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ARLINGTON, VA. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired the 828-unit Crystal House, a multifamily property in the Crystal City section of Arlington, for approximately $262.5 million in a joint venture deal. The transaction marks Mack-Cali’s entrance into the metro Washington, D.C. apartment market. The real estate investment trust’s joint venture partner is a fund advised by UBS Global Asset Management. The acquisition includes land to accommodate the development of approximately 295 additional units. The venture has obtained a $165 million mortgage loan from Walker & Dunlop LLC through the delegated underwriting and servicing (DUS) program of Fannie Mae. The luxury multifamily property currently consists of two, 12-story towers with garage and surface parking. The apartment complex includes a mix of studio apartments and one-, two-, and three-bedroom units. The vacancy rate in the Pentagon City/Crystal City submarket stood at 3 percent in the fourth quarter of 2012, according to data research firm Reis. The average effective rent was $2,195 per month, up 4.7 percent from the fourth quarter of 2011. The property, which is 95.7 percent leased, was acquired from Washington, D.C.-based AvalonBay Communities. Earlier this month, AvalonBay also sold Avalon at Decoverly, a 564-unit apartment community located …

ATLANTA — Healthy real estate fundamentals in the U.S. lodging industry are setting the stage for another prosperous year for hotel owners and operators, say industry experts. Indeed, Atlanta-based PKF Hospitality Research expects revenue per available room (RevPAR) to increase 6.1 percent in 2013 and the average daily rate (ADR) to rise 5 percent. What’s more, PKF is forecasting that room demand will rise 1.8 percent this year, easily outpacing a 0.8 percent increase in supply (see table). “Are there some things we should be worried about? No,” said Mark Woodworth, president of PKF. “The fundamentals are as solid, if not more solid, than in the 30-plus years that I’ve been following the hospitality market.” The positive outlook from Woodworth is one of the storylines to emerge from Wednesday’s opening day of the 25th annual Hunter Hotel Investment Conference at the Marriott Marquis in downtown Atlanta. More than 900 industry professionals have registered for this year’s conference — titled “Moving Forward with Confidence” — which runs through Friday. Taking a longer view, PKF forecasts that ADR growth for the U.S. hotel industry will be double the historical average through 2015, leading to similar gains in RevPAR. “If you look back …

WASHINGTON, D.C. — Campus Apartments LLC, a developer and manager of university-affiliated real estate, has partnered with Howard University to develop a modern living-learning neighborhood on Howard’s campus in Washington, D.C. The $107 million project will accommodate 1,360 undergraduate students on the campus of the private research university. The residential neighborhood is slated for an August 2014 completion, just in time for the fall semester. “The addition of these state-of-the-art residential facilities will help to revitalize the 4th Street corridor of our campus and establish a physical community for students to live, learn and socialize,” says Sidney Ribeau, president of Howard University. “By improving the quality of our housing, this project will aid in the recruitment and retention of students and enhance the overall collegiate experience at Howard University.” The development will feature two on-campus residential facilities at the southeast portion of campus. The development’s bedrooms will be two-person semi-suites designed to give students a communal living experience. The project will also include social and study lounges, game rooms, laundry facilities, independent apartment units for faculty and staff, a 200-person multipurpose room, classrooms, academic advisory offices and a new home for Howard’s Office of Residence Life. Dr. Barbara Griffin, vice …

PRINCETON, N.J. — Chambers Street Properties has acquired 100 percent of the interests in a $493 million portfolio of mostly office properties from Indianapolis-based Duke Realty Corporation (NYSE:DRE). The REIT has agreed to pay $98.6 million for the interest it doesn’t already own in the 17 commercial properties, according to media reports. The properties acquired are 16 office buildings and one warehouse/industrial building and include: · The Landings I, The Landings II and McAuley Place, three office buildings totaling 542,000 square feet in Cincinnati · Atrium I and Easton III, two office buildings totaling 451,000 square feet in Columbus, Ohio · Point West I, an 183,000-square-foot office building in Dallas · Miramar I and II, two office buildings totaling 223,000 square feet in Fort Lauderdale, Fla. · 22535 Colonial Parkway, a 90,000-square-foot office building in Houston, Texas · Norman Pointe I and II, two office buildings totaling 537,000 square feet in Minneapolis · Celebration Office Center and Northpoint III, two office buildings totaling 209,000 square feet in Orlando, Fla. · Goodyear Crossing Ind. Park II, an 820,000-square-foot warehouse/distribution facility in Phoenix · 1400 Perimeter Park Drive, 3900 N. Paramount Parkway and 3900 S. Paramount Parkway, three office buildings totaling 265,000 …

LAKE BUENA VISTA, FLA. — Walt Disney World Resort has announced plans to transform Downtown Disney into Disney Springs. Scheduled for completion in 2016, Disney Springs will include approximately twice as many shopping, dining and entertainment options. The development will feature a mix of Disney brands, as well as boutique shops and anchor stores. This will be the largest expansion for Downtown Disney in its history, according to the Orlando Business Chronicle. “Disney Springs will be a timeless, vibrant place where Walt Disney World guests and local residents can relax, shop, dine and be entertained in an imaginative setting where they’ll instantly feel at home,” says Tom Staggs, chairman of Walt Disney Parks and Resorts. “Featuring distinctive brands, world-class restaurants and unforgettable entertainment, Disney Springs will be brought to life with the same focus on storytelling and attention to detail that goes into our theme parks, resorts and cruise ships, resulting in a welcoming space that only Disney could create.” The project will include four outdoor neighborhoods, all of which will be connected by a flowing spring and lakefront environment. The Marketplace and West Side that are currently at Downtown Disney will remain, but will undergo renovations. The Marketplace will …

