Apartment Choice

GREENWICH, CONN. — Monument Partners LLC , an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), has entered into an agreement to acquire Landmark Apartment Trust Inc. in an all- cash transaction valued at $1.9 billion, including the assumption of existing debt. Under the terms of the deal, Starwood Global Opportunity Fund X, through a controlled affiliate, will acquire Landmark Apartment Trust ’s ownership interest in 19,615 units in 63 apartment communities . The portfolio is located in eight Sunbelt states, with major concentrations in Dallas, Atlanta, Orlando, Tampa, Charlotte and Nashville. Milestone — which will acquire 4,172 units in 15 assets as part of the transaction — will serve as property manager for Starwood’s portion of the portfolio. “This acquisition highlights our confidence in multifamily housing as an asset class that represents an attractive risk-reward proposition for our investors,” says ...

Amelia Ridge, located in Cary, N.C. Texas & North Carolina —Elco Landmark Apartment Trust Holdings (doing business as Elco Landmark Residential ) has announced a series of transactions. Combined, the firm has added six properties (four in Texas, two in North Carolina ) to its portfolio. On Wednesday the company announced that it had partnered with DeBartolo Development and LEM Capital to acquire four garden- style assets located in San Antonio and Austin for approximately $44 million. Collectively, the Texas portfolio consists of 771 units that are 95 percent occupied. Elco plans to implement a renovation and repositioning program on the assets. “The acquisition of these assets is another example of our unique ability to source attractive investment opportunities in high- growth metropolitan markets located across the South,” says Joseph Lubeck, CEO of Landmark Residential . “We look forward to leveraging our redevelopment and repositioning expertise to improve the quality of e...

Virginia Beach- based Croatan Investments has purchased Springhouse Apartment Homes , a 432- unit apartment community in Newport News, with plans for major renovations. "This is a beautiful community with both an incredibly stable operating history and enormous profit potential ," Croatan Managing Partner Paul Van said. Croatan plans to upgrade the common areas, including the exterior, clubhouse and pool area with the addition of an expanded fitness center , a community fire pit and sitting area, according to a news release. Each apartment interior will receive premium silver or black appliances, granite kitchen and bathroom countertops, custom kitchen and bathroom cabinetry with brushed nickel hardware , modern lighting packages and new plush carpeting and wood- grain plank flooring . Established in 2016, the core team at Croatan Investments previously worked together at investment firm FortCap Partners , according to a news release. In early 2016, Croatan purchased...

by Lynda Carson Oakland – On March 3, the same day that Oakland tenant activists filed a ballot initiative to strengthen renter protections called the “Renters Upgrade,” the California Apartment Association (CAA) announced that they were keeping an eye on things and are coming up with their own plan to counter the tenant’s movement efforts somehow, including in Richmond and Alameda. Tenants fight gentrification as apartment buildings are flipped and rents raised in Highland Park, Los Angeles. – Photo: Michael Robinson Chavez , LA Times" /> Tenants fight gentrification as apartment buildings are flipped and rents raised in Highland Park, Los Angeles. – Photo: Michael Robinson Chavez , LA Times The CAA announced to its 13,000 members, affiliates and partners: “Tenant advocates in Richmond and Alameda have filed preliminary paperwork to place rent control initiatives on the November ballot. In both East Bay cities , the initiative efforts are in the early stages, and in...

RICHMOND, Va.--( BUSINESS WIRE )-- Landmark Apartment Trust , Inc. (“Landmark” or the “Company”), a multifamily real estate investment trust with assets located in select metropolitan areas throughout the Southern United States , announced today that it has entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which it will be acquired by Monument Partners, L.L.C. (“Monument”), an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) (“Milestone”), in an all- cash transaction valued at approximately $1.9 billion, including the assumption of existing debt. Upon completion of the transaction, Landmark will become a privately held company. Pursuant to the terms of the Merger Agreement, Monument will acquire all of the outstanding common stock of Landmark and all of the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings, LP, for $8.17 per share or...

