The 234 Apartment

TORONTO / DALLAS, TX, Oct. 30, 2014 (Canada NewsWire via COMTEX) -- Milestone Apartments Real Estate Investment Trust (MST.UN) ("Milestone" or the "REIT") today announced that it has completed the purchase of Villas at Shadow Creek ("Shadow Creek" or the "Property"), a 560- unit multifamily apartment community located in the Pearland submarket of Houston, Texas, for a purchase price of US$74.0 million. This acquisition was previously announced by the REIT on September 15, 2014. Shadow Creek was built in two phases in 2006 (296 units) and 2007 (264 units) and is currently approximately 95% occupied, with average monthly rents of approximately US$1,200 per unit. The Property's average in-place rents are higher than the REIT's portfolio average in part due to a higher proportion of two and three- bedroom apartment suites . Shadow Creek has the potential for a value- add program relating to unit interior upgrades . The Property features ...

NEW YORK, NY -   Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $12. 2 MM Fannie Mae facility to refinance the Copper Creek Apartments in Evansville, Indiana. Copper Creek Apartments is a Class A garden style multifamily facility that comprises 16, two- and three-story buildings with a combined total of 291 units.  The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan proceeds will be used to pay off the combined existing debt and yield maintenance that will mature in 2012.  Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector . The borrower is a single asset, Indiana limited partnership that is led by a well- established property owner in this tertiary market, and a l...

America Apartment Communities logo" title="Mid- America Apartment Communities logo" class="companylogo" /> Oakbrook Investments LLC decreased its position in shares of Mid- America Apartment Communities , Inc. (NYSE:MAA) by 5.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4 ,551 shares of the real estate investment trust ’s stock after selling 272 shares during the period. Oakbrook Investments LLC ’s holdings in Mid- America Apartment Communities were worth $480,000 at the end of the most recent quarter. Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MAA. Roanoke Asset Management Corp NY increased its position in Mid- America Apartment Communities by 48.0% in the second quarter. Roanoke Asset Management Corp NY now owns 3,625 shares of the real estate investment trust ’s stock worth $3...

CHICAGO--( BUSINESS WIRE )--Waterton, a U.S. real estate investor and operator, today announced the acquisition of a 404- unit rental community in Arlington, Va., approximately 3 miles southwest of the Pentagon. Built in 1992 and formerly known as Windsor at Shirlington Village, the property at 3000 S. Randolph St. is being rebranded as The Citizen at Shirlington Village following Waterton’s acquisition. Offering a mix of one-, two- and three-bedroom floor plans – 132 units in an eight-story tower and 272 in a low-rise component – the community is located within The Village at Shirlington, a small transit-oriented neighborhood with a host of shopping, dining and entertainment options. “The Citizen offers the walkable, urban-inspired lifestyle many renters seek in an accessible location close to the Pentagon and jobs throughout the D.C. metro,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “Because the property was developed 25 years ago, it also prese...

As you do more banking by smartphone, that bank branch you used to visit may soon turn into a restaurant, a day care center or even a condo tower. After a branch building boom a decade or so ago, banks are closing offices by the thousands as more of their customers bank online . They're leaving behind space ready to be transformed into something else, whether an urban storefront or a free- standing brick building with a drive-thru in the suburbs. "If the real estate is strong, any number of things can happen to the property," says Kim McGuire, senior vice president in the Chicago office of CBRE. It's a problem or an opportunity, depending on your perspective, that will be here for a while. Banks operate about 89,300 branches in the United States today , down 8 percent over the past decade, according to Chicago- based real estate firm Jones Lang LaSalle . JLL expects an additional 20 percent drop over the next decade. In the Chicago area, the number of branches d...