WASHINGTON, DC-The tide is turning for the apartment industry, according to the National Multi Housing Council. The apartment firm membership organization finds in its latest quarterly survey that occupancy levels, sales, equity availability and debt market conditions all point to recovery.
BALTIMORE-Redwood Tower, a class A office facility in the city's Inner Harbor submarket, secures a refinancing package in the amount of $15.6 million. The 17-year-old building features 200,000 sf of rentable space and is nearly leased to maximum capacity.
WASHINGTON, DC-The condominium craze has yet to let up and seekers of upscale residences will have more options now that JPI will develop Jenkins Row, a 247-unit luxury condominium property on Capitol Hill.
ARLINGTON, VA-The first part of a twofold $37-million multifamily endeavor in the city's Columbia Heights neighborhood nears full completion as local officials gather to celebrate the grand opening of the Monterey Apartments. The 109-unit apartment community spans five structures and features both market-rate and below market-rate units.
ANNAPOLIS-With work under way on the Annapolis Towne Center at Parole, a new partner joins developer Greenberg Commercial Corp. in efforts to bring the $400-million project to fruition. Petrie Ventures is stepping in to replace minority partner Freedman & Co. Real Estate Inc.
MCLEAN, VA-JER Partners closes on a fifth private equity real estate investment fund, JER Real Estate Partners III LP, with $823 million in capital commitments. Among the fund's investments already in place are a $32-million development project in Washington, DC and the $30-million acquisition of a hotel in Southern California.
ARLINGTON, VA-The Fashion Centre at Pentagon City welcomes three new shops to its roster, leaving the 860,000-sf mall nearly fully occupied. Club Monaco, Lillie Rubin, and American Greetings will set up shop in their respective spaces, which account for a total of 7,000 sf.
ROCKVILLE, MD-In a recent transaction, Goldstar Real Estate Fund I LP takes the 107,200-sf office structure at 1901 Research Blvd. off the hands of Realty Associates Fund III. Boasting an 89% occupancy level, the class A property comes with a 3,000-sf pad building.
BALTIMORE-The developer of Canton Crossing, a planned $500 million mixed-use endeavor that will make its presence known along the city's waterfront, chooses KSI Services Inc. to develop the condominium segment of a project that could ultimately feature a total of 2.5 million sf of space.
WASHINGTON, DC-The government puts a $24.6 million grant in place to assist with the redevelopment of Brownfields. Seventeen communities across the US will benefit from the funds, which are being provided through the US Housing and Urban Development's Brownfields Economic Development Initiative.