Q&A: What’s Driving Mountain States Development Market?

KTGY Architecture + Planning recently tapped Bill Ramsey, AIA, NCARB, to lead the expansion of the firm’s for-sale residential practice. Based in Denver, Ramsey will manage an architecture and planning team dedicated to expanding design services for new for-sale residential developments in Colorado and the surrounding states, while complementing the multifamily and mixed-use expertise. Connect

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Manhattan Still Underserved by New Office Supply

The Manhattan office market remains underserved by ground-up construction and repositioned buildings, despite the scale of new developments in Midtown West and World Trade Center, says JLL. That scale is easily defensible given the advanced age of the Manhattan office inventory, compared to all other global gateway cities. Steady demand, which has diversified into more creative

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Sunrise Sells Scottsdale MF for $80M

Houston-based Sunrise Luxury Living has sold The CORE, a newly-built Class A multifamily complex in Scottsdale, AZ to Starlight U.S. Multi-Family for $80.4 million. Sunrise had owned the land since 2015 and completed construction of the property in 2018. Located at 15333 N. Hayden Rd., the 282-unit luxury apartment community sits on more than 4.5

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Morgan Properties Enters Nashville with $91M MF Portfolio Acquisition

Morgan Properties acquired a four-property, 826-unit apartment portfolio in Nashville, TN from Cardone Capital for $91 million. The King of Prussia, PA-based buyer plans to invest an additional $8.7 million into renovations and amenity upgrades. This is Morgan Properties’ first purchase in the state. Morgan Properties JV’s Jonathan Morgan says, “Entering Nashville is a major

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Starwood Sells Leasehold in Westin Maui for $317M

April 5, 2017 A JV between funds managed by Honolulu, HI-based Trinity Investments, LLC and funds managed by Los Angeles-based Oaktree Capital Management, L.P. acquired the long-term leasehold interest in The Westin Maui Resort & Spa in Hawaii for a reported $317 million. The leasehold interest was held by an affiliate of Starwood Hotels &

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East Coast Investors Complete First KC Deal

Richmond, VA-based Lingerfelt CommonWealth Partners, in a joint venture with Boston-based CrossHarbor Capital Partners LLC, acquired 2345 Grand Boulevard, located in downtown Kansas City, MO’s Crown Center submarket. The 28-story, 538,741-square-foot Class A office tower was designed by legendary architect Mies van der Rohe, and developed by the Shorenstein Company in 1977 as a regional headquarters for

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Berkadia Arranges Sale, Financing of Virginia Courtyard by Marriott

Virginia-based Palmer Gosnell Hospitality, LLC, and the affiliated asset ownership entity Inns of Historic Fredericksburg, divested the Courtyard by Marriott Fredericksburg, VA. Berkadia Hotels & Hospitality group’s Kyle Stevenson and Matthew Bailly arranged the $18.8 million sale. Berkadia’s Adrienne Kautzman arranged $12 million financing on behalf of Utah-based buyer, Venture Hospitality Holdings, LLC. “With a

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LGE Breaks Ground on 800K-SF in Goodyear, AZ

Phoenix-based LGE Design Build, in partnership with Chicago-based Clarius Partners LLC, broke ground on The HUB at Goodyear in Phoenix’s West Valley. Totaling 790,980 square feet, the project is designed to satisfy the strong demand for warehouse and e-commerce space in the West Valley submarket. LGE’s Ben McRae says, “The design and elevated amenities of

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