Post and Federal Realty announce alliance Atlanta-based Post Properties Inc. and Rockville, Md.-based Federal Realty Trust announced a strategic alliance for the joint development of mixed-use urban projects with "main street retail" and multifamily community components.
The two organizations are already working together on a number of mixed-use opportunites. They have been selected to participate on a team of developers that is currently evaluating the development of a 47-acre tract adjacent to Atlanta's Lindbergh MARTA mass-transit station. The proposed master plan, which calls for retail, office, lodging and residential components, will create the first true example of mixed-use, transit-oriented design in Atlanta.
Alhambra Place condos offers beach-side comfort Alhambra Place Condominium will soon rise 175 feet on the east side of Intracoastal Waterway in Fort Lauderdale, Fla. Just one block from the Atlantic Ocean, the new condominium is located in a quiet enclave near the intersection of Las Olas Boulevard and A1A.
Preconstruction prices range from $515,000 to $2.75 million per unit. Three full-floor penthouse residences featuring 360-degree panoramic views occupy the top three floors, with approximately 6,600 sq. ft.
Four veranda residences with water views complete the fourth floor, with approximately 2,400 to 3,050 sq. ft. of space per unit.
Cushman & Wakefield helps sell Bogey Hills The Chicago and St. Louis offices of international real estate services firm Cushman & Wakefield recently represented Mullenix Properties Inc. in the sale of the Villages of Bogey Hills to RREEF America LLC.
The Villages of Bogey Hills is a luxury 486-unit garden style and townhouse rental residential community located in the St. Louis suburb of St. Charles - one of Missouri's fastest-growing counties.
The property consists of two two-story and 19 three-story buildings containing 36 efficiency, 88 one-bedroom, 318 two-bedroom and 44 three-bedroom townhome units.
Unit sizes range from 459 to 1,296 sq. ft. with an average of 893 sq. ft. Corresponding rents are currently at $425 per month for an efficiency and $795 for the largest unit - the three-bedroom/two-bath townhome.
Sudden drop in co-op/condo prices caused by political and economic uncertainties NEW YORK CITY - One of Manhattan's most active real estatepoints to a sudden drop in co-op and condo prices in the 7% to 10% range during the past few weeks as a result of America's current economic and political climate.
"Many buyers have seen their stock portfolios turn downward for the first time in years," says Marc Broxmeyer, a principal in the Bellmarc Cos. "They are experiencing fear and uncertainty with the negativecoming out of Wall Street, as well as foreign markets, and this has created buyer resistance to the ever-escalating prices for the first time in nearly three years."
As an example, Broxmeyer points to a seller of a two-bedroom apartment on East 21st Street dropping his price from $539,000 to $475,000 in the past few weeks.
"The message is being sent loud and clear as evidenced by a general slowdown in sales in all neigborhoods," says Broxmeyer.
Repositioning planned for 216-unit property Newport Beach, Calif.-based Alliance Property Management Co., one of the largest fee-based property management firms in the Western United States, is awarding a $6 million rehabilitation project consisting of 216 units in the oceanfront community of Rancho Palos Verdes, Calif., by Connecticut General Life Insurance Co.
The rehabilitation will involve interior renovations ranging from $6,000 to $8,000 per unit in addition to implementing an extensive exterior upgrade program.
Fannie Mae provides a $100 million credit facility American Apartment Communities, a privately held equity real estate investment trust (REIT) based in San Francisco, recently obtained favorable financing through a $100 million credit facility offered by Fannie Mae, the nation's largest source of home mortgage funds and its largest multifamily mortgage investor.
Fannie Mae's financing for American Apartment Communities uses a pool of multifamily mortgages to collateralize multiple multifamily mortgage-backed securities. The REIT has accessed $33.6 million of the available funding to date. This is Fannie Mae's first facility transaction with a privately held REIT.
The credit facility, secured by the REIT's multifamily properties, provides exceptional flexibility, allowing American Apartment Communities to substitute and release assets as needed. The credit facility also can be expanded up to $150 million and can be extended by up to five additional years.
Hassayampa opens first multifamily neighborhood Hassayampa has opened Aspen Creek Meadows, its first multifamily neighborhood of 68 forest homes being offered by Cameron Luxury Homes by Von Dix within the 430-acre masterplanned mountain golf community in Prescott, Ariz.
Making its entry into Prescott, Cameron Luxury Homes of Scottsdale, Ariz., is building one- and two-story forest homes - similar to a townhouse - designed specifically forthe site in the heavily wooded forest of Hassayampa. The majority of the forest homes within the gated community are positioned along the second, third and fifth fairways of Hassayampa's Tom Weiskopf Signature Design golf course.
Sales started in September for three plans, including the Jupiter, Ponderosa and Manzanita, ranging from 1,570 to 2,461 sq. ft.
$16 million financing arranged by Legg Mason Legg Mason Real Estate Services' (LMRES), Charlotte, N.C., office, arranged construction financing for the to-be-built Canada Verde 281-unit apartment complex located in Oro Valley, Ariz.