REBusinessOnline

Wilkinson, Torchlight Investors Purchase Five-Property Multifamily Portfolio in Indianapolis for $121.5M

INDIANAPOLIS — A joint venture between Wilkinson Corp. and Torchlight Investors has purchased a five-property multifamily portfolio in Indianapolis. Hampshire Properties Ltd. sold the portfolio for $121.5 million, according to the Indianapolis Business Journal. The portfolio consists of nearly 2,000 units. Berkadia’s Atlanta office originated the senior mortgage loan for the acquisition. Wilkinson’s affiliated property management company, Wilkinson Asset Management, has assumed …

Tribune Media to Start Construction of 8 MSF River District in Chicago

CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co. (NYSE: TRCO), has received approval from the City of Chicago to begin an 8 million-square-foot mixed-use development at 700 and 777 W. Chicago Ave.  The approval was the last step before construction could begin. The development — named The River District — will include 4,100 residential units and 2,000 feet of riverfront pedestrian walkways upon completion. Phase I of development will include 1,250 to 1,500 …

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop …

Cortland Acquires 531-Unit Multifamily Community at The Battery Atlanta for $156M

ATLANTA — Cortland has acquired Home at The Battery Atlanta, a 531-unit multifamily community, from a joint venture between Braves Development Co. (BDC) and Pollack Shores for $156 million. Walker & Dunlop brokered the transaction. The three-building property — to be renamed Cortland at the Battery Atlanta — offers 328 one-bedroom units, 195 two-bedroom units and eight three-bedroom units. The apartments were 92 percent occupied at the time of sale. Each building offers a range …

Joint Venture Acquires 351,705 SF Office Tower in Fort Lauderdale for $108.5M

FORT LAUDERDALE, FLA. — A joint venture has acquired 1 East Broward, a 351,705-square-foot office tower in Fort Lauderdale, for $108.5 million. The joint venture, titled 1 East Broward Owner LLC, comprises affiliates of NAI/Merin Hunter Codman and PCCP LLC. The property is located on the northeast corner of Broward Boulevard and Andrews Avenue across from the new Brightline Rail Station in the heart of downtown Fort Lauderdale. The asset consists of a 19-story building and a five-story …

Yardi: Average U.S. Multifamily Rent Hit All-Time High in July

The average monthly rent for multifamily communities in the United States rose $3 to an all-time high of $1,409 in July, according to a recent report by Yardi Matrix. The increase is thanks in part to strong second-quarter economic growth and healthy demand. Year-over-year, rents are up 2.8 percent. Yardi is a California-based software company serving the commercial real estate industry. The company’s Yardi Matrix data branch researches and compiles data through a combination of original …

Retailers Should Put Purpose Before Product, Experience Before Sales

Retail Insight recently sat down with Hernan Martinez, CEO of Cuestamoras Urbanismo, to discuss the changing landscape of shopping centers as they become more of a community center for the cities they service. Martinez has firsthand experience with this as he and his company develop Oxigeno, a mixed-use project in Costa Rica that offers four unique zones that incorporate entertainment, shopping, dining, green areas, and the local Heredia neighborhood. Do you think today’s …

Buckingham: Encourage Talent and You’ll Cultivate Careers in Senior Care

SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than …

Architecture Aids in Retail Branding

As brick-and-mortar retail centers evolve to compete with online retailers, architects are helping developers and tenants with the evolutionary process. Shopping Center Business, sister publication to REBusinessOnline, asked four architects for their insights about how developers and retailers are grappling with the questions of branding. Sharing their thoughts are Sean Selby, principal with Boston-based Arrowstreet; Simon Perkowitz, principal with Irvine, California-based KTGY Architecture + …

NIC: Collaboration is the Future of Seniors Housing

The future of seniors housing is dependent on collaboration and cooperation between all the stakeholders in the industry, particularly operators and “senior care enablers,” according to Brian Jurutka, president and CEO of the National Investment Center for Seniors Housing & Care (NIC). The comments came during a question-and-answer session moderated by Mary Ann Donaghy, NIC’s chief marketing and communications officer, at the organization’s Spring Investment Forum, held March 7 …

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