Apartment City

RIO DE JANEIRO ― Seven years ago, Vila Autódromo was little more than a tranquil fishing village on the edge of Jacarepagua Lagoon, next to the racetrack for which it was named. Like the hundreds of other favelas that dot Rio de Janeiro ’s landscape, it had long been neglected by the city government , and it lacked many basic public services that are standard in the fast- growing wealthier neighborhoods just across the water. But to the more than 600 families that lived there, it was home. “This was a paradise,” said Luiz Cláudio Silva, who lived in Autódromo for more than 20 years. “I thought that I would live here for the rest of my life.” By the time the Rio Olympics are over, just 20 of the families who lived in Autódromo in 2009, the year the International Olympic Committee chose the city to host the games, will remain. The community, which sits less than a mile away from Rio’s Olympic Park, was crushed so that the city could build new access roads to connect Olympic venues . ...

GREENWICH, Conn.--( BUSINESS WIRE )-- Wheelock Street Capital announced today that a joint venture between affiliates of Wheelock Street and Iconic Development recently acquired Terrace View Apartments , a student housing complex in Blacksburg, Virginia. Blacksburg is the home of Virginia Polytechnic Institute and State University (“ Virginia Tech ”), and Terrace View Apartments serves as a prime source of housing for Virginia Tech’s undergraduate and graduate student populations. On May 25 th , the joint venture acquired Terrace View Apartments from affiliates of The Stonemark Group , an Atlanta, Georgia based multifamily management and investment firm . The terms of the transaction were not disclosed. Stonemark will continue to manage the property. Reznick Capital Markets was engaged by Iconic Development to raise joint venture equity for the acquisition and directed the deal to Wheelock Street . John Lustgarten, managing director at Reznick, commented, “We thought Wheeloc...