Malvern, PA -- (SBWIRE) -- 07/27/2015 -- Those who are interested in renting a studio or one, two or three bedroom apartment at the beautiful Royal Worthington apartment complex and hotel in Malvern, PA, are in luck this summer season. The most beautiful apartments in King of Prussia have announced that, during the month of July, they will be offering a $1,000 credit towards new apartments at the Royal Worthington, all of which include access to the amenities of Club Royal along with the other luxury assets provided by the property. Located on the affluent Main Line , the Royal Worthington is ideally situated in beautiful Pennsylvanian suburbs , but with easy access to Philadelphia by either car or regional rail. The location features all the amenities of the suburbs and then some – while the apartment complex is within walking distance of a Wegmans, a Target and a variety of high-end boutiques and restaurants, residents hardly need to leave the property to find everything they n...

The struggles of the impoverished are well documented. But how about the unique pain and struggle associated with being wealthy in New York City? In her research for “ Uneasy Street : The Anxieties of Affluence” ( Princeton University Press , out Sept. 5), Rachel Sherman interviewed 50 New York-area parents of young children, whose household incomes ranged from $250,000 to $10 million and with assets totaling up to $50 million. These locals live pampered lives — with multiple high-end properties, teams of household employees and frequent, lavish vacations — but still, they do impressive mental gymnastics to avoid identifying themselves as truly rich. For instance: Helen, a stay-at-home mom with an annual family income of $2 million, describes herself as “in the middle, in the sense that there are so many people with so much money. They have private planes. They have drivers. They have all these things.” This kind of creative (and self-serving) logic is prevalent among Sherman’s su...

Landmark Apartment Trust is going public. The multifamily real estate investment trust company , which had been based in western Henrico County , filed with the Securities and Exchange Commission last week to raise up to $375 million in a proposed initial public offering . Landmark took in $262.2 million in total revenue in 2014 and posted a net loss attributable to common stockholders of $25.3 million, according to the regulatory filing. The company listed total assets of $1.82 billion. In the SEC filing, Landmark did not list a public offering stock price . In announcing the IPO filing Tuesday , the company said it intends to recapitalize its common stock. Outstanding shares will be redesignated as Class A Common Stock. The company has applied to list under the ticker symbol LAT on the New York Stock Exchange . The company said Merrill Lynch, Pierce, Fenner & Smith Inc. and Citigroup Capital Markets Inc. are joint book-running managers for the IPO. Landmark ...

New York firm pays $58M for Wellington apartments Deal breaks down to more than $180,000 per unit By Sean Stewart-Muniz | March 07, 2016 10:30AM The Solara at Wellington apartment complex Affiliates of Phillips International, a New York real estate company , just paid $58 million to AEW Capital Management for the Solara at Wellington Apartments. Solara is a mid- rise apartment community with 320 units at 12535 South Shore Boulevard , directly north of the Palm Beach Polo & Country Club. It was first built in 1991 and has traded hands between firms several times since then, most recently in 2007 when California’s IMT Residential gave ownership of the apartments to Boston- based AEW Capital Management for an unknown price, according to Palm Beach County property records . AEW manages investments primarily on behalf of institutional and private investors. According to its website, the firm has about $34 billion worth of assets in North America. The company recently sold a trop...

RadPad ordered to pay Craigslist $60.5M for illegal scraping, spamming users It's unclear, however, how much of that money Craigslist will actually see. April 17, 2017 03:30PM RadPad founder Jonathan Eppers and the Craigslist interface Apartment listing service RadPad must pay $60.5 million to Craigslist after it was found liable for illegally scraping the online classified’s  apartment listings and spamming its users. It’s unclear how much of the amount Craigslist will actually receive, since RadPad’s assets are controlled by Insolvency Services Group , a law firm that handles the assets of financially distressed companies . RadPad was sold in January to a Dallas-based tenant- screening service , the Los Angeles Business Journal reported . RadPad violated the federal Can-Spam Act for sending 400,000 emails to Craigslist users and infringing on patents owned by Craigslist, according to the ruling. The startup did not object to the judgment but its founder, Jonathan Eppers , tol...

LAKE BLUFF, IL— Steadfast Income REIT Inc. announced Friday that it has purchased the 224- unit Deer Valley Apartments here for $28.6 million. The complex was built in 1991 and has average in-place rents of $1,179 per month, according to Steadfast. The garden- style community consists of 13 two- and three-story buildings and offers a mix of one- and two- bedroom apartments . About 70 percent of the units have been already renovated, and Steadfast plans to upgrade the remaining units when turning the units between residents. Amenities at each apartment include a stackable washer/dryer, secured intercom entry , large closets and private balconies or patios. Residents can also enjoy a renovated clubhouse and fitness center, pool with sundeck, business center and a picnic and barbeque area. This is the fourth property the REIT has purchased in Illinois. In 2010, it acquired Lincoln Towers in Springfield, and in 2012 it added The Moorings and Arr...

