TruAmerica Spends $125M in Seattle, Portland
TruAmerica Multifamily, in partnership with its institutional investors, continues its expansion in the Pacific Northwest with the acquisition of three apartment home communities in Oregon and Washington in transactions totaling $125.3 million.
Multi-Housing News Online – TruAmerica Multifamily Makes First Denver-area Acquisition
TruAmerica Multifamily has announced that in partnership with two other companies, DVO Real Estate and RCG Longview, it has purchased Tamarac Village Apartments, its first acquisition in the Denver metro area. The 564-unit multifamily community in the Mile High City was acquired for $55 million.
Commercial Property Executive – Capital Crisis?
Consider this: There is roughly $600 billion in CMBS loans outstanding. And as Eduardo Padilla, CEO of NorthMarq Capital, points out, given that loan terms are up to 10 years, there may be an average of $60 billion to $70 billion in annual loan maturations that the CMBS system may have to refinance without even expanding the marketplace.
Housing Finance Online – Up the Stack and Back
The demand for structured-finance products such as mezzanine and preferred equity is expected to balloon in 2012, for reasons of both exuberance and fear.
Multifamily Executive Magazine – Valger Leaves RCG Longview, Opens Equity Shop
The former partner of RCG Longview has started his own, New York–based investment firm called DVO Real Estate. The company will invest preferred equity and, in some cases, JV equity structures, in the $3 million to $10 million range in many major markets across the country.