Multifamily

DETROIT-The former Kmart predecessor's office building is getting a $17 million fix-up to turn the 85-year-old Adams Street office building into multifamily

LONDON-Construction is about to begin an a residential and retail development of the Millwall Fire Station site in Byng Street, Docklands. The project will also create a new fire station to serve the Isle of Dogs area.

MIAMI-The facilities include a $712.3 million, five-year revolving credit facility to mature in May 2008, and a $315.2 million, 364-day revolving credit facility to mature next May.

SANTA ANA, CA-An investor from San Francisco buys the Villa Altiplano Apartments, a one-building complex along Highland Avenue, from two Orange County investors. The fully leased complex brings in monthly rents ranging from $782 to $860.

WOODLAND HILLS, CA-The Denver-based apartment specialist buys an 11-acre site for a 522-unit development on a site that now houses a TV studio complex. Construction will start in about a year.

PHOENIX-A California investor's $675,000 check ropes a fully leased complex with a positive cash flow of 15% after the seller, Ben Ruzmin of Phoenix, hinted it might be for sale. The property is just south of Camelback Road.

WHEATON, MD-Plans for The Montgomery at Wheaton Metro multifamily complex move full steam ahead with the recent groundbreaking on the 243-unit luxury property. Developers are spending $33 million to construct the apartment project, which is due to be completed next spring.

WINTER PARK, FL-Developer Eric Kovar plans to break ground on Labor Day on the Lofts of Winter Park Village: a 176-unit, 500,000-sf apartment venture and have most of it completed by Memorial Day 2004.