Tag Archives | world property

World property W14June17 – Blackstone Europe, Perth slowdown, Frasers lifts Australian portfolio, Nordstrom looks at privatisation

Blackstone raises €7.8 billion for European fund
Zone Q puts hold on Perth apartment project
Frasers Logistics lifts Australian portfolio
Privatising Nordstrom a $US10 billion option

Blackstone raises €7.8 billion for European fund

The Blackstone Group LP said on Thursday its Blackstone Real Estate Partners Europe V fund had raised €7.8 billion, including commitments from the group & affiliates, making it the largest ever dedicated European real estate fund. The US private equity firm’s Blackstone’s head of European real estate, Anthony Myers, said the fund was already over 20% invested or committed.

The group’s real estate arm has $US102 billion invested in $US200 billion of assets.

Zone Q puts hold on Perth apartment project

Chinese developer Zone Q Investments Pty Ltd has put its Nspire 108 apartment project in Perth on hold and returned deposits on the 24 units contracted out of 184 in the proposed central city tower.

Zone Q succeeded with its Pinnacle apartments across the road from Perth Zoo, selling 85 of the 102 units off the plans and completing the development this year. But its 88 Mill Point apartment project, also in South Perth, across the Swan River from the Perth cbd, has been rejected twice by the South Perth City Council, which opened up to tower development in 2011 but reversed its policy after locals protested.

The original $A175 million proposal was for 5 commercial levels & an aged-care centre in a 7-storey podium, and 163 apartments in the 31-storey tower above. After the first rejection, Zone Q cut the 88 Mill Point height by 4 storeys but it was rejected again last November.

Zone Q, a subsidiary of JiaHe JianAn Group, is a sister company to Far East, which launched the 39-terraced home first stage of its 150-home Hobson Quarter development in April.

Far East has also bought a 3406msite next to the Westfield Mall at Albany for over 200 apartments on 18 storeys in 2 buildings, plus retail & parking facilities.

Earlier story:
24 April 2017: Corrected: Shenzhen developer launches first Auckland project at Hobsonville

Links:
The West Australian, 7 June 2017: Zone Q puts Beaufort Street apartment project on hold
Business News WA, 22 November 2016: Zone Q’s South Perth apartments rejected again
Zone Q

Frasers Logistics lifts Australian portfolio

Frasers Logistics & Industrial Trust, listed in Singapore a year ago with an initial pure-play Australian industrial portfolio of 54 properties, has agreed to acquire 7 more from Frasers Centrepoint Ltd for $A169.3 million.

3 of the properties are still being developed and all of them, in Sydney, Melbourne & Brisbane, are either fully leased or precommitted.

Its portfolio was valued at $A1.75 billion at 31 March. The trust was set up to invest globally in industrial property.

Link: Frasers Logistics & Industrial Trust

Privatising Nordstrom a $US10 billion option

US fashion specialty retailer Nordstrom Inc, which has 122 full-line stores in the US, Canada & Puerto Rico, 221 Nordstrom Rack stores, 2 Jeffrey boutiques & 2 clearance stores, said on 8 June that 6 members of the Nordstrom family had formed a group to explore pursuing a “going private transaction” involving their acquisition of all outstanding shares, which are listed on the New York Stock Exchange.

It will cost them about $US10 billion to buy out the 70% they don’t control.

Links:
MarketWatch, 8 June 2017: Nordstrom bonds clobbered by news the department-store chain may go private
MarketWatch, 28 February 2017: Number of distressed US retailers at highest level since Great Recession (2008-09)

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W3 May17 – Australia moves to tax vacant foreign-owned homes

Australia moves to tax vacant foreign-owned homes

Australia’s Property Observer website warned yesterday of a possible tax on properties owned by foreign investors who leave them vacant, to come in the Federal Government’s budget next Tuesday.

The website said the levy would be added to the conditions the Foreign Investment Review Board imposes when it approves overseas buyers for Australian property purchases.

The Australian Taxation Office is building a nationwide register of foreign-owned land, and the Property Observer said water usage levels, kept by each state, could be used to determine which properties were sitting vacant.

The Labor Party has also unveiled a proposal for a national vacant residential property tax similar to one the Victorian state government has imposed, which is along the lines of one introduced last year in Vancouver, Canada.

Link:
Property Observer, 2 May 2017: Foreigners who leave homes vacant could soon be taxed
http://www.propertyobserver.com.au/forward-planning/advice-and-hot-topics/69605-foreigners-who-leave-homes-vacant-could-soon-be-taxed.html?utm

Attribution: Property Observer

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W26Apr17 – GIC buys more student housing, Ascendas revaluation

GIC expands its international student housing portfolio
Ascendas portfolio close to $S10 billion

GIC expands its international student housing portfolio

Singapore’s sovereign wealth fund, GIC, has continued its largescale international investment in student housing, buying 2 blocks in Sydney from Frasers Property Australia & its joint venture partner, Sekisui House, last week for $A400 million.

