July 10, 2007 | Vol. 5 No. 13

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Volume 5 - Number 13 | July 10, 2007

TOP STORY: Clipper Clipped Again in $1.3B Bid for Starrett City
By John Salustri
Clipper Equities' $1.3-billion bid for Spring Creek, the massive apartment complex better known as Starrett City, has been scuttled once again by the US Department of Housing and Urban Development.

Investment Activity Continues to Moderate
By Sule Aygoren Carranza
Although still active, the investment market continues to moderate. Sales of properties valued at $5 million or more aggregated $3.8 billion in May, down 40% from the prior year, reports Real Capital Analytics.

Trillium to Shed 2,434 Units as Part of Growth Plan
By Sule Aygoren Carranza
Trillium Residential LLC put 2,434 units in the Phoenix area up for sale as part of its 10-year growth plan. The portfolio is priced at more than $443 million.

Deal Watch: NYC Acquisition Fund Closes First Preservation Deal
By Sule Aygoren Carranza
Officials have completed the first deal for the New York City Acquisition Fund, the purchase and preservation of 283 low- and moderate-income apartments in the northwest Bronx.

Sentinel Takes APRO REIT Private in $532M Deal
By Sule Aygoren Carranza

Shift Toward Lifestyle Renting Creates Opportunities for Owners
By Sule Aygoren Carranza

Short Takes: Kushner Sells 17,628 Apartment Units

Executive Moves: Veteran Pair Move to Grubb from GVA Kidder Matthews

Recent Transactions: JP Morgan’s Former Home Converting to Residential