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BETHESDA, MD-Work on the $25-million Grosvenor Metro station parking garage is scheduled to get underway first thing next week. Montgomery County and the Washington Metropolitan Area Transit Authority are financing construction of the 1,200-vehicle, six-story facility, which is scheduled for completion next fall.
NEW YORK CITY-In its second major multifamily buy in less than a year, Craig Koenigsberg's partnership with Houlihan-Parnes/iCap has closed on the acquisition of six garden apartment communities purchased from Irving, TX-based Archon Group.
VALENCIA, CA-Kensington Real Estate Group of Tustin, Calif. acquired the majority interest in 53,000-sf Plaza del Rancho under terms of a previous agreement with Los Angeles-based Hanover Financial Co.
DENVER-Vacancies have hit 9.3%, nearly double the rate of two years ago and 3.6 percentage points higher than it was a year ago. However, average rents are now going up, according to a report by the Apartment Association of Metropolitan Denver.
TRENTON, NJ-Under the terms of a new law signed quietly by Gov. James McGreevey, the unions will have more of a role in negotiating labor terms for large public construction projects.
BOTHELL, WA-The last parcel of land on the busy Bothell-Everett Highway intersection at Maltby and Filbert roads will be home to a Walgreen's store and two undecided retail buildings. The developer is Olson Capital.
MIAMI-Locally based Alliance Construction LLC is constructing the 10-garden style, 204-unit community at 11900 NE 16th Ave., North Miami, FL. The hard construction cost is $10.3 million or $50,490 per unit.
PHILADELPHIA-Developers Diversified of Cleveland and New York-based Coventry Real Estate Partners team up to buy a five-property package, once owned by Texas-based Woodmont, from Lehman Brothers for $81.65 million. DDR
DEARBORN, MI-In a makeover that has been estimated at $10 million, rooms at the respected suburban hotel will under renovations, another restaurant will be added and business service training will be provided to local firms.
ORLANDO-Despite vacancies that have hit the 20% level at some class A properties, a new Marcus & Millichap report predicts the Tampa Bay multifamily market is improving with property prices expected to rise by 3.5% over the next 12 months.