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Volume 3 - Number 12 | June 28, 2005
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TOP STORY: JV, EQR Pay Big Bucks for NYC Assets, Sparking Speculation
By Sule Aygoren Carranza
In a transaction making headlines across the country because of its celebrity twist, a joint venture of the Carlyle Group and Extell Development Co. has agreed to buy three apartment communities and a very large land parcel in New York City from a group of Hong Kong investors and real estate mogul/reality-television star Donald Trump for $1.76 billion.
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INSIDER: Carmel Partners' John Williams
By Sule Aygoren Carranza
Carmel Partners Inc. recently closed its second discretionary institutional real estate investment fund. With $400 million in equity commitments, Carmel Partners Investment Fund II LP is nearly double the size of the San Francisco-based firm's first fund, which closed in November 2003 with $215 million in equity commitments. And all this happened while Carmel is still placing the capital from its first fund.
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Market Focus: San Diego Sales Take Breather, But It's Not a Slump
By Sule Aygoren Carranza
Believe it or not, apartment property sales are “taking a breather” in San Diego, say reports recently released by Burnham Real Estate. According to the company, which analyzed first-quarter figures and activity, price increases and transaction volume have slowed down in the market, a change from the frenetic pace and skyrocketing prices of the past several years. However, the break by no means signals a downturn; it's actually the effect of the condo craze.
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Deal Watch: 1031 Deal Brings 2,500 Units, Retail Assets Into Solomon's Portfolio
By Sule Aygoren Carranza
In one of the largest 1031 exchange deals to take place in the tri-state New York/New Jersey/Connecticut area this year, Solomon Organization has sold two properties in Pennsylvania and one in New Jersey and has picked up a mixed-use portfolio located in upstate New York—a new market for the firm.
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