DALLAS — Dallas-based Riverstone Residential Group has added 14 new apartment communities to its portfolio. Located in eight states, the properties encompass 2,372 units, bringing the total number of units under management to 192,000. The additions are located in California, Connecticut, Idaho, North Carolina, Oregon, Tennessee, Texas and Washington. “We are very pleased to welcome these fine properties to the Riverstone family,” says Christy Freeland, CEO of Riverstone Residential Group. “We believe Riverstone is the property management company of choice because of the high caliber of our management professionals, our presence in states coast-to-coast and the competitive advantages we provide through our unique selection of integrated ancillary products and services,” Freeland says. In other company news, Riverstone recently has hired Craig Rooney as senior vice president for the Southern California region. Rooney’s responsibilities include oversight of a portfolio of more than 12,000 apartment units located in communities throughout the region. He also plays a key role in the development of new business. “We are delighted to place Craig in this leadership role,” says Walt Smith, president of Riverstone HSC Residential’s Western Division. “His experience over the last 20 years has made him one of the true local experts of Southern …
RENSSELAER COUNTY, N.Y. — Momentive Performance Materials plans to build a new technology center and global headquarters in Rensselaer County. The $65 million technology facility will begin construction in 2009 and will employ 130 people. The $16 million global headquarters facility will be constructed following completion of the technology center and will employ 120 people. The company, which provides material solutions through silicon-based products and technology platforms, has not finalized the site of the new facilities, but has narrowed the field to several locations within the county. A decision is expected shortly. “We strive to make our customers successful,” says Jonathan Rich, president and CEO for Momentive. “To continue to meet and exceed our customers’ needs, we need a world-class technology center for our top-notch talent to design and develop innovative products in order to compete in this highly competitive industry,” he says. Momentive will receive grants and tax incentives from New York State and Rensselaer County including: • $6.5 million in capital grants for construction of the technology center and headquarters and for existing infrastructure upgrades at their existing Waterford manufacturing plant • Real estate tax reductions over 10 years related to the new facilities The company’s previous headquarters …
ORLANDO, FLA. — Marriott Vacation Club International has broken ground on the Lakeshore Reserve at Grande Lakes in Orlando. Located within Grande Lakes Orlando, the resort will be the first-ever Marriott Vacation Club property to be co-located with a JW Marriott and The Ritz-Carlton. Lakeshore Reserve will feature 340 villas and townhomes with the first phase slated for occupancy by summer 2010. “We are very pleased to join Grande Lakes and offer this ideal location for our owners and guests,” said Lee Cunningham, executive vice president and chief operating officer with Marriott Vacation Club. “Marriott’s Lakeshore Reserve will be our seventh property in Central Florida, located in one of Orlando’s most prestigious settings,” Cunningham added. Villas will range from 1,185 square feet to 1,655 square feet of living space, and for the first time in North America, Marriott Vacation Club will introduce two-story townhomes and two-bedroom, two-bathroom lock-off villas offering two master suites. Villa interiors will feature granite countertops; GE stainless steel appliances; multiple LG flat-panel televisions with DVD players; oversized shower; washer/dryer; and Wi-Fi accessibility. Situated on 500 acres, the campus will feature numerous gardens and walkways, boutique shops, dining options, The Ritz-Carlton Golf Club and The Ritz-Carlton Spa, …
PITTSBURGH AND ROSWELL, GA. — National Hospitality Holdings (NHH) has acquired Embassy Suites Pittsburgh-International Airport Hotel and Doubletree Hotel Atlanta/Roswell from General Electric for an undisclosed price. The investments are NHH’s first two acquisitions under the recently formed joint venture with CMS Companies. The Embassy Suites property in Pittsburgh features 223 rooms and 13,650 square feet of meeting space. It is located less than five miles from Pittsburgh International Airport and 15 miles from downtown. The Doubletree property in Roswell features 172 rooms and 12,000 square feet of meeting space. It is located along Georgia State Route 400 between the Perimeter and Alpharetta, and is enhanced by a “Southern mansion-style” façade. “Having a funded joint venture partner (CMS Companies) allowed us to move quickly on this portfolio opportunity,” said John DePaul, managing principal and CEO of NHH. Each hotel will undergo a multi-million renovation to all guestrooms, function space and public areas and will be operated by NHH Hotels & Resorts under a long-term license agreement with Hilton Hotels Corp. “We will renovate our product, train our employees and enhance service levels to be the preferred hotels in each market. The multi-million dollar renovations will position these assets with the …
PRINCETON, N.J. — Australian-based Centro Properties Group plans to sell a 17-property shopping center portfolio and has chosen NAI ReStore to market it. The portfolio includes more than 1.3 million square feet in community shopping centers and grocery-anchored centers in nine Southeast and Midwest states. Centro has put an estimated value of “in excess of $90 million” on the portfolio. “NAI has brokers in the local communities where these centers are located,” says David Solomon, NAI ReStore president and CEO. “By knowing the local sale comparables, investors, retailers, alternative space users and elected officials in these secondary and tertiary markets, we have some advantages in helping Centro sell these properties faster and at less of a discount than they might face in a typical portfolio situation where the discount is greater because there are more unknowns,” he said. NAI ReStore did not disclose the names or locations of the 17 properties in the portfolio.
