Property Management Deals
ROSS Companies, a leader in multifamily property management, acquisition and renovation in the Mid-Atlantic region, today announced that it has assumed property management of Admiral Place Apartments (formerly Forest Village Apartment Homes) in Suitland, Md., on behalf of a recent purchaser. The 410-unit Admiral Place Apartments is a commuter-friendly apartment community within close proximity of downtown Washington, D.C.
Apartment industry veterans band together to create new life-cycle solutions for multifamily owners and investors
The Texas apartment world just got better. Terri Clifton, President of Better World Properties, LLC announced the formation of the Better World Family of Companies and the merger of Sumar Property Management into the new organization.
With national and international real estate expertise, the Better World Family of Companies is focused on Texas multifamily investment, apartment property management, and redevelopment of conventional Class A, B, and C properties including, student housing, senior living and condominium conversions.
“I love what I do,” said Clifton. “Over the years, I’ve made a lot of money for a lot of people. We’ve put together a team that makes the apartment world even better!” In addition to Better World Properties, the Better World family now includes Better World Holdings, LLC, Better World Consulting and the renowned Sumar organization. Long-‐time veterans of the multifamily industry head each Better World entity.
“Collectively, we bring apartment life-‐cycle solutions to multifamily owners, investors and residents -‐ all under one roof. We offer licensed multifamily property management, apartment process and performance consulting, multifamily deal generation, real estate entity structuring, new apartment development, and financing solutions. Bringing it all together under one roof is how we make it a better world,” Clifton said with a smile as big as Texas.
The announcement and merger culminates 100+ years of combined experience in multifamily property management and investment services. Industry leader, Larry Hill, Founder of Sumar Realty, a former Houston Apartment Association president, and HAA Hall of Fame inductee will remain on the Better World Properties’ board of advisors. To view a full list of services, visit the company website at https://betterworldllc.com.
Firm Expands Public Housing Management Portfolio in the Southeast Region
Allied Orion Group has been chosen by the Winter Park Housing Authority to manage six public housing communities with a total of 707 units in the Winter Park, Florida market—further expanding the firm's public housing management presence and portfolio in the Southeast region. Allied Orion Group continues to grow community partnerships with housing agencies, adding Winter Park Housing Authority to their current housing client portfolio of Houston Housing Authority, San Antonio Housing Authority, Harris County Housing and Ft. Worth Housing Solutions.
Redwood Living and RED Mortgage Capital, the mortgage banking arm of RED Capital Group, LLC (RED), recently celebrated a significant milestone in their relationship with the closing of a $4.17M bridge loan for an eventual FHA 223(f) refinance on the Lakes of Ridgecrest Phase 4 in North Ridgeville, Ohio. With this closing, the two firms have now collaborated to close 50 unique financings for Redwood-owned assets, totaling in excess of $340M.
ROSS Management Services, a leader in multifamily property management in the Mid-Atlantic region, today announced it has assumed management responsibilities for six apartment communities with 1,140 units in suburban Washington, D.C., southern Virginia and New Jersey. The communities are a mixture of affordable and market-rate properties. The management assignment represents ROSS's entry into the New Jersey multifamily market and an expansion of its southern Virginia portfolio.
Douglas Emmett, Inc. (NYSE:DEI), a real estate investment trust (REIT), announced that it has closed on two loans totaling $520 million in proceeds. Douglas Emmett used the proceeds from these loans, plus cash on hand, to pay off its existing $530 million loan scheduled to mature in August 2018.
RealtyShares today announced that its community of investors has raised $2.25 million to recapitalize and fund the renovation of Avesta Bridgewater, a 344-unit apartment community in Orlando, Fla.
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the recapitalization and arranged financing for River North Park, a 400-unit, 24-story apartment tower in Chicago’s River North neighborhood.
JMG Realty, Inc. today announced they have been selected as the managing agent for a $236 million, six (6) property Multifamily Portfolio acquired in a venture between Ares Management and TruAmerica Multifamily.
Abode Properties and Transcontinental Realty Investors, Inc. (TCI) are pleased to announce HUD approval of the TPA Transfer for Grand Fountain Apartments in Richmond, Texas.