , a 10- unit apartment property in Walnut Creek, California. HFF worked on behalf of the borrower, PTLA Real Estate Group , to secure the seven-year, fixed-rate, non-recourse loan with 36 months of interest only. Hillside Terrace comprises 10 recently renovated , two- bedroom units featuring stainless steel appliances , in-unit washers and dryers and faux-wood flooring.  Situated at 1865 Lacassie Avenue, the property is just east of Interstate 680 and just over a block south of the Walnut Creek BART station .  Hillside Terrace is also within walking distance to numerous retail and dining amenities in downtown Walnut Creek .  The HFF debt placement team representing the borrower included director Chris Gandy . Holliday Fenoglio Fowler , L.P., acting by and through Holliday GP Corp ., a real estate broker licensed wi...

CLEVELAND, Ohio - The owner of downtown Cleveland's fourth-tallest building is doing an about-face, marketing the Tower at Erieview and the adjacent Galleria shopping mall for sale after more than a year of exploring a partial conversion of the skyscraper to apartments. RAIT Financial Trust recently put the buildings on the market, at an undisclosed price. A listing package from real estate company HFF , Inc., started making the rounds last week. The 40-story tower, at East 12 th Street and St. Clair Avenue, is only 45 percent leased, according to HFF's listing materials. The glassy, barrel- shaped Galleria is 60 percent leased. The property also includes a 421- space parking garage . Related: Oswald Centre, former Eaton Center hit the market RAIT's decision doesn't shut the door on a potential residential redevelopment of a third of the office space. But the listing throws the timeline for such a project into limbo - and signals that the Philadelphia- based company...

WYOMING — A subsidiary of CWD Real Estate Investment LLC has proposed redeveloping a mostly underused commercial complex in Wyoming along 44th Street SW , according to municipal documents. CWD 2757 44th LLC plans to invest about $8.6 million to expand office, restaurant and retail space at 2757, 2759 and 2761 44th Street SW , adjacent to the Ramblewood Apartment complex . The Grand Rapids- based real estate development and property management firm is seeking around $1.1 million in brownfield tax capture for the redevelopment project that includes demolition of multiple buildings on the site, as well as lead and asbestos abatement and infrastructure improvements, according to documents filed with the city of Wyoming. The redevelopment is expected to create around 100 new jobs. CWD Real Estate expects to begin work on the site next spring and bring the development to market in phases over 36 months, according to the municipal documents. Managing Partner Sam Cummings told MiBiz ...

Ten years is a long time to call a place home — especially when that home is a rented apartment. Yet for Pittsburgh couple Lisa Toboz and Jeffrey Schreckengost, their storefront apartment that doubled as a guitar-building workshop in the city’s Garfield neighborhood proved the perfect place to remain renters. “We lived in Garfield for 10 years before we decided to buy,” Toboz said. “We loved being so close to work and being able to walk right outside our door and be a part of the arts festivals, restaurants, a grocery store. We also loved the unique storefront space where we lived, since it afforded us free range to make as much noise as we wanted for making art and music.” Though Garfield had provided the couple with space to pursue their musical and artistic practices while also being close to all their essentials, the desire to buy began percolating , driven by, as Toboz said, “the usual things [people want] when buying a house: a place to call our own and do what we wanted with ...

NEW YORK, NY -  Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $15. 5 MM Fannie Mae first mortgage to refinance Forest Ridge Apartments in Nashua, New Hampshire. Forest Ridge Apartments , located at 1B Hampshire Drive in Nashua, is a garden style multifamily facility built in tin two phases in 1969 and 1972.  The facility comprises 21 , two- and three-story buildings.  The property consists of a total of 370 units, and the unit mix includes 88 one bedroom-one bath units, 242 two bedroom-one bath units, 24 two bedroom-one bath townhouse units , and 16 three bedroom-two bath townhouse units . The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan will be used to refinance the existing balance on the property.  Centerli...

29th Street Capital and Stonemark Equities Acquire Southern Hills Apartments in Arlington, TX Irvine, CA, November 10, 2013 --(PR.com)-- 29th Street Capital (29SC), through its high net worth fund , has closed on an off-market opportunity to acquire Southern Hills , a 250- unit apartment community located in Arlington, TX. The property was acquired through a partnership sponsored by Stonemark Equities . Southern Hills was owned and self-managed by a group of private investors. The property suffers from deferred maintenance that has resulted in rents and occupancy below neighboring competitive properties . The business plan is to immediately implement professional management through Stonemark Management , LLC, and invest $1.3 million for both interior and exterior improvements to achieve rents in line with the market. “This asset is a great addition to our high net worth fund with strong cash flow and future upside,” said Robb Bollhoffer, Managing Partner at 29SC. “We are also ...

Developer National Resources has for several years been studying different office, retail and residential schemes for an underused corporate campus designed in the 1960s for International Business Machines Corp. in East Fishkill, N.Y. But now, as National Resources moves to close on a deal to buy a 300-acre site, the Greenwich, Conn.- based developer is recognizing that housing has got to be a central component of the plan. Firm principals Lynne Ward and Joseph Cotter recognize low rents are the best way to lure millennials and others away from New York City, about a 90-minute drive away. National Resources is paying an undisclosed price for the land from California- based semiconductor company Globalfoundries , which purchased IBM’s semiconductor business in 2015 and still runs a slimmed down operation at the East Fishkill site that employs around 1,700 workers. Related Articles Over the next five years National Resources plans to introduce efficiently sized apartments cu...

Six years ago, Mike Brown and Casey Lynch stood on Downtown Boise ’s 8th Street and wondered: Why don’t more people live here? Downtown seemed to have everything that a growing percentage of Americans wanted in a place to live. “I mean, there’s all kinds of jobs. There’s a million coffee shops and hair salons and restaurants, and there’s an active street life ,” says Brown, who founded the Los Angeles- based development company LocalConstruct with Lynch in 2008. Casey Lynch, left, and Mike Brown have made their mark in Boise. Provided by LocalConstruct But in 2011, fewer than 4,000 people lived in Downtown’s scattered apartment and condominium buildings and houses. On a typical weekday afternoon , most Downtown workers got in their cars and put the city in the rearview mirror. Brown and Lynch saw an opportunity. They thought Boiseans would trade ample floor space and vaulted ceilings in the suburbs for smaller, high- end Downtown apartments that offered amenities like gyms, a do...

Davie-based seller nearly doubles its money on the deal John Hielscher Staff Writer @johndhielscher MANATEE COUNTY — Cutting its second deal here in three months, a Pennsylvania real estate investment company has purchased the Champions Walk apartments for $58 million. An affiliate of Merion Realty Partners last week acquired the 376-unit complex at 4148 53rd Ave. W. near IMG Academy in Bradenton. In May, Merion paid $19.1 million for the Bradenton Reserve Apartments , a 166- unit community next to IMG. The seller of Champions Walk nearly doubled its money on the deal. Champions Walk of Bradenton LLC, a Davie- based company managed by Mark Kalimian, paid $30.1 million for the complex in early 2013, about half of its boom-time price. Kalimian acquired the property from a Hallandale-based company that had paid $60 million in 2007, county records show . Just 18 months later, that company lost a $53. 7 million foreclosure judgment and ceded the property to Lehman Bros., w...