Apartment Choice

Orlando, Fla.—Greystar has unveiled plans for a 448- unit apartment property in Orlando, with construction set to start in October for a completion date about a year later. The development will be called Elan Audubon Park , and will be in the Audubon Park Garden District near the intersection of Maguire Blvd. and East Colonial Dr . Greystar will develop, construct, and operate Elan Audubon Park upon completion. The property will be owned by the company in a partnership with an institutional global real estate opportunity fund . Charleston, SC- based Greystar manages about 385,000 units in more than 100 markets nationwide. The property will offer one-, two- and three- bedroom units ranging in size from 646 square feet to 1,370 square feet, as well as three-story, three-bedroom townhouses. Some floor plans will offer elevator access and incorporate features such as built-in desks, open kitchens with center islands, USB charging outlets and walk-in closets, as well as patios and b...

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 ...