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 ...

A Macon apartment development sitting on 50 acres with a pond in the center of the site has been sold to an Atlanta company. Kenilworth Manor, formerly known as Crystal Lake Apartments , on Crystal Lake Circle , has been bought by Crown Bay Group , according to a news release. The company has already change the name back to Crystal Lake Apartments . “This is a very interesting property and we are very excited to bring it back to a high standard,” Crown Bay CEO Steve Firestone said in an email. Work on the properties has already begun and “some big improvements” should be seen soon, he said. Kenilworth Manor is comprised of an 11- story apartment block , a five- story midrise block as well as a mix of two- story garden apartments , townhouses and “even a cluster of odd cubed-shaped single-story houses,” the release said. “This was built as a cutting edge dynamic community project at the time, but has gone into some disrepair over the years.” The buildings are surrounded by trees wit...

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...