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With the $78 million acquisition of Hunting Point, a 530-unit apartment complex on Potomac River in Alexandria, VA, Lubert-Adler of Philadelphia, PA has amassed a multifamily portfolio valued at approximately $2 billion for its domestic institutional investors.
The company’s Fund VI, VI-A and VI-B co-investment pool, launched in January of 2010 with over $1 billion in equity, has now acquired, among several asset classes, some 70 multifamily properties totaling over 20,000 units,…Continue
Posted on May 8, 2013 at 1:33pm
Real Estate Capital Partners (RECAP) of New York City has formed a joint venture with Vedura Residential of Scottsdale to develop Elevation Chandler, a 163-unit luxury apartment community located in Chandler, AZ. The community, expected to break ground immediately, will offer one- and two-bedroom apartment homes in a serene desert oasis setting.
This is RECAP’s second investment in the greater Phoenix area in the past 12 months following the August, 2012 acquisition of The Arbors…Continue
Posted on April 22, 2013 at 2:52pm
Silverwood Companies of Reston, VA along with investment partner Freedom Development of Alexandria has acquired a 67-unit apartment building near the Courthouse Metro station in Arlington, VA and will shift the property to condominium ownership. Sales at The Avery will open in May with furnished models, and the first residents are expected to move in this summer.
The building at 1200 North Rolfe Street, originally designed as a condominium, was developed and sold by Insight…
Posted on April 22, 2013 at 11:51am
Three Washington, DC real estate firms -- The JCR Companies, CAS Riegler Companies, and RS Snead Construction -- have joined forces to create The JACK GROUP, offering a wide range of real estate services including leasing, acquisition, development, and construction. The JACK GROUP combines JCR’s retail experience with CAS Riegler’s residential development expertise and Snead’s construction management capabilities.
The newly formed group already has delivered its first project,…
Posted on April 12, 2013 at 6:39pm
After completing a $5 million capital improvement program at the 672-unit Marbury Plaza apartment complex in Washington, DC, UIP Property Management, Inc. (UIPPM) has begun another round of upgrades at a total cost of nearly $1.3 million.
The $5 million capital improvement program began in 2009 when UIPPM took over management of the complex, which comprises an 11-story tower, a 12- story tower, and seven garden-style apartment buildings located on the 2300 block of Good Hope Road, SE.…Continue
Posted on March 5, 2013 at 5:54pm