(To read more on the multifamily market, click here.)

EL PASO-In an ongoing federal initiative to upgrade militaryhousing, a joint venture with Texas and California ties has secureda $750-million contract to rehab and develop single-family andmultifamily units at three US Air Force bases. The deal includesleasing 433 acres from the USAF for 50 years.

Developing as BLB Family Housing LLC, Hunt Building Corp. of ElPaso and Pinnacle AMS Development Co. LLC of Irvine, CA won thecontract for Barksdale AFB in northwest Louisiana, Langley AFB inVirginia and Bolling AFB in Washington, DC. The seven-yearconstruction schedule calls for renovations to begin July 1 on 362historically significant homes. In addition, there will be 3,189new housing units built as duplexes and quad-plexes for Air Forcefamilies. Under the contract, the JV also will take overmaintenance and operation of existing and future housingdevelopments.