Multifamily News

Post Properties begins Roosevelt Square redevelopment project Atlanta-based Post Properties Inc. broke ground on the first phase of the redevelopment of the Roosevelt neighborhood in Phoenix. The redevelopment will include 750 market-rate apartment homes and lofts and 15 townhomes for sale or lease.

Roosevelt Square by Post will be built in two phases in downtown Phoenix on 11 acres between Central and 3rd Avenues and Roosevelt Street and Margaret T. Hance Park.

The plans for the $70 million development feature an urban design with private courtyards, street-level retail, streetscape treatments, structured parking and extensive landscape improvements to Portland Parkway, which will be maintained as a public park.

The first units of the first construction phase will be completed by late fall 1999. Full completion of the first phase is expected by the summer of 2000.

Nationally, Post owns about 32,300 apartment homes in 93 communities, including 4,860 currently under development.

Beverly Hills REIT issues private placements to fund growth Casden Properties Inc., among the largest privately owned multifamily equity REIT with an asset valuation of more than $1 billion, issued various preferred and common shares and equivalents to manage and expand its portfolio. Currently, the Beverly Hills-based company owns direct and indirect in terests in 498 apartment properties containing 56,218 units, predominantly in Southern California.

With the issuance of shares and equivalents totaling about $390 million in private placements, the company will begin an aggressive acquisition and development program.

"This financing crates the capital structure that is the first step in an aggressive property acquisition and development program involving both conventional and government-assisted multifamily housing," says Alan Casden, chairman and CEO of Casden. "Depending on market conditions, we anticipate an initial public offering in 12-24 months."

Northwestern Mutual Life develops Baltimore complexes Milwaukee-based Northwestern Mutual Life Insurance Co.will develop two luxury apartment complexes in the greater Baltimore area. The developments total $50 million in investment value.

The Briarwood at Owings Mill will be an upscale, 348-unit complex in the Painters Mill Village Center in Owings Mills, Md. Northwestern Mutual Life will wholly own the complex, which will consist of nine, four-story garden apartment buildings.

Cambridge Court at White Marsh is a 312-unit, three story garden apartment complex. The project is a 50/50 joint venture between Northwestern and Nottingham Properties Inc., the developers of White Marsh, Md.

Northwestern, the fifth-largest life insurance company in the nation, will provide equity, construction and permanent financing for the projects.

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