Original Southeast commercial real estate news & events for Atlanta, Carolinas, Memphis, Miami, Nashville, Orlando and Washington D.C. metro area; plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
The acquisition includes three multifamily properties in the Houston metro area totaling 1,392 units; two properties in Tampa, FL totaling 1,231 units and a 253-unit property in Salt Lake City, UT.
The private placement is expected to close in mid December 2018 in conjunction with the closing of a previously announced portfolio acquisition in Jacksonville, FL.
For the past four years, BREG invested in substantial capital improvements and implemented an active management plan to convert the property from standard office zoning to its current medical office status.
HarborChase Cordova is the second development of the partnership in the East Memphis area. Their HarborChase of Germantown project is under development and anticipated to open in the summer of 2019.
GM also notes that in addition to the previously announced closure of its assembly plant in Gunsan, Korea, GM will cease operations at two additional plants outside North America by the end of 2019.