Foulger-Pratt Cos., together with its joint venture partner DLJ Real Estate Capital Partners, has acquired the United Investors portfolio of 1,106 apartment units in Prince George's County, Md., for $90.1 million. Known as the United Investors portfolio, the properties include Cheverly Terrace (366 units), Hanson Arms (189 units), Pennbrooke Terrace (404 units), and Valleybrook Apartments (147 units). Foulger-Pratt will spend $11,000 per unit to renovate the properties.
Carlson, a global hospitality and travel company, and Mortenson, a U.S.-based construction services firm, have broken ground on the $137.5 million, 500-room Radisson Blu Hotel that will adjoin the Mall of America in Bloomington, Minn.
Carlson and Mortenson are equity partners in the hotel. The upper upscale hotel is part of a high-end expansion at Mall of America. The hotel is expected to open in March 2013. Carlson will manage the hotel.
Wells Core Office Income REIT has acquired two Class-A buildings in Frisco, Texas, a northern Dallas suburb, for $49 million, excluding closing costs. Duke Bridges I & II are fully leased to T-Mobile West Corp. and EFA Processing. Built in 2006, the buildings contain 284,198 rentable sq. ft. and are located on Warren Parkway. Wells Core REIT is a non-traded, public investment program sponsored by Norcross, Ga.-based Wells Real Estate Funds.
