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Volume 4 - Number 16 | August 8, 2006
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TOP STORY: $239M Seniors Housing Sale Sets Record for Nevada
By Sule Aygoren Carranza
In what is believed to be the largest multifamily deal in Nevada history, a joint venture of Orion Residential LLC and a Starwood Capital Group Global LLC affiliate purchased nine seniors housing properties here for $238.9 million or $154 per sf. The assets, which total 2,219 units and nearly 1.6 million sf, were all properties of Carefree Senior Living, the largest owner of market-rate senior communities in the state.
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Deal Watch: Irish Developer Steps in to Build Landmark Project
By Sule Aygoren Carranza
After the Fordham Co. had to back out of constructing what would be the tallest freestanding structure in North America and Europe due to lack of financing, Irish developer Garrett Kelleher has stepped up to complete the task. Kelleher, executive chairman of Dublin-based Shelbourne Development Ltd. and the Shelbourne Group, recently bought the land and announced that it will fund the development of 400 N. Lake Shore Dr. in Chicago, previously known as the Fordham Spire.
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Insight: How Much Do You Know About the Property You Buy?
By Phil Lewis
When investors look to acquire multifamily properties, they have to move quickly and efficiently to assess the physical and financial health of the assets, particularly since the seller may be less than forthcoming. While savvy investors focus on the expected outcome of their investments and possible exit strategies even before the transaction has closed, there is no substitute for comprehensive assessments to eliminate surprises after the closing.
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Data Points: Conversion Slowdown Hasn’t Dented Sales Activity
By Sule Aygoren Carranza
The condo converters may have retreated from the market, but that hasn’t stopped investment activity for multifamily properties. According to the latest report from Real Capital Analytics, more than $43.1 billion of apartment deals closed during the first half of this year resulting in a 21% increase over the first six months of 2005.
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