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Riva-Row-The-Woodlands
DevelopmentNewsTexas

Howard Hughes Communities Opens First High-Rise at The Woodlands

by Lynn Peisner

SPRING, TEXAS — Howard Hughes Communities has opened 1 Riva Row, a 13-story development located within The Woodlands, a 28,500-acre master-planned community 27 miles north of downtown Houston. The project is the first high-rise in the community, which consists of nine residential villages. Allford Hall Monaghan Morris was the architect, Hoar Construction was the general contractor, and Morgan Group is the property manager. Units are comprised of one-, two- and three-bedrooms that range in monthly asking rents from approximately $2,099 to $10,950 for upper-floor penthouses. The community’s amenities include a …

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Aurora-at-Summerfield
IllinoisInvestment SalesMidwestNews

Marquette Buys Aurora at Summerfield in Suburban Chicago

by Lynn Peisner

AURORA, ILL. — Marquette Cos. has acquired Aurora at Summerfield, a 368-unit community in Aurora, 42 miles southwest of Chicago. The property, located 1847 Clubhouse Drive, was 97 percent occupied at the time of sale. Marquette’s property management subsidiary, Marquette Management, is the property manager. Aurora at Summerfield comprises 26 two- and three-story buildings housing a mix of one-, two- and three-bedroom units. About a quarter of the units are two-story townhomes. Amenities include a fitness center, a business center, a pool, grilling stations and a playground. The seller and …

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Lockwood-Plaza-Townhomes-Providence
Affordable HousingDevelopmentNewsNortheastRhode Island

WinnCos. Completes Affordable Housing Redevelopment in Providence

by Lynn Peisner

PROVIDENCE, R.I. — WinnDevelopment, the development arm of WinnCos., has completed the $29.3 million renovation of 17 townhouse-style buildings at Lockwood Plaza Apartments in Providence. The redevelopment, completed in partnership with the City of Prividence and RIHousing, extends affordability at the property for 40 years. RIHousing is an agency created by the state legislature in 1973 to provide financing and resources to help Rhode Islanders afford housing through loans, grants, education and assistance. Multiple funding partners were involved, including Citizens Bank, which provided construction financing and Low-Income Housing Tax Credit …

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12th+Greenway-Phoenix
ArizonaDevelopmentNewsWestern

EMBREY Breaks Ground on 340-Unit Phoenix Project

by Lynn Peisner

PHOENIX — EMBREY has begun construction of 12th & Greenway, a 340-unit property situated on 7 acres at North 12th Street and Greenway Parkway in Phoenix. This is EMBREY’s ninth project in Arizona since the San Antonio-based developer entered the business in 2006. Completion is slated for the third quarter of 2027. The four-story community will offer flats and townhomes and such amenities as a resort-style pool and hot tub surrounded by private cabanas, an outdoor kitchen and fireplace, a 24-hour package room, fitness and yoga studios, a game room, …

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WaltonLofts-Seattle
Investment SalesNewsWesternWyoming

Clarion Partners Sells Seattle High-Rise

by Lynn Peisner

SEATTLE — CBRE has arranged the sale of Walton Lofts, a 136-unit high-rise located at 75 Vine St. in Seattle’s Belltown neighborhood. The property was developed in 2015 by the Schuster Group. Clarion Partners was the seller, represented by CBRE’s Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper. Neither the buyer nor the sales price was disclosed, but Clarion purchased the property in 2016 for about $76 million. Walton Lofts includes studios and one- and two-bedroom units. Amenities feature a rooftop lounge with panoramic views of Elliott Bay, the …

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Bell-Rock-Springs-ATL
GeorgiaInvestment SalesNewsSoutheast

Bell Partners Buys Property in Atlanta’s Druid Hill-Emory Area

by Lynn Peisner

ATLANTA — Bell Partners has acquired Rock Springs Village in Atlanta. The seller and sales price were not disclosed. The 558-unit property was developed in three phases in 1987, 2003 and 2005. Greensboro, North Carolina-based Bell Partners bought the property with a value-add fund and is planning renovations to units and common areas. It will be rebranded as Bell Rock Springs. The community features two pools and two fitness centers, a clubroom and outdoor gathering areas. The property is adjacent to Bell Morningside, a 110-unit asset Bell Partners acquired in …

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Leasing & MarketingNewsOperationsTexasWashington, D.C.

Justice Department, RealPage Settle Lawsuit Over Use of Revenue Management Software in Apartment Rental Pricing

by Lynn Peisner

RICHARDSON, TEXAS — The U.S. Justice Department’s Antitrust Division has reached a settlement with RealPage Inc. as part of its ongoing enforcement against algorithmic coordination, information sharing and other anticompetitive practices in rental housing markets across the country, according to details disclosed in a North Carolina federal court on Monday. The proposed consent judgment, which still requires court approval before it can be implemented, would help restore free market competition in rental markets for millions of American renters, the Justice Department stated in a press release. “Competing companies must make …

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Company NewsFinanceMidwestNews

Peakhill Capital Acquires Venture Capital Mortgage

by Lynn Peisner

TORONTO AND MINNEAPOLIS — Toronto-based commercial investment and lending firm Peakhill Capital has acquired Minneapolis-based commercial banking firm Venture Capital Mortgage. Financial terms of the transaction were not disclosed. According to Peakhill, the merger represents an expansion of business in the United States, specifically an increase in bridge and life correspondent lending, joint venture equity platforms and access to a broadened borrower base across multifamily, office, retail and industrial sectors. Double Peak Advisors represented Peakhill in the transaction.

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The-Parson-Denver
ColoradoDevelopmentLeasing & MarketingNewsWestern

Greystar Launches Leasing at Denver High-Rise

by Lynn Peisner

DENVER, COLO. — Pre-leasing has begun at The Parson, a 309-unit high-rise Greystar is developing in Denver’s Golden Triangle neighborhood. The project is slated for completion next year. According to Zillow, monthly asking rents range from $2,055 for a studio to $13,690 for a three-bedroom penthouse. The Parson features 4,100 square feet of retail space. Amenities include a fifth-floor pool with views of the Rocky Mountains, a two-story gym with a sauna and a yoga lawn, concierge services, shared workspaces and an indoor and outdoor dog park. Ziegler Cooper was …

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CEI-Hillcrest-Antioch
Affordable HousingCaliforniaCompany NewsDevelopmentFinanceFloridaInvestment SalesNewsNorth CarolinaNortheastSouth CarolinaSoutheastWestern

CEI Launches Affordable Housing Investment Partnership

by Lynn Peisner

LOS ANGELES — Los Angeles-based developer Cypress Equity Investments (CEI) and an unnamed Florida-based investment firm have partnered to build or acquire approximately $1.2 billion worth of affordable housing communities. The venture is being launched with 11 ground-up projects that are already in place in California and Florida. Target markets for future opportunities include the Carolinas, Tennessee, Texas and some markets in the Northeast. Some of the deal characteristics CEI is seeking will include communities with on-site resident services, developments that partner with nonprofits and acquisitions of other existing institutional …

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