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PALM SPRINGS, CA-Located at 2300-2490 Tahquitz Canyon Way, the 155-unit complex features two pools and a clubhouse. Its sale is the latest sign of the rising value of multifamily product here.
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LONDON-Parkfield Projects has won planning consent to complete the development of its Drake Business Park on Drakehouse Crescent, Mosborough, Sheffield, South Yorkshire, with another 30,000 sf of office units.
DES PLAINES, IL-The asset at Touhy Avenue and River Road is for sale in September at a $6.125-million minimum bid, or $42,241 per room. The property has enjoyed 80% occupancy rates, according to current ownership.
DALLAS-Today Realty Advisors, the equity partner, banks the proceeds from the all-cash sale. The deal brought a straight 10 cap for the 516,456 sf of practically fully leased product.
STOW, MA-The Derby family is selling its 69-acre parcel on Harvard Road. The town, which has first right of refusal on the property, wants to buy the land but it is unclear whether it will be able to come up with the $3 million asking price.
WASHINGTON, DC-The Washington Metropolitan Area Transit Authority teams with a joint venture of developers to create a $68-million mixed-use development at the Rhode Island Avenue metro station. The multi-structure complex will have 270 apartments, 70,000 sf of retail space and a seven-story garage.
PHILADELPHIA-Locally based RAIT Investment Trust expands its board from six to seven, adding Arthur Makadon, chairman of the Philadelphia-based law firm of Ballard, Spahr, Andrews & Ingersoll. RAIT's second-quarter income rose 122%, and revenues increased 45%.
PITTSBURG, CA-Upset with a minimalist review of a proposed 1,100-unit apartment project, opponents are questioning financial relationships between the developer and city officials.
LONGVIEW, WA-The Portland and Seattle offices of Insignia are hired to find takers for phase two of The Mint Farm, the City of Longview's master-planned industrial park. Weyerhaeuser actually owns the land and hired Insignia, but the City has the right to purchase the land and flip it to any interested party.