GE Capital and JPI form new $470 million partnership
In a $470 million agreement signed in September, Stamford, Conn.-based GE Capital Services and Irving, Texas-based JPI formed a new partnership to build and acquire multifamily communities in California, the Northeast and the Pacific Northwest. The venture will develop high-end luxury apartments and student housing communities across the country over the next 24 months. Dallas-based WMF Askew acted as liaison.
Atlantic Realty Partners brokers two properties for $58.9 million Boca Raton, Fla.-based Atlantic Realty Partners has brokered the sale of two Class-A apartment complexes for $58.9 million. The first property, Coral Harbor at Broken Sound in Boca Raton, Fla., sold for $32.9 million. Coral Harbor was built in 1988 and has 450 one- and two-bedroom units. The buyer of record was RREEF America LLC, and the seller was Essex Place Limited Partnership.
The second project, Vinings at Lake Lotus in Altamont Springs, Fla., sold for more than $26 million. Built in 1989, the property is located on 40 acres with 496 one-, two- and three-bedroom units. The buyer was Sentinel Acquisitions Corp., and the seller was Northwestern Mutual Life. The firm recently formed The Apartment Network with collective sales of more than $1 billion.
Charles E. Smith REIT starts 631-unit luxury community Charles E. Smith Residential Realty (NYSE:SRW), a REIT based in Arlington, Va., has started construction on Springfield Station, a 631-unit, Class-A apartment community with initial occupancy expected in early spring 1998. Springfield Station will have 440 garden-style units and 191 units in a six-story midrise building. The residences range in size from 657 to 1,300 sq. ft. with the project cost estimated at $59 million.
GMACC originates $415 million in financing for CMBS Horsham, Pa.-based GMAC Commercial Mortgage (GMACC) has originated $415 million in financing in August for 40 multifamily communities managed by Vienna, Va.-based Southern Management Co. The 15,388-apartment portfolio ranges in size from 60 units to 1,406 units located in suburban Maryland, Baltimore and Virginia. The portfolio was refinanced under Fannie Mae's Negotiated Transaction Program, where the mortgage loans are sold to Fannie Mae in exchange for Fannie Mae CMBS. The investment banker was New York-based Donaldson, Lufkin & Jenrette Inc.
CalPERS selects management team for $539 million portfolio The California Public Employee's Retirement System (CalPERS), based in Sacramento, Calif., has selected two management firms to co-invest equity with CalPERS in its existing apartment portfolio worth $539 million. San Francisco-based SSR Advisors will manage the West region consisting of 13 apartment complexes valued at $280 million. Also, General Investment & Development Co., a Boston-based investment management company, will handle CalPERS' East region with nine properties worth $259 million.
Associate Editor Randy Henry covers the multifamily news beat for NREI. He welcomes comments and news items via e-mail to firstname.lastname@example.org.
The Fort Lauderdale, Highland Beach and Miami markets are heating up with more than $333 million in condominium developments targeted for the very active south Florida marketplace.
First of all, Ocean One, an $80 million, 30-story twin-tower project, is set for completion in April 1999. The highrise will have 241 residences, ranging from 1,830 to 2,883 sq. ft., and is located on 6.3 acres at Aventura Beach in the North Miami market. Ocean One is being developed by Miami-based The Related Group, Quantum Realty Investors of Dallas and New York-based The Broadstone Group.
In another development, the $135 million Toscana highrise is scheduled for groundbreaking in spring 1998 with completion by November 1999. Toscana will consist of three 16-story towers and will have 425 residences with five floor plans ranging from 1,900 to 5,000 sq. ft. The luxury community is being developed on 17.4 acres by Warwick, R.I.-based Omega Development Group.
Also, Fort Lauderdale will have its first new condominium development in over two decades. L'Hermitage is a new $118 million, 27-story twin-tower luxury highrise, scheduled for completion by August 1998. Presently, a first tower was completed in October and occupancy has already started. The high-rise condominium project is located on 10 acres with residences ranging from 1,537 to 7,000 sq. ft. and is being developed by Fort Lauderdale-based Glen Ridge Properties.