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...

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...

As part of preliminary terms of a development agreement between Stanford and the city of Menlo Park, Stanford officials have said the university will pay for half of the cost – up to a maximum of $5 million – to build a tunnel or overpass to allow safe crossing of the Caltrain tracks at Middle Avenue in Menlo Park. The Menlo Park City Council is expected to consider the terms of the development agreement for Stanford's proposed project a 500 El Camino Real at its meeting on Tuesday, Aug. 29. Under the proposed agreement, the city will administer the crossing project , but Stanford will help pay for it. A study by consultants from the transportation firm AECOM to develop preliminary designs for the crossing is in progress. The university also agreed to provide additional below-market- rate housing – a total of 10 units, two or three units beyond what is required as part of the city's below-market-rate ordinance – and to donate $1 million, or $100,000 for 10 years...