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The sale consists of a contractual sales price of $185 million and the release of $3.5 million in member deposits. The total consideration represents approximately $521,000 per key, RLJ Lodging reports.
The deal for the 372-unit building reported by Holliday Fenoglio Fowler, L.P. marks Equity Residential's return to the Denver multifamily sector since its exit in January 2016.
The venture is currently seeking 10 or more top-tier firms or “co-founders” to facilitate OnMarketUSA's launch in other markets where it is forming local teams, including in New Jersey, in the New York City boroughs of the Bronx, Brooklyn and Queens, South Florida and in Philadelphia.
Demand from large cloud users resulted in more data center leasing activity in Northern Virginia in the first half of 2018 than the rest of the primary data center markets combined, according to CBRE's latest U.S. Data Center Trends report.
The property was part of a multi-property acquisition strategy, across multiple states, to fulfill the buyer's 1031 exchange requirement, Hanley Investment Group Real Estate Advisors states.
Kroll Bond Rating Agency says the REIT sector is finding its “mojo,” and REIT debt-to-market leverage reached record lows by mid-year 2018, declining to a median of 30.2% for public and private note issuers.
CBRE/New England, combined with the Purpura-led team, manages more than 100 million square feet of commercial property and corporate facilities and has more than 1,200 employees.
The Atlanta-based firm reports it has closed on an loan of approximately $12.3 million in connection with Oxford Properties' plans to develop a 240-unit Class A multifamily community at its a 63-acre mixed use project in Fredericksburg.
Lone Tree has emerged as Denver's most sought-after enclave in recent years, JLL notes, and as the metro's fastest growing suburb it includes a discerning “renter-by-choice” demographic.