WESTLAKE, TEXAS — Deloitte will begin construction next year on a $300 million learning and leadership development center in Westlake. The 750,000-square-foot campus will be situated on 107 acres outside the Dallas/Ft. Worth area. The facility will serve as a central destination for all of Deloitte’s talent, from new hires to senior leadership to principals, partners and directors. “As our industry evolves faster than ever before, Deloitte’s learning and leadership development center will enable our people to take the lead in shaping the future of our profession,” said Barry Salzberg, chief executive officer with Deloitte. “We expect this facility to become the heart of our organization — the place where we meet, learn and develop our next generation of leaders,” he said. The facility will feature multiple conference spaces and classrooms that will house thought leadership events; events with professors from nationally recognized universities and colleges; and networking events. It will also feature dining venues, a ballroom, a business center, recreational facilities and a fitness center. The project will be constructed according to Leadership in Energy and Environmental Design (LEED) standards established by the U.S. Green Building Council. The center is expected to open in 2011.
CHATTANOOGA, TENN. — Volkswagen has approved plans for a vehicle production factory in Chattanooga. The project includes an investment volume of up to $1 billion. The first stage of construction is designed to provide annual capacity for the complete production of 150,000 automobiles. This will include body-production, paint-shop and assembly operations. A cutting-edge modular production system will also be put in operation. The management board chose Chattanooga out of 25 potential sites because it outperformed the next-best candidate sites in terms of providing an existing infrastructure of component’s suppliers; an overqualified workforce; and the availability of 550 hectares of developed property with direct transport connections. Volkswagen CEO Martin Winterkorn says the new site will be key in positioning the company for long-term success. “The United States market is an important part of our volume strategy and we are now very resolutely accessing that market. Volkswagen will be extremely active there,” Winterkorn says. Volkswagen said they will look to employ a staff of approximately 2,000 at the site over the medium term, while additional jobs will be created in the supplier and logistics sectors. “We will be selling 800,000 Volkswagen in the USA by 2018, and this new site will play …
BOSTON — Boston Capital has closed on the Boston Capital Tax Credit Fund XXX, a nationally diversified portfolio of 27 affordable apartment properties in 15 states with total equity raised of $150 million. With this closing, Boston Capital has closed $481 million in equity since December 2007. “At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high quality assets and strong investor interest in these assets,” said Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high standards inherent in our investment offerings. We will continue to provide our developer partners and our investors the best finance and investment programs in the business.” Fund XXX includes three developments for seniors, totaling 613 units. Six developments located in Virginia are EarthCraft House certified. The EarthCraft House program is a voluntary green building program for the southeastern region of the US that serves as a blueprint for healthy, comfortable homes that reduce utility bills and protect the environment. The properties acquired by Corporate Fund XXX will add an additional 3,281 apartment units to Boston Capital’s holdings, which currently total over 168,000 …
BOSTON — Boston Capital has closed on the Boston Capital Tax Credit Fund XXX, a nationally diversified portfolio of 27 affordable apartment properties in 15 states with total equity raised of $150 million. With this closing, Boston Capital has closed $481 million in equity since December 2007. “At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high quality assets and strong investor interest in these assets,” said Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high standards inherent in our investment offerings. We will continue to provide our developer partners and our investors the best finance and investment programs in the business.” Fund XXX includes three developments for seniors, totaling 613 units. Six developments located in Virginia are EarthCraft House certified. The EarthCraft House program is a voluntary green building program for the southeastern region of the US that serves as a blueprint for healthy, comfortable homes that reduce utility bills and protect the environment. The properties acquired by Corporate Fund XXX will add an additional 3,281 apartment units to Boston Capital’s holdings, which currently total over 168,000 …
BOSTON — Boston Capital has closed on the Boston Capital Tax Credit Fund XXX, a nationally diversified portfolio of 27 affordable apartment properties in 15 states with total equity raised of $150 million. With this closing, Boston Capital has closed $481 million in equity since December 2007. “At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high quality assets and strong investor interest in these assets,” said Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high standards inherent in our investment offerings. We will continue to provide our developer partners and our investors the best finance and investment programs in the business.” Fund XXX includes three developments for seniors, totaling 613 units. Six developments located in Virginia are EarthCraft House certified. The EarthCraft House program is a voluntary green building program for the southeastern region of the US that serves as a blueprint for healthy, comfortable homes that reduce utility bills and protect the environment. The properties acquired by Corporate Fund XXX will add an additional 3,281 apartment units to Boston Capital’s holdings, which currently total over 168,000 …