The 234 Apartment

KeyBank Arranges Loans for Affordable Seniors Housing Projects Cleveland- based KeyBank Real Estate Capital (NYSE: KEY) has arranged a $23. 8 million Fannie Mae loan for Harmony Housing , a 501(c)(3) non- profit organization based Douglassville , Georgia. KeyBank’s John Gilmore, IV, and Jeff Rodham arranged the financing. The funds will be used to acquire three affordable and senior housing properties in Texas and Wisconsin, including the acquisition of Prairie Park Senior Apartments , a 96-unit, low- income housing tax credits (LIHTC) property in Madison, Wisconsin. The company has also arranged a $6. 9 million FHA loan for Millennia Housing Development Ltd., for the renovation of Sherman Thompson Towers Apartments , a 151- unit affordable seniors housing community in Ironton, Ohio. The project was awarded tax credits by the Ohio Housing Finance Agency (OHFA), and has a housing assistance payments (HAP) contract that provides rental assistance to 150 of the 151 units. KeyBa...

A Kentucky development group is planning a 180- unit affordable apartment complex in north Baton Rouge on the corner of Airline Highway and Plank Road. LDG Development , which specializes in affordable housing , is still in the planning stages for the project, which is named Commodore Pointe . The Baton Rouge North Economic Development District announced the project at its meeting last night. A spokeswoman for the firm declined to comment, but LDG is not new to Baton Rouge. The firm previously developed the $ 24 million Mallard Crossing apartment complex on Greenwell Springs Road in 2012, as well as the Woodcrest Apartments, an $ 8 million development completed in 2013 on North Lobdell Boulevard . The developer is also set to cut the ribbon on the Port Royal Apartments , another affordable housing complex on Airline Highway, on May 10. In March, LDG announced a 204-unit project on Nicholson Drive and Gardere Lane. Commodore Pointe will feature two four- story residential build...

Copyright © 2013 Albuquerque Journal Construction is expected to begin in early October on the $ 23 million Broadstone Cottonwood , a 254- unit luxury apartment project on the hill between the Intel Corp. plant in Rio Rancho and Albuquerque’s Cottonwood area. A joint venture of Albuquerque’s Titan Development and Phoenix- based Alliance Residential , Broadstone Cottonwood will be built on 13.3 now-vacant acres on the west side of N.M. 528. It will consist of 24 mostly two- and three-story buildings with a total of 325,433 square feet of space, which includes rental garages . Designed in what could be called a California Mission style of architecture, the Cottonwood project will be a variation of another Titan-Alliance collaboration, the 280- unit Broadstone Santa Monica apartments at 6401 Santa Monica NE , east across Interstate 25 from the Journal Center . Advertisement Continue reading The Cottonwood and Santa Monica projects combined create work for about 700 workers in constr...

By Mike Smollins Village of Lynbrook officials are mulling a proposal by development company Mill Creek Residential to build a luxury apartment complex on Rocklyn Avenue, near Merrick Road. Hot Skates, Fun Station USA and Hi Tech Security now occupy the three-acre site. “Today’s apartment residents are craving a downtown living experience along with convenient access to a mix of urban and suburban lifestyle experiences ,” Russell Tepper, a senior managing director at MCR, wrote in an email to the Herald. “Lynbrook’s new residential community would serve all types of residents … so that they may take advantage of the luxuries of suburban living , without sacrificing the trappings of an urban, modern lifestyle.” MCR acquires and operates high- end rental communities across the country, and has built complexes in West Hempstead, Mineola, Yonkers, Westchester County and New Jersey. Tepper said that the company would create a transit- oriented residential community — a walkable nei...

A pair of Kissimmee apartment communities both located just off John Young Parkway changed hands last week to different buyer groups for nearly $90 million. Virginia-based Chandler Management Corp. paid $49.5 million on Aug. 8 for the  Lake Tivoli Apartments . The 384-unit complex was developed in two phases, with the bulk of the property built in 1990. The second phase was added in 2002. The gated complex, which is located midway between Kissimmee's two major hospitals, consists of 36 two-and three-story buildings and was 97-percent occupied at the time of sale. CBRE ’s Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction. The second sale took place in The Hunter's Creek/LOOP submarket. New York-based Bluerock Real Estate  paid $40 million on Aug. 9 for Sonoma Pointe apartments . The Class-A community, located on John Young Parkway across from The LOOP shopping center , was completed in 2015. This is the fifth Central Florida multi...

NEW YORK (Reuters) - Lehman Brothers Holdings Inc agreed to sell property group Archstone to two real estate investment trusts for about $6.5 billion, taking advantage of a strong market for apartments and marking an end to a 2007 gamble that helped push the investment bank into bankruptcy. The buyers, Equity Residential ( EQR.N ) and AvalonBay Communities Inc ( AVB.N ), will split the assets 60-40 and will also take on Archstone's debt, for a total transaction value of $16 billion. Lehman collapsed at the height of the financial crisis in 2008, in part because of soured real estate bets , including the $23. 7 billion leveraged buyout of Archstone. The firm filed for bankruptcy and has been liquidating assets to pay back creditors , who are still owed more than $30 billion. Archstone, one of the largest owners of U.S. apartments, has a large portfolio of properties in metropolitan areas, where apartment buildings have been pricey and difficult to come by. The acquisition would...

AvalonBay Communities, Inc. (NYSE:AVB) Q2 2017 Earnings Call August 03, 2017 1:00 pm ET Executives Jason Reilley - AvalonBay Communities, Inc. Timothy J. Naughton - AvalonBay Communities, Inc. Sean J. Breslin - AvalonBay Communities, Inc. Matthew H. Birenbaum - AvalonBay Communities, Inc. Kevin P. O'Shea - AvalonBay Communities, Inc. Analysts Nicholas Joseph - Citigroup Global Markets , Inc. Nick Yulico - UBS Securities LLC Richard Allen Hightower - Evercore ISI Juan Sanabria - Bank of America Merrill Lynch Andrew T. Babin - Robert W. Baird & Co., Inc. Austin Wurschmidt - KeyBanc Capital Markets , Inc. Dennis Patrick McGill - Zelman & Associates Wes Golladay - RBC Capital Markets LLC Alexander Goldfarb - Sandler O'Neill & Partners LP Vincent Chao - Deutsche Bank Conor Wagner - Green Street Advisors , LLC Richard Hill - Morgan Stanley & Co. LLC Robert Stevenson - Janney Montgomery Scott LLC Operator Good morning, ladies and gentlemen, and welcome to AvalonBay...