Apartment City

Government loves to create winners and losers.  The Chad Mayes led Assembly Republicans , the seven of them, voted to force some companies to buy “credits” to stay in business—this is a tax increase.  Then they also said they prefer government transportation by making it more expensive to drive a car—Mayes and friends voted to raise gas taxes by 63 cents a gallon.  In zoning matters, government really likes to create winners and losers. “Facing down a record number of vacancies on State Street and a citywide backlog of building permit applications , the Santa Barbara City Council voted unanimously this Tuesday to enact a six- month pilot program to improve and accelerate the review process for prospective commercial tenants along the downtown business corridor. Applicants for properties between Sola and Cabrillo streets, where more than 30 storefronts currently sit empty, will now be bumped to the front of the line at design review board hearings . Two members of the city’s ...

CHICAGO – The co- development team of Conor Commercial Real Estate , a national real estate development firm and a member of The McShane Companies , and Ravine Park Partners (RPP), a Jeff Annenberg and Greg Moyer company , is pleased to announce the groundbreaking for Woodview Apartments, a new 248- unit luxury apartment development in Deerfield, Illinois.  Prominently situated at Deerfield Road and Interstate 94 in the north suburban Chicago market , the multi- family development will provide luxury rental residences incorporating an upscale array of features together with well- appointed tenant amenities .  The co- development team will begin tenant occupancy in first quarter of 2015 while the remaining portions of the complex will be completed in summer 2015. The four-story, 432, 000 square foot apartment development will be constructed with thoughtful architectural and landscape design in order to seamlessly integrate into the surrounding neighborhoo...

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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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...

Staff writer NATALIE WICKMAN hitched a ride with Champaign city officials and council members this week on a bus tour showing progress of ongoing capital improvements . Here's what she learned about four of them. CARLE AT THE FIELDS Cost to city: None. Due date: Early 2018 for the Carle and Health Alliance office building and the new Fields South Drive, which will connect Curtis and Windsor roads; sometime in 2018 for the Hampton Inn and Ambulatory Surgery Center. Carle Foundation Hospital 's new campus — located in the northwest quadrant of the Curtis Road interchange — will be anchored by a 300,000-square- foot office building for 1,400 employees. Surrounding it will be new medical buildings and a commercial center. The city's LACEY RAINS LOWE said the commercial center is being viewed by Carle as a "mini-downtown area." Another part of the campus will include a new Hampton Inn, surrounded by four mixed-use buildings with ground- floor commercial spaces a...

CHAMPAIGN - When brothers Jeff, Steve and Mike Hartman went into the real estate development and management business together, they combined more than the initials of their first names. They also merged everything their father taught them about the construction business and all their mother taught them about family loyalty in their three enterprises, JSM Apartments, JSM Development and JSM Management. Under the JSM umbrella, the Hartmans now own and manage 700 apartments and 114,000 square feet of commercial space in Champaign-Urbana, including the new Technology Plaza apartment/retail/office complex in Campustown. And they have more developments on the way. Already started are a new apartment/retail complex on Gregory Street in Urbana, near the Krannert Center for the Performing Arts, and a new retail center on South Neil Street in Champaign, where Hillcrest Lumber used to be. The Hartmans say they work well together in business, running things jointly and never undertakin...

CLOSE Lisa Conley gives the scoop on what we are working on today. Aventine at Naples (Photo: All Commercial Photography ) The sale of Aventine at Naples points to the strength of the East Naples market — and the growing demand for apartments.  The 350- unit apartment community off Collier Boulevard, between Davis Boulevard and Rattlesnake Hammock Road , recently sold for $67 million.  The sellers, Continental Realty Corp ., based in Baltimore, purchased the complex for $44.25 million in 2013, when both employment and multifamily rental rates were on the rise in the Naples area. More: Downtown Naples office tower sells for $16 million More: Newly built Port Royal home fetched record price this year, eclipsing last year's most expensive sale More: Local investors purchase a second building on Fifth Avenue South More: Two commercial buildings sold for $7.2 million on Fifth Avenue in Naples Continental made various upgrades to the complex, which included installing an outdoor k...

FREMONT, Calif.--( BUSINESS WIRE )-- Creekside Village Apartments , a 480- unit rental community located in the East Bay city of Fremont, received a Superior Overall Score by SatisFacts Research LLC , the multifamily industry's premier resident satisfaction research provider and leading authority on resident retention. Each year, SatisFacts surveys tens of thousands of apartment residents nationwide. The recognition marks the third year this Fremont California apartment community has achieved a superior score and received a National Award from SatisFacts. SatisFacts uses a five- point satisfaction rating system focused on surveying how residents feel about their living environment and service. The firm conducted a random sampling and telephone methodology as part of its resident satisfaction survey of residents living in Shea's apartment communities . Shea currently owns and manages over 6,000 apartments in California . “The best way to find out whether your customers are...

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