RICHMOND, VA - Landmark Apartment Trust , a multifamily real estate investment trust with assets located in select metropolitan areas throughout the Southern United States , announced that it has entered into a definitive merger agreement pursuant to which it will be acquired by Monument Partners, an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust , in an all- cash transaction valued at approximately $1.9 billion, including the assumption of existing debt. Upon completion of the transaction, Landmark will become a privately held company .Pursuant to the terms of the Merger Agreement , Monument will acquire all of the outstanding common stock of Landmark and all of the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings , LP, for $8.17 per share or common unit in an all- cash transaction . Payment of the per share and per common unit consideration is net of all transaction expe...

The Crest at Sugarloaf, Lawrenceville, Ga. PPD Holdings Investment Group refinanced loans for two of its multifamily properties in Greater Atlanta. The company also received preliminary loan approval for the construction of two apartment communities in southwest Florida. The credit facilities total $111 million. A $28 million loan on The Crest at Sugarloaf, a 540-unit property in Lawrenceville, Ga., was originated by The Guardian Life Insurance Co. Another $19 million loan were obtained from PPM America for The Crest at Berkeley Lake, a 382- unit apartment community in Duluth, Ga. PPD Holdings is in the process of refinancing The Crest at Laurel Canyon, a 350-unit in Canton, Ga. Pending construction loans A $34 million HUD 221(d)(4) loan for the construction of a 200-unit, Class A apartment community in Naples, Fla., is pending approval . The development will be named The Crest at Naples. PPD also anticipates finalizing construction financing for a 264-unit community in Bonita Spr...

Industries › Commercial Real Estate October 22, 2015  |  Print this page Landmark Apartment Trust Inc., a Richmond- based multifamily real estate investment trust , announced Thursday that it has entered into a merger agreement to be acquired by Monument Partners LLC , an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust , in an all- cash deal valued at about $1.9 billion, including the assumption of existing debt. Upon completion of the transaction, Landmark will become a privately held company . According to the agreement, Monument will acquire all of the outstanding stock of Landmark and all the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings LP , for $8.17 per share of common stock. Landmark’s board of directors has approved the merger agreement and has recommended approval of the merger by the company’s stockholders.  The transaction is contingent on the approval by st...

by Evelina Croitoru Sonterra Apartments " width="280" height="224" /> Sonterra Apartments Las Vegas —Berkadia has announced the sale of two multifamilty properties in Las Vegas for the combined price of $22.8 million. The properties were sold by an undisclosed Houston-based company. The company acquired Sonterra Apartments , a 350- unit property located at 5050 S. Tamarus St., which offers one-, two- and three-bedroom units. The community features a fitness center, clubhouse, tennis court, two pools and 350 parking stalls, among other amenities. According to Yardi Matrix data , Sonterra Apartments is 95.7 percent occupied. The second purchase was Toscana Villas, a 270- unit property located at 4775 S. Topaz St. The apartment community features one-, two- and three-bedroom units with a clubhouse, tennis court, two swimming pools with a spa and 270 parking stalls. Both sales were completed by senior directors Brian Anderson and Angela Powers of Berkadia’...

Her sexy shoot featured in V magazine that hit newsstands in July. And clearly proud of her stunning look Bella Hadid couldn 't help but share another glimpse at the sizzling photoshoot on her Instagram on Tuesday. Sharing the snap with her 14.5million followers, the 20-year-old supermodel wowed her loyal fans as she posed in a pair of jeans, seductively covering her assets with her arm. Scroll down for video  Bella Hadid shared a snap from her sexy V magazine shoot on Tuesday" class="blkBorder img-share" /> Diamonds and denim! Bella Hadid shared a snap from her sexy V magazine shoot on Tuesday Upping the ante, the catwalk star modeled a number of beautiful pieces of BVLGARI jewellery including diamond clusters on her ears and an ornate snake wrapped around her wrist in the saucy photo. She worked her glossy raven locks into a voluminous style off her face while her mane cascaded down her back.   Meanwhile, the Californian beauty and rumored beau Jordan Ba...