REBusinessOnline

AVR Sells Nine-Property Multifamily Portfolio in Louisiana for $250M

AVR Sells Nine-Property Multifamily Portfolio in Louisiana for $250M

LAFAYETTE, SHREVEPORT AND SLIDELL, LA. — AVR Realty Co., a Yonkers, N.Y.-based multifamily investment and development firm, has sold a portfolio of nine multifamily properties totaling 2,079 units in Louisiana for approximately $250 million. Israel-based investment firm El-Ad National Properties purchased the portfolio. According to the company's LinkedIn page, its portfolio of American properties consists of 12,700 apartment units, 1 million square feet of office space and several hotels. The holdings are spread across nine states and collectively valued at $1.2  billion. The sale represents the disposition of nine of AVR’s 11 multifamily assets in Louisiana. The portfolio includes four properties totaling 972 units in metro..

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Joint Venture Breaks Ground on $194M Mixed-Use Project at University of Oklahoma

Joint Venture Breaks Ground on $194M Mixed-Use Project at University of Oklahoma

NORMAN, OKLA. — A joint venture between Balfour Beatty Campus Solutions LLC and Provident Resources Group (PRG) has broken ground on the first phase of a $194 million mixed-use project at the University of Oklahoma in Norman. The development will expand the university’s on-campus living options for upperclassmen as part of a public-private partnership. Located on more than 10 acres in the southern part of OU’s campus, the project will include four mid-rise buildings with 1,231 beds. Plans also call for 40,000 square feet of retail and academic space, as well as a 1,000-car parking garage. Construction of the project is slated for completion in August 2018 in preparation for the 2018-2019 academic year. OU and Balfour Beatty..

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Brennan Investment Group to Develop $1B Technology Park Near O’Hare International Airport

Brennan Investment Group to Develop $1B Technology Park Near O’Hare International Airport

ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald. "Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent," says Michael Brennan, chairman and managing principal of Brennan Investment Group. "We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States." Brennan Investment plans for Elk..

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Fannie Mae Off to Hot Start, Freddie Mac Pushing Past Market ‘Disruption’ That Slowed Its First-Quarter Production

Fannie Mae Off to Hot Start, Freddie Mac Pushing Past Market ‘Disruption’ That Slowed Its First-Quarter Production

Fannie Mae started off the year with a bang, producing $17.4 billion in multifamily financing in the first quarter, up about 38 percent compared to the first quarter of 2016. The quarterly total was also up 20 percent from its fourth-quarter 2016 production. Compared to its counterpart, Freddie Mac had a slower start to the year, producing $12.7 billion in the first quarter, down about 28 percent from both first-quarter and fourth-quarter 2016. Hilary Provinse, Fannie Mae’s senior vice president of customer engagement, says the driver of Fannie Mae’s hot start is the increased activity in its green product lines, which incentivize borrowers to perform energy and water efficiency improvements at their properties to qualify for..

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