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 ...

click to enlarge Crews on site at 2447 Cass, which housing preservationists say is slated for demolition. Historic preservationists are keeping a watchful eye on three brick multi- level buildings that stand in the shadow of the Little Caesars Arena after getting word last week that the Ilitch family- owned Olympia Development had planned to demolish them without permission. The company’s contractors had previously obtained demolition permits for the more than hundred-year-old buildings, but according to the city's buildings department, the permits are frozen as the city studies whether the buildings are eligible for historic designation. Alarm bells first went off Tuesday when workers in neon shirts and hard hats showed up outside the more than hundred-year-old buildings at Cass Avenue and Henry Street, near Woodward and I-75. With them was a truck printed with the Homrich logo— a company known for its work in demolition and remediation. The activity sparked swif...