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Multifamily News

IAC starts $39 million project in Tuscan Ranch marketplace Irvine Apartment Communities (IAC), based in Newport Beach, Calif., has started developing an upscale 316-unit, Class-A apartment property in the Tuscan Ranch marketplace called Rancho Santa Fe. The gated community has 11 floor plans ranging from 1,000 to 1,222 sq. ft. including three-bedroom flats, two-bedroom flats and two-bedroom townhomes. The property is typical of a high-end condominium community with two-car garages, a computer lab and a family movie/video theater for its residents. IAC (NYSE:IAC) is a publicly traded REIT with more than 15,000 apartment homes in its portfolio.

Three properties in Doral Village sell for $58.55 million Doral Village, a 969-unit apartment community located in Miami, near the Doral Country Club, Florida's largest golf resort sold for $58.55 million. The deal comprises three properties: Golfview Village (248 units), Colony Villas (446 units) and Doral Manor (275 units). The portfolio also contains 29 four- and five-story buildings with frontage on Doral's Silver Golf Course, where the PGA Tour's Doral-Ryder Open is played each March.

Dallas-based Lincoln Property Co., represented by the Aztec Group, purchased the community, and CB Commercial negotiated for the seller, Doral developer Milton S. Jennings, with GMAC Commercial Mortgage financing the transaction.

$36.5 million Park Towers II highrise targeted for Atlanta Atlanta-based Julian LeCraw & Co. has started Park Towers Phase II in Atlanta's popular Dunwoody submarket. The 34-story luxury rental tower is a $36.5 million project that will include 300 units ranging from 719 to 2,718 sq. ft. with rents from $880 to $1,668 per month. Completion is set for the fourth quarter of 1998, and occupancy starts spring 1999. Park Towers Phase I is currently 100% leased and is 25 stories with 271 units. Phase II will consist of 82 one-bedroom units, 166 two-bedroom units, 28 three-bedroom units and 24 penthouses.

The high-rise apartment tower will be the seventh Julian LeCraw & Co. has developed in the Atlanta marketplace and the affluent Dunwoody submarket. Phase II is a joint venture between Julian LeCraw & Co. and the AFL-CIO Building Investment Trust. Westmark Realty Advisors is the adviser for the trust and Mercantile Safe Deposit and Trust Co. is the trustee. Also, Fleet Financial Group supplied the construction financing, with Whiting Turner being named as the general contractor.

Condominiums set for affluent Chevy Chase marketplace Parc Somerset, a 17-story luxury high-rise condominium building, is slated for occupancy in spring 1999. The $110 million, 101-unit project is being developed by Bethesda, Md.-based Clark Construction Group Inc. and offers 11 floor plans ranging from 1,850 to 6,700 sq. ft. on an 18-acre preserve. The residences are priced in the $500,000 range, and sales already have exceeded $30 million prior to construction.

Parc Somerset is within walking distance of Chevy Chase's world-class shopping areas including Tiffany, Cartier, Saks Fifth Avenue and Neiman-Marcus. CHK Architects and Planners Inc. of Silver Spring, Md., and Robert M. Swedroe & Associates of Miami designed the project.

Federal Home Loan Bank provides $65.6 million loan In the largest bond purchase by the Federal Home Loan Bank of Atlanta (FHLBA) in its history, the bank purchased bonds issued by a state housing authority. Virginia Housing Development Authority, the bond issuer, is the first state authority to have its bonds qualify as eligible investments. The loan provides $30.6 million for multifamily housing for low- to moderate-income Virginians ($49,000 median household income) and $35 million for single-family residences.

Associate Editor Randy Henry covers the multifamily news beat for NREI. He welcomes comments and news items via e-mail to [email protected].

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