Multifamily

DENVER-As predicted by the company, third quarter results fell from the same period a year earlier. The largest apartment REIT contributes the loss to the apartment recession.

Twelve investors brought bids to the table, but a Chicago investment firm's ability to close the deal wins it title to the Alexan at Frank Lloyd Wright. The 200-unit townhouse property sells for $23 million in cash.

KIRKLAND, WA-A separate account client of Morristown, NJ-based SSR Realty's Multi-Housing business unit acquires the 161-unit property from an affiliate of SECO Development Inc. The sale price was $31 million.

WELLESLEY, MA-Hastings Village, a 52-unit affordable housing project proposed six years ago for Hastings Street, receives its approval from the state's court.

ATLANTA-In the largest multifamily deal this year, Goldman Sachs' Whitehall Fund and Korman Communities sold the 412-unit Mt. Vernon Place Apartments and the 396-unit Dunwoody Place Apartments for $110,149 per unit. Both projects are 90% leased.

DENVER-The Genesis Group reports that as apartment vacancies rise, conversion to condominium may be an attractive alternative for owners/investors.

LOS ANGELES-The sale of the 363-unit complex is one of two deals totaling $87 million that close in the Southland.

ATLANTA-James Creek, a planned 939-home project by PEC Development Group of Cobb County, is scheduled to have 15 acres of commercial space, 300 townhomes and 639 single-family residences on a 343-acre site between GA 20 and Old Atlanta Road. A fall groundbreaking is scheduled.