$400 million community set for Aventura marketplace Porto Vita, a $400 million masterplanned condominium community in Aventura, Fla., is scheduled to start construction on two 27-story towers this month. The new high-rise product is scheduled for completion in summer 1999. Porto Vita currently boasts 151 luxury residences, ranging from 2,400 sq. ft to 6,100 sq. ft., and priced from $500,000 to $2.7 million. Miami-based CMC Group and Turnberry Associates of Aventura are partners in the joint-venture facility. The property is located on an 18-acre waterfront site where a 35,000 sq. ft., $12 million clubhouse awaits residents.
Holliday Fenoglio Fowler L.P. arranges $21 million loan Dallas-based Holliday Fenoglio Fowler L.P., a commercial mortgage banking firm, has arranged financing for St. Andrews Apartments, a 332-unit, garden-style community located in Miramar, Fla. The $21 million, 6.88% fixed-rate loan is set for 30-year amortization. The property is presently 96% occupied and has 13 two- and three-story buildings. New York-based Lehman Brothers provided financing on behalf of the borrower.
Lincoln Property Co. completes acquisition of three properties In athat closed Jan. 22, 1998, Foster City, Calif.-based Lincoln Property Co., a national multifamily development and management firm, has completed a $100 million transaction in the acquisition of three premier apartment communities in Colorado. DLJ Real Estate Capital Partners, a $700 million real estate fund formed by New York-based Donaldson, Lufkin & Jenrette Securities Corp., was the joint venture partner in the transaction. The three properties include: Waterside Apartments, a 1,134-unit, 53-acre property located in Lakewood, Colo.; Peppercorn Apartments, a 318-unit community located in Thornton, Colo.; and the 11-story Regency Tower in Colorado Springs' Broadmoor resort marketplace. Regency Tower is designated for active seniors housing.
Largest residential income deal in Los Angeles County closes It took $25.8 million to close L.A. County's largest apartment deal for the first quarter of 1998. Capital Commercial Real Estate Services, a multifamilyfirm based in Los Angeles, represented both the buyer and seller in disposing of the Porto Verde Apartments, a 216-unit complex built on the Palos Verdes bluffs near the Pacific Ocean. According to Comps Inc., a San Diego-based commercial real estate research firm, the transaction was the largest in Los Angeles County so far in 1998. The complex has 26 one-bedroom, 167 two-bedroom and 23 three-bedroom units ranging from 776 to 1,376 sq. ft.
Essex Property Trust purchases two complexes for $94.5 million Expanding its presence in the San Francisco market, Palo Alto, Calif.-based Essex Property Trust Inc., a national multifamily real estate investment trust, purchased twoproperties for $94.5 million. In Hayward, Calif., Essex acquired Wimbledon Woods, a 560-unit community that is currently 96% occupied and averages 825 sq. ft. per residence. The unit mix is 356 one-bedrooms and 204 two-bedrooms. Wimbledon Woods expands Essex's presence to 27% of its entire portfolio in the San Francisco market. Also, in Newbury Park, Calif., Essex purchased Mirabella Apartments for $50.5 million. The property has 608 residences and is 97% occupied with 328 one-bedroom and 280 two-bedroom units.
Amli Residential places stock worth $74.25 million for sale-based Amli Residential Properties Trust (NYSE:AML) has signed a definitive agreement to sell more than 3 million Series B cumulative convertible preferred shares to Santa Fe, N.M.-based Security Capital Preferred Growth Inc., a private company with an equity capitalization of $500 million, which invests in private and public real estate with prospects for growth. Total net proceeds to Amli from the placement will be $74.25 million with 1.04 million shares being issued. Amli also announced its operating results from Funds From Operation (FFO) for 1997 at $11.41 million, a per share increase of 3.8% from FFO of $8.95 million in 1996.