Multifamily

MIAMI-The South Florida developer plans to start the 237-unit, luxury apartment community, Fairview Forest Signature Apartment Homes, in January and finish in late summer. The estimated project cost is $25 million.

ST. CLAIR SHORES, MI-Jefferson Beach Properties high-rise retail and multifamily project needs preliminary approval by the city. However, the primarily residential Macomb County suburb faces severe budget deficits.

SAN DIEGO, CA-Carmel Valley Housing Associates LP wraps up its 112-unit Torrey Del Mar project three months ahead of schedule. The project was built by Wermers Multi-Family Corp.

PHOENIX-The 104-unit Maryland Villas complex at 6333 N. 12th St. sells to a first-time Phoenix buyer from Hollywood, CA. A Marcus & Millichap broker meets the buyer at an investment seminar and later introduces him to the deal.

CHICAGO-Mortgage Bankers Association of America members hold sway over "tens of billions of dollars of insurance premiums," says Robert Vestewig, chief operating officer of Houston-based GEMSA Loan Services, which might influence the industry to adopt standardized certificates of insurance.

CHICAGO-The 325 units at 2520 N. Lakeview Ave. will start at $1.4 million, setting a new high-water mark for the Lincoln Park condominium market when sales are expected to begin in 2006. The property has been under contract for more than a year.