Apartment Choice

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...

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 ...

On Wednesday morning the owners, staff, development partners and residents of Apple Hill Apartments joined together to celebrate the completion of Jackson’s newly rehabilitated apartment community . On Wednesday, August 16, The Provident Companies hosted an open house with light refreshments to symbolize the end of the project. During the opening house, remarks were given by The Provident Company Vice President Robert Bender , USDA Rural Development representative Brent Warren , Jackson City Councilman Jon Hensler , Ohio Capital Corporation for Housing representative John Kircher , Ohio Housing Finance Agency representative Diane Alecusan , Jackson- Vinton Community Action Executive Director Cheryl Thiessen , Park National Bank representative Stan Uchida , Diana Swack and Bernard Swack both with The Provident Company . “ Apple Hill Apartments is an example of the type of safe, decent and affordable housing that households need as a necessary building block for li...

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...

PE firm reaches $70M ground lease deal for Staten Island self-storage project Equator Capital Management to develop 136K sf building Rendering of a planned self-storage building at 2601 Veterans Road West UPDATED, Aug. 15, 6:08 p.m.: Private equity firm Equator Capital Management signed a 99-year, $ 70 million ground lease for a development site in Staten Island and plans to build a 136,000-square-foot self-storage building. The $ 70 million price tag is the aggregate value of annual rent payments for the entire term of the lease, according to Pure Properties Commercial Division ’s Eugene Rivera, who brokered the deal. The landlord of the two-acre property at 2601 Veterans Road West is A. Tranchina Incorporated, a seller of construction materials. Brooklyn-based Equator, founded by Douglaston Development veteran Mehul Patel , in 2015 acquired a development site at 29-01 Review Avenue in Long Island City , where it developed a 143,000-square-foot self-storage building. Self-sto...

In about 10 years, the docks at the Port of Anchorage will start closing, crippled by corrosion, unless major repairs are made. But with the clock ticking, it's still unclear who will pay for it, and how. Without a big injection of state or federal funding, officials say the port, which opened in 1961, is more likely to resort to a tariff that leads to higher prices on the vast majority of consumer products that come into the state. That means everyone would pay a little more for a gallon of milk, a loaf of bread, a car or a sheet of plywood. A scary incident at the port earlier this summer accentuated warnings about its condition. At 7 a.m. June 26, the Holland America cruise ship MS Amsterdam docked at the port. Waves kicked up by the ship while it was docking broke the severely corroded underwater base of two columns holding up the port — causing a 57,000- pound dock fender to break off and sink into the adjacent berth. Corroded metal pipes , part of a fender ...

The long retail spine of Sydney Road, Brunswick, just north of Melbourne's CBD, was once a prosperous trading outpost on the way to the goldfields. These days it's a bohemian mix of variety stores, op shops, halal butchers and Lebanese bakeries. Take a side street to the west, however, and a different picture emerges. Sandwiched between Sydney Road and the Upfield train line is an area undergoing rapid and widespread transformation. Light industry is fast being replaced by mid- rise apartment buildings , their inhabitants attracted by the short commute into town and cheaper prices than in the city's south-east. The quality of these units is, on the whole, depressingly bad; think poor ventilation and bedrooms that "borrow" natural light (a weasel word for being dark and windowless). The occasional jazzy façade tries feebly to make up for otherwise cheap construction amid a chorus of greys. At ground level, carpark roller doors alternate with mean pocket garden...