NEW YORK CITY — Meridian Capital Group LLC, a national commercial real estate finance and advisory firm, has arranged $128 million in acquisition financing for a vacant lot located at 616 First Ave. in the Murray Hill neighborhood of New York City. Meridian arranged the loan on behalf of JDS Development Group. The loan was provided by UBS Real Estate Securities Inc. and was originated by Meridian Managing Director Moshe Majeski. The loan terms were negotiated by Meridian Managing Directors Ronnie Levine and Aaron Appel, who along with Majeski, are based in Meridian’s New York headquarters. JDS Development Group purchased the 730,426-square-foot development site, located at 616 First Ave., from American real estate mogul Sheldon Solow and intends to construct two multifamily towers at the site. The development plan includes a 37-story building and a 47-story building totaling 830 units. The property encompasses the entire block along First Avenue between East 35th Street and East 36th Street overlooking the East River. The parcel is zoned for residential use and is the smaller of two plots totaling nine acres that were originally purchased in 2005 from Con Edison. “Meridian arranged the financing with UBS Real Estate Securities Inc. in 17 days, …

BETHESDA, MD. — Walker & Dunlop has arranged financing for five properties in Florida, Texas and North Carolina, totaling $110 million, through its joint venture with brokerage firm ARA. The joint venture, known as ARA Finance LLC, arranged a total of $615 million in financing and sales activity last year. In 2012, ARA brokered the sale of $9.5 billion in multifamily properties, and Bethesda-based Walker & Dunlop originated $8 billion in multifamily financing. “These deals show the strength of ARA Finance, where two of the largest companies in their respective sector of the multifamily market come together to provide clients with the best execution available,” says Tom MacManus, ARA finance president and chief operating officer. David Gahagan, senior vice president of Walker & Dunlop, led the team in arranging acquisition financing for Park Colony Apartments, under Freddie Mac's Capital Markets Execution program (CME). ARA has since brokered the sale of the 316-unit property, which is located in Hollywood, Fla., close to I-95. The property features a clubhouse, two swimming pools and tennis courts. Financing for Polo Glen Apartments in Rockledge, Fla., was also structured under Freddie Mac's CME program. ARA's Orlando office brokered the sale of the 252-unit property, which …

AUSTIN, TEXAS — Summit Hotel Properties Inc. (NYSE: INN), a hotel investment REIT based in Austin, has purchased a portfolio of five unencumbered hotels in Louisiana for $135 million. An affiliate of Marriott International Inc. will operate the hotels, which total 823 rooms, under their current franchise flags. “These hotels are very well-positioned throughout the diverse areas of the New Orleans metropolitan market,” says Dan Hansen, president and CEO of Summit Hotel Properties. The five hotels include: the 153-room Courtyard by Marriott in Metairie the 120-room Residence Inn by Marriott in Metairie the 202-room Courtyard by Marriott in New Orleans near the Ernest N. Morial Convention Center the 208 SpringHill Suites by Marriott in New Orleans near the convention center the 140-room Courtyard by Marriott in downtown New Orleans near the French Quarter “From the suburban community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market,” says Hansen. Summit Hotel Properties funded the acquisition with available cash and borrowings from its senior secured revolving credit facility. As of today, Summit’s portfolio includes 91 hotels totaling 10,309 rooms …

LOS ANGELES — An affiliate of Oaktree Capital Management LP (NYSE: OAK), in partnership with National Financial Realty Inc. (NFR), has acquired a portfolio of 40 office buildings for $240 million. The acquisition of the 3.4 million-square-foot office portfolio, which is 90 percent leased to Wells Fargo Bank, establishes NFR as the largest privately held investment firm focused on acquiring and operating properties leased to regulated financial institutions. The seller is First States Investors B LP, an affiliate of Newport Beach, Calif.-based KBS REIT I, a nontraded REIT. KBS said a year ago that it was selling assets to pay down debt and return money to investors, according to Bloomberg. “The acquisition is another example of Oaktree’s commitment to relationship-based transactions with well-positioned strategic operating partners like NFR, in addition to lenders and borrowers in need of capital solutions,” says John Brady, managing director and head of global real estate for Oaktree. Properties in the portfolio are leased on a long-term basis to Wells Fargo and include mission critical operations facilities as well as branch offices in eight Eastern and Southeastern states: North Carolina, South Carolina, Virginia, Florida, New Jersey, Pennsylvania, Maryland and Georgia. North Carolina is home to the …

LOS ANGELES — In a blockbuster deal, Singapore-based Overseas Union Enterprise Ltd. (OUE) has agreed to acquire the U.S. Bank Tower as well as Maguire Gardens and a parking facility in downtown Los Angeles for $367 million. The sale is expected to close June 28. OUE, through its wholly owned U.S. subsidiary Beringia Central LLC, acquired the properties from Library Square Associates LLC, a subsidiary of MPG Office Trust Inc. (NYSE: MPG). OUE has made a non-refundable deposit in the amount of $7.5 million. U.S. Bank Tower is a Class A office property located at the foot of Bunker Hill, a neighborhood that separates downtown Los Angeles from the rest of the city. The 72-story, 1.4 million-square-foot office tower, includes six levels of underground parking, and was 56.3 percent leased at the time of sale. The building was completed in 1989. Net proceeds from the sale are estimated to be $103 million and will be used for general corporate purposes, including potential loan rebalancing for the refinancing of the MPG Office Trust’s upcoming 2013 debt maturities. The purchase is part of OUE’s efforts to strengthen its portfolio of commercial properties and enhance long-term shareholder value, says OUE Executive Chairman Dr. …