Minto Apartment Reit Announces Agreement To Acquire Two High Quality Properties In Montreal For $281.1 Million And Concurrent $225M Bought Deal Public Offering Of Trust Units
OTTAWA, Oct. 10, 2019 /CNW/ - Minto Apartment Real Estate Investment Trust (TSX:MI) (the "REIT") today announced that it has entered into an agreement to acquire Le 4300 and Haddon Hall, two premium institutionally owned and maintained multi-residential properties in Montreal, Quebec (the "Acquisition"). The properties have a combined 528 suites and are located in the highly attractive neighbourhoods of Westmount and Ville-Marie. The properties are also located in close proximity to the REIT's existing Rockhill property, enhancing economies of scale.
Rents on super-luxury rents in Manhattan rose 9.1 percent in September compared to a year earlier. : (Bloomberg)--Manhattan rents are on the rise, and climbing fastest for the most-expensive apartments in the borough. Super-luxury rents -- the top 5% of the market by price -- jumped 9.1% in September from a year earlier to a median of $12,000, while the top 10% luxury category saw a 3.4% gain to $8,473, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. By comparison, non-luxury rents -- the bottom 90% -- rose 1.7% to a median of $3,395.
Deal is for Allianz's strategy of acquiring core income-producing assets for long-term hold. : Allianz Real Estate has marked its entry into Japan's residential market with the acquisition of a EUR1.1bn portfolio from Blackstone managed funds. Blackstone acquired the portfolio in 2015 and as reported in July this year, the US private investor had put the portfolio of 82 apartment blocks up for sale. Allianz Real Estate, acting on behalf of several Allianz companies, said it has agreed to by the core portfolio, which comprise 4,600 units and offer 160,000sqm of net rentable area.
The JV will pursue a serviced apartment development strategy. : A value-add fund managed by CBRE Global Investors has joined forces with CR Investment Management to develop apartment assets in Germany. CBRE Europe Value Partners 2 (EVP2) has partnered with CR, which has an established partnership with apartments firm Stayery, to pursue a serviced apartment development strategy. CBRE said the project developments will be concentrated on cities with major employer clusters, or underdeveloped hotel markets, adding that there will be a focus on university cities.
The latest deal expands Henley US multi-family footprint to over $210m in assets. : Henley Investments has expanded its US multi-family footprint with the acquisition of a $20m garden apartment community in Raleigh, North Carolina. Henley said it bought the Arbor Crest residential asset in a partnership with Magma Equities, a real estate firm specialising in multi-family rental communities. Ian Rickwood, CEO of Henley, said: "This acquisition complements Henley's expanding portfolio of modernised multi-family apartment properties in the US, as well as across the student and build-to-rent sectors in the UK.
Even as the overall volume of cross-border investment in U.S. real estate slows down, apartment properties remain popular with foreign buyers.
The PS37m portfolio was acquired with Addington for BauMont Real Estate One. : BauMont Real Estate Capital has made its first investment in the UK with its operating partner Addington Capital. The real estate private equity firm - set up by former CarVal Investors directors in 2017 - has bought a PS37m (EUR42m) residential portfolio on behalf of BauMont Real Estate One (BREO), the manager's debut fund which raised EUR337m in March. The portfolio includes 182 apartments of mostly converted Victorian and Edwardian houses in South London let on assured shorthold tenancies.
PALO ALTO, Calif., Sept. 5, 2019 /PRNewswire/ -- Investment in multifamily properties is one of the most attractive plays in today's real estate market. For investors looking to exit the market, or perhaps execute a 1031 exchange, there are 5 things to remember before you sell according to Carlos Azucena, founder of CFA Property Advisors of Marcus & Millichap. Price the Property Appropriately The key to achieving the highest price is to generate enough demand to create a competitive atmosphere among buyers. Demand can only be achieved when a property is priced in-line with the market's expectations.
The company bought 4,448 rental apartments in Texas and Florida. : (Bloomberg)--Starwood Capital Group, the investment firm led by billionaire Barry Sternlicht, is stepping up its investments in affordable apartments as demand for cheaper housing soars across the U.S. The company bought 4,448 rental units mainly in the Dallas-Fort Worth area, in Houston and across Florida, Starwood said in a statement Monday. Terms weren't disclosed.
A 114-unit community in Carmichael, Calif., traded for a record-setting $203,000 per unit. : Abby Creek Apartment Homes in Carmichael, Calif., roughly 10 miles from Sacramento, was sold for $23.2 million. A private investment group based in San Jose, Calif. purchased the multifamily property from Aspen Square Management, according to Yardi Matrix data. The apartments at 5820 Fair Oaks Blvd. are split into 25 residential buildings that total nearly 88,000 square feet of rentable space on a nearly 5-acre property. The community includes 114 apartments that consist of a mix of studios, one- and two-bedroom units.