National Commercial Real Estate News From CoStar Group
L3C Capital Closes on $115M Multifamily Portfolio
L3C Capital Partners LLC and Harbor Group International (HGI) LLC have acquired a St. Louis multifamily portfolio totaling 1,447 units for $115 million, or about $79,000 per door, from DRA Advisors LLC and the Camden Property Trust.
The four multifamily communities were built in 1970s and 1980s and boast an average occupancy of nearly 96 percent. They include:
Cedar Lakes - 420 units at 36 Cedar Circle Dr. in Lake Saint Louis, MO
Brickman Completes Sale of Boston Office Portfolio
Brickman Real Estate completed its disposition of multiple office properties in Boston's Seaport Market to DivcoWest Properties for $106.7 million.
The 363,000-square-foot portfolio was built from 1888 and 1904 and consists of: 300 A St., a five-story, 99,154-square-foot, Class A office building;
313 Congress St., a six-story, 70,241-square-foot, Class B structure;
330 Congress St., a six-story, 35,958-square-foot, Class B property;
Live From REITWorld: Pace of Mergers and IPOs Likely to Accelerate in 2013
For all the election season bickering over the pace of the economic recovery during the last four years, this year’s gathering of REIT executives was a decidedly happier and more agreeable place than in 2008 when the REIT industry trade show last met in San Diego.
Back then, attendees were agonizing over whether real estate investment trusts could even survive, let alone thrive, amid the frozen credit flows, plunging stock prices and near collapse...