Institutional Real Estate Newsline
April 20, 2009: Vol. 16, No. 15Buy For $65.00 Add to Cart
Student Housing Fund Finances Development Projects
Place/BV Student Housing Fund LLC, a real estate investment fund targeting student housing investment, has closed on $155 million in financing for nine development projects.
Kettler Expands Multifamily Property Management Division
Kettler, a Washington, D.C.–based real estate development and property management company, is expanding its multifamily property management division.
- L.A. Fire & Police Removes Adelante as REIT Manager
Multifamily Not Immune to Downturn
Multifamily, long believed to be real estate’s most recession-resistant sector, can’t withstand the pressure from mounting job losses, global recession and sharp declines in single-family home values.
- New Mexico ERB Commits $25 Million to ORG
New York City Office Prices Drop by 50 Percent
The average office property sales price in Manhattan has dropped to levels not seen since 2005, from $842 per square foot for the year 2008 to just $442 in the first quarter of 2009, according to FirstService Williams.
Shui On to Take China Central Properties Private
Hong Kong–based Shui On Construction and Materials Ltd., which owns approximately 72.3 percent of China Central Properties (CCP), will take CCP private in an offer that values the London-listed CCP at HK$2.15 billion ($277 million).