Apartment City

Lake Village Apartments is one of two Ann Arbor complexes bought this month in a record- setting deal involving The Habitat Co. Chris Asadian | AnnArbor.com Two of Ann Arbor ’s largest commercial properties were bought for a combined $85.7 million this month by an entity of the Chicago-based company that had been managing them. The Habitat Co. LLC acquired Windemere Apartments and Lake Village of Ann Arbor from Northwestern Mutual Life Insurance Company . The deals set records in the Ann Arbor market for the price paid per unit, signaling local impact of the national multifamily market experiencing a rebound. Sources said the Windemere deal is a record $92,083 for the 1980s-era property on the city’s north side near Nixon Road. And the Lake Village deal , at $115,277 per unit in the complex on South Main Street , is the highest in the market, based on information available to Habitat, said Matt Fiascone , senior vice president of finance and investment. “We think it’s the high...

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The former Crossland Economy Studios at Patchen Village has been closed for several weeks, and the noise of a drill prepping a wall to be knocked down echoes through its tattered remains. Walk into a room and be prepared to hold your breath: Trash litters the dirty carpet, including fast-food wrappers, a chip bag and a child’s yellow truck. The televisions are ancient thick screens , scraps of blue-and-ivory wallpaper in some kitchenettes were last popular during the “country kitchen” fad of the 1980s and at least one of the rooms gives off the thick smell of repeated urination. But, by the end of 2017, this could become tiny apartments for millennials, complete with a coffee bar and computers in an expanded, airy lobby. Prices for the new apartments have not yet been set. “We’re looking for people who don’t want a big place,” Norwood Cowgill , president of Cowgill Properties , said. “They want a small place, just to sleep in.” Norwood Cowgill launched his StudioPlus brand from this ...

The Howard Hughes Corporation (NYSE:HHC) Q2 2017 Earnings Conference Call August 8, 2017, 10:00 AM ET Executives David Striph - Executive Vice President , Investor Relations David Weinreb - Chief Executive Officer Grant Herlitz - President David O’Reilly - Chief Financial Officer Peter Riley - General Counsel Analysts Alexander Goldfarb - Sandler O’Neill Robert Majek - CJS Securities Will Randall - Citigroup Waheed Khorsand - BWS Financial Alex Barron - Housing Research Center Steve Shaw - Compass Point Operator Good morning. And welcome to The Howard Hughes Corporation Second Quarter 2017 Earnings Conference Call . All participants will be in a listen-only mode. [ Operator Instructions ] After today’s presentation, there will be an opportunity to ask questions. [ Operator Instructions ] Please note, this event is being recorded. I would now like to turn the conference over to David Striph, Executive Vice President , Investor Relations . Please go ahead. David Striph Good morning. A...