Apartment City

KING OF PRUSSIA, PA – Morgan Properties , one of the country’s largest real estate investment and management companies, announced today that it has launched its $ 25 million transformation of a six- property portfolio consisting of 1,979 units in Windsor Mill, Maryland. Morgan Properties purchased the properties from Harbor Group International for $247 million this past February. The portfolio, referred to as Rolling Road, recently underwent a rebranding and property consolidation into three communities:The Townhomes at Diamond Ridge (formerly Stratton Meadows and Crosswinds at Rolling Road)The Glens at Diamond Ridge (formerly Glens at Rolling Road)The Apartments at Diamond Ridge (formerly Rolling Wind, Granite Run, and Diamond Ridge)The property name changes are just the beginning of a plan to create a new identity for these assets, a new direction for the specific properties, and a new experience for the many residents who call them home. In addition to introducing a new propert...

La Mirage: hilltop site a few blocks from Qualcomm Stadium The Irvine Co. has bought an upscale apartment complex in Mission Valley — the company’s largest single-property acquisition of the year. The Newport Beach- based real estate investor and developer recently closed on the purchase of La Mirage, a 1,410- unit apartment complex just off Interstate 15. The 74- acre hilltop site is a few blocks from Qualcomm Stadium. La Mirage was bought from Chicago- based apartment owner Equity Residential . A sale price for the transaction, which was completed late last month, was not disclosed. The tab would come to about $ 350 million based on a per- apartment price of about $250,000 — the going rate for high- end rental properties in the region. That estimate would put the deal among the most expensive seen in San Diego this year. The county’s priciest real estate sale of any type this year is reported to be La Costa Resort and Spa in Carlsbad. Dallas-based Omni Hote...

By Ernie Smith / Aug 23, 2017 (ivanastar/iStock/Getty Images Plus) The trade group INCOMPAS says its members are getting locked out of apartment complexes due to incentive programs and exclusivity deals with management companies—and has asked the FCC to step in with changes to the rules. Apartment industry groups, however, argue that their members have worked to ensure a competitive broadband landscape. When it comes to internet access, are apartment dwellers getting a raw deal? This trade group says yes. INCOMPAS, which represents competitive telecom providers , particularly internet providers , recently made the case to the Federal Communications Commission that exclusivity agreements set up with apartment buildings are unfair to a large portion of the population. The FCC opened up a Notice of Inquiry [PDF] on the topic earlier this summer, in response to a request by the Multifamily Broadband Council  , who spoke up in opposition to local rules in the San F...

August 17, 2017 https://www.masshousing.com MassHousing has provided $17.6 million in affordable housing financing to the Claremont Companies for the refinancing of the 200-unit Solemar at South Dartmouth. The refinancing of the mixed- income senior citizen community preserves the affordability of the property’s 100 affordable units through 2034. Affordability of 100 units will be extended to 2034 “This transaction provides a great outcome for the residents of Solemar at South Dartmouth and for the Claremont Companies,” said MassHousing Executive Director Tim Sullivan . “This refinancing extends housing affordability protections for lower- income senior citizens , and improves the property’s long- term financial health , all without using scarce state resources . And it demonstrates MassHousing’s commitment to working creatively with the owners and developers of affordable housing , to offer competitive financial products suited to their unique needs, while meeting the Commonwealth...

Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite . Get your Free Trial here. CHARLOTTE, N.C.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp . (MMCC), has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, North Carolina. The loan was structured with an adjustable interest rate over a seven- year term amortized over 30 years. “MMCC has an existing relationship with the borrower who sought our services based on our reputation as a low-cost provider and our ability to execute complex financing transactions flawlessly ,” said Richard Katzenstein, senior vice president and national director , MMCC. “Leveraging our partnership with PGIM Real Estate Finance , we were able to provide a low- cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace. In addition, MMCC’s e...

On the morning that Alfonso Maldonado Silva was set to argue his first case before the Ninth Circuit Court of Appeals in Pasadena, Ca., he was too nervous to even drink a glass of juice for breakfast. So he decided to head to court early to review the case one last time. He said a short prayer asking for wisdom, then he showered, dressed in a neatly pressed gray suit , and on an overcast morning last April, headed out the door with his evidence binder in hand. He had been up since 5 a.m. Maldonado, a third- year law student at Western State College of Law in Orange County, had left nothing to chance. This would be his first time arguing a case in court before any judge. So he had arrived the night before to stay in a Pasadena hotel to avoid the clogged commute from his Corona apartment during rush-hour. The only thing on the 28-year-old’s mind was the law. Much was riding on this case. Maldonado and his fellow law student , Cristel Martinez Medina , were representing an undocumente...