San Francisco apartments sold for $83 million Atlanta-based Lend Lease Real Estate Investments Inc. arranged the $83 million acquisition of South Beach Marina Apartments, a 414-unit, Class-A apartment complex on San Francisco's Waterfront. The purchase was made on behalf of an undisclosed public pension fund. The seller was South Beach Marina Apartments Ltd.
Built in 1989, South Beach consists of four residential buildings. Features of the community include a five-level parking garage, a fitness center, a movie/TV theater, an outdoor pool, two tennis courts and shuttle service to San Francisco's Central Business District. South Beach also has 4,700 sq. ft. of retail space, including two restaurants and a hair salon, as well as views of San Francisco Bay.
Fannie Mae reports increased earnings Washington, D.C.-based Fannie Mae reported third-quarter 1999 earnings of $991 million, or $0.94 per common share. During second-quarter 1999, the company posted earnings of $957.6 million, or $0.91 per common share. Fannie Mae had earnings of $857.5 million, or $0.81 per common share, in third-quarter 1998.
The company's net income for the first nine months of 1999 was $2.87 billion, or $2.73 per common share. During the same period in 1998, Fannie Mae's net income was $2.53 billion.
Credit-related expenses fell from $40.3 million in second-quarter 1999 to $20.8 million in the third quarter. Also, the Fannie Mae credit-loss rate declined from an annualized 1.4 basis points in the second quarter to 0.7 basis points in the third quarter. The company's credit-loss rate was 2.6 basis points in third-quarter 1998.
LandSouth sells Georgia complex for $16 million LandSouth, a Macon, Ga.-based developer, sold Preston Mill, a 228-unit luxury apartment complex in Newnan, Ga., for more than $16 million. The purchaser is Shoptaw & Gerrard, a Columbus, Ga.-based multifamily investor.
Completed earlier this year, the 26-acre community features 10 garden-style buildings, with units ranging from 900 sq. ft. to 1,400 sq. ft. in size. Features of the apartments include crown molding, garden tubs and private balconies. The complex also has a fully-equipped fitness center, tennis and volleyball courts, a business center and a pool.
Summit sells four southeastern communities Charlotte, N.C.-based Summit Properties Inc. has sold four complexes - totaling 886 units - for approximately $47 million. Three of the communities are in Florida; the fourth is in Greenville, S.C. The total number of units sold was 886.
The properties involved were previously known as Summit Heron's Run and Summit McIntosh, both located in Sarasota, Fla.; Summit Perico, located in Bradenton, Fla.; and Summit Beacon Ridge, located in Greenville, S.C. "With these transactions, we have now completed $208 million in dispositions during 1998 and 1999. This represents almost 20% of our total market capitalization," says William F. Paulsen, Summit's CEO.
Funding in place for Massachusetts complex Boston-based Meredith & Grew Inc. *ONCOR International arranged an $18.7 million/permanent loan for the Arlington Center Apartments, a 133-unit luxury apartment complex to be built in Arlington, Mass. Boston-based Mirak-Bendetson Development LLC is the developer. The Newark, N.J., office of Prudential Life Insurance Co. and Boston-based Eastern Bank provided the loan.
The 3.5-acre community will consist of five four-story buildings and will feature a 99-car parking garage. The nearby area features restaurants, retail shopping and several office buildings. Amenities include easy access to public transportation, with a nearby subway station and bus stop. Also, the Minuteman Bikeway, a bicycle trail that begins in Cambridge, passes just behind the property.
Construction begins on Florida luxury community Orlando, Fla.-based DCC Constructors Inc. has broken ground on The Reserve at Ibis, a 234-unit luxury apartment complex in West Palm Beach, Fla. AltmanCorp. of Boca Raton, Fla., is the developer of the 15-acre community.
The gated complex will have 13 buildings and will offer one- to three-bedroom floor plans. Each unit will come with a screened patio, washer/dryer hookups, walk-in closets and computer desk. Other amenities will include attached and detached garages, a fitness room, a business center, a pool, tennis courts and a picnic area. Completion is scheduled for fall 2000.