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Volume 3 - Number 7 | April 12, 2005
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TOP STORY: Investment JV Pays $1 Billion for 21,000-Unit Portfolio
By Sule Aygoren Carranza
With a joint venture investment of $1 billion, offshore investor Dubai Investment Group has officially entered the US multifamily market. Together with the Milestone Group LLC, a private real estate firm with offices in Dallas and New York, DIG has purchased 21,000 apartment units in 69 Sunbelt properties.
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INSIDER: Canyon-Johnson Urban Funds’ Bobby Turner
By Stacey Corso
Canyon Capital Realty Advisors and former pro basketball player Earvin “Magic” Johnson’s Johnson Development Corp. have joined forces again to develop multifamily and retail mixed-use projects in underutilized urban centers across the nation, following up on the group’s first fund, which raised $270 million in 2001.
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Equity Residential Chief to Retire in 2006; Neithercut Named Successor
By Sule Aygoren Carranza
The top ranks at the nation’s largest publicly traded apartment company, Equity Residential, will be shuffled next year as Bruce W. Duncan hands down his post as president and CEO of the company to his successor, David J. Neithercut. The move will take place on Jan. 2, 2006.
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