Apartment Choice

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...

Ann Arbor-based real estate firm McKinley Inc . recently added another apartment complex to its extensive portfolio: Ironwood Place Apartments on Leslie Circle in Ann Arbor. McKinley purchased the 100-unit complex -- which is located off Huron Parkway on the city’s north side -- and now plans to integrate it with the neighboring 210-unit Traver Ridge Apartments . Among the plans: Operate both complexes under the Traver Ridge name, integrate the communities via walking trails and serve the residents of both complexes out of the Ironwood community center . McKinley Inc. is the new owner of Ironwood Place Apartments in Ann Arbor. Photo from mynewplace.com Both complexes have one-, two- and three- bedroom units. Rent ranges from $899 per month for a one-bedroom to $1,470 per month for a three-bedroom. McKinley CEO Albert Berriz said the occupancy levels at Ironwood are already “very strong” at upwards of 90 percent. He said because the complex is less than 10 years old, McKinley won’...

Quizzes Lists Topics Save The River Terrace Apartments is an apartment building located at 7700 East Jefferson Avenue in Detroit, Michigan. It was listed on the National Register of Historic Places in 2009. [1] River Terrace Apartments was one of the first two garden apartment complexes built in Michigan which used loan guarantees from the Federal Housing Administration , the other being Hillcrest Village in East Lansing. [2] History By the late 19th century , the corridor along East Jefferson Avenue had become a prestigious residential neighborhood . As the automobile age dawned in the twentieth century and Detroit's population boomed, large upscale apartment buildings were constructed along the Avenue. However, this boom in apartment construction collapsed at the start of the Great Depression. However, in 1939, Wesson Seyburn, along with Leonard P. Reaume, of the property management firm of Holden & Reaume, applied for a building permit to construct this apart...