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DENVER-Archstone Communities Trust, a locally based REIT, is paying $17.3 million for the 256-unit Wendemere at the Ranch Apartments in the bedroom community of Westminster, situated northwest of Denver. It signifies the highest price to date for a 1980s complex.
BELLEVUE, WA-Pacific Real Estate Partners, which leases the project on behalf of Rreef, has been asked by the real estate investment trust to sell the site, which could fetch as much as $20 million.
MIAMI-After years of being in development limbo, the 88-acre, diamond-shaped Watson Island could be about to offer more than great views. A $40 million cruise ship terminal is high on the list. But the only sure project getting off the ground this year is a new facility for the city's Parrot Jungle attraction.
DENVER-AIMCO sets the stage for heightened fiscal flexibility by finalizing a $97.6 million stock conversion of preferred securities to Class A common stock. The apartment REIT's shares previously have been included in its count of full diluted shares so the action does not affect that total.
SAN FRANCISCO-Under a resolution brought by Board of Supervisors president Tom Ammiano, Home Depot would be forced to reduce the size of a store it plans to build in the Visitacion Valley area.
AUSTIN-The city's hot real estate market has brokers playing musical chairs with affiliations. The latest move places veteran Mark Milstead at NAI/Commerical Industrial Properties in a move from CB Richard Ellis.
ORLANDO-The 900-room Grand Floridian Resort & Spa, Walt Disney World's flagship destination, is undergoing an estimated $9 million makeover. Completion is scheduled by year end. Room prices are $304 to $1,200 per night.