Multifamily is Multiplying in These Three Emerging Markets
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KKR, Dalan Management Close $225 Million Purchase of New Downtown Brooklyn Rental?Building
A new 13-story apartment building in downtown Brooklyn has been sold for $225 million, in the latest sign of the area’s makeover as a 24/7 neighborhood.
The 286-unit building located at?260 Gold St. ?on the northwest corner of Gold and Tillary streets was sold for $862 per square foot, brokerage Cignature Realty, which represented the buyer and seller in the deal, said in a statement this week.
Hines Scores Salt Lake City Building for Its First Office Tower Conversion Into Luxury?Apartments
Global developer Hines is taking on its first conversion of an office tower into luxury apartments, focusing on a Western city where rents have soared over the past year.
The Houston-based firm said it bought?South Temple Tower ?in downtown Salt Lake City with plans to convert the 217,000-square-foot, 24-story office building that opened in 1966 into 255 luxury apartment units. Construction is scheduled to begin in the first quarter of next year.
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"Downtown Salt Lake City is experiencing immense growth, with Utah having the second-highest population growth in the country over the last decade, and there is an undersupply of housing,” Dusty Harris, senior managing director of Hines, said in a statement.
Nashville Apartments That Sold in Top 2020 Deal Sell Again at Higher?Price
A Nashville, Tennessee, apartment property that was one of the priciest deals when sales slowed to a crawl in 2020 has sold for a major gain to put it among the top deals this year, yet another indicator of how much investors want to be in the fast-growing Sun Belt city.
New York private equity firms Invictus Real Estate Partners and L3C Capital Partners paid $93.6 million for?Apex Glassworks , a 282-unit property within walking distance of the practice facility for the NFL’s Tennessee Titans in north Nashville, about 3 miles from downtown. The buyers secured a $69 million loan through Los Angeles-based debt and equity firm PCCP.