Florence Chong reported in IPE Real Estate that the sale was at a cap rate of 6-7%, compared to a going rate for student accommodation between 7-8%.

Hong Kong-based real estate news website Mingtiandi said the deal took GIC’s investments in student housing this year to $US2.1 billion. In the last year, the fund had spent over $US3 billion on student housing in the UK, Europe, the US & Australia.

In March, GIC, the Canada Pension Plan Investment Board (CPPIB) & the Scion Group agreed to invest $US1.6 billion in US student housing.

Frasers Property Australia, ultimately owned by Thai billionaire Charoen Sirivadhanabhakdi, called tenders late last year for the Sydney assets, which are in Frasers’ Central Park development zone.

GIC’s own website carries news on the long list of student housing deals, but hasn’t posted anything on the Central Park one yet.

In New Zealand, GIC is best known for its investment in a joint venture with Goodman Property Trust that owns commercial buildings on the Viaduct and round to the Wynyard Quarter.

Links:
IPE, 20 April 2017: GIC invests $A400 million in Australian student housing
https://realestate.ipe.com/news/investors/gic-invests-aud400m-in-australian-student-housing/10018510.article
IPE, 16 March 2017: CPPIB, GIC & Scion invest $US1.6 billion in US student housing
Mingtiandi, 24 April 2017: GIC makes third student housing deal of 2017 with $A302 million Sydney buy
Mingtiandi, 12 February 2017: GIC invests in £227 million UK student housing JV
GIC, 10 February 2017: Unite & GIC acquire 3067-bed Aston student village for £227 million
http://www.gic.com.sg/newsroom?id=611&Itemid=159#sthash.efoae3Gi.dpuf

Ascendas portfolio close to $S10 billion

Ascendas Real Estate Investment Trust’s portfolio of 129 properties in Singapore & Australia has been independently valued at $S9.874 billion as at 31 March – $S8.6 billion (86.8%) in Singapore and $S1.3 billion (13.2%) in Australia. The total portfolio was up from $S9.6 billion in March 2016.

The trust increased gross revenue by 9.1% to $S830.6 million, net property income by 14.5% to $S611 million, distributable profit by 18% to $S446.3 million, fourth-quarter distribution/unit by 13% to S3.852c, distributions for the year by 2.5% to S15.743c.

The trust’s manager said Ascendas Reit was faced with some headwinds in Singapore, where the Ministry of Trade & Industry expected the economy to grow by 1-3% this year: “Currently, companies continue to place a strong focus on improving efficiency and remain cautious about expansion. With island-wide vacancy for industrial property at 10.5% as at December 2016, the incoming supply of about 2.4 million m² of industrial space in 2017 will put further pressure on rental rates & occupancy.

The trust’s own occupancy rate improved from 87.6% at the end of the last financial year to 90.2%.

Link: Ascendas-reit
http://www.ascendas-reit.com/

Attribution: GIC, IPE, Mingtiandi, Ascendas

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property F13Jan17 – Laing O’Rourke works out of trouble, Bovis performance drops

Laing O’Rourke chief sees turnaround after big loss
Bovis UK chief quits after profit warning

Laing O’Rourke chief sees turnaround after big loss

Laing O’Rourke plc, the UK’s largest privately owned construction company, which also has a big international presence, made a £246 million loss in the March 2016 year, but chief executive Ray O’Rourke said the group had turned its performance around and was set to return to profit in the March 2017 year.

UK publication Building said this week Laing O’Rourke Construction Ltd, the group’s UK construction business, wrote down 3 projects it had won in 2013 by £26.6 million and that division had made a £141.3m million pretax loss.

Laing O’Rourke has 2 business hubs – a London base for projects in the UK, the Middle East & Canada, and an Australian hub which also handles Hong Kong and its so-far-limited entry into Auckland.

The Building website said Mr O’Rourke had made no mention in his latest client newsletter of earlier plans to sell the £1.5 billion-turnover Australian business.

Links:
Building, 9 January 2017: Laing O’Rourke suffers £141 million UK construction loss
Laing O’Rourke

Bovis UK chief quits after profit warning

UK residential construction company Bovis Homes Group PLC’s chief executive, David Ritchie, will leave next month after the company issued an unscheduled profit warning over Christmas.

Mr Ritchie was in charge for 8 years. Finance director Earl Sibley will take over as interim chief executive.

Bovis blamed operational issues when it said on 28 December it expected to legally complete 180 fewer houses than anticipated, down to a range of 3950-4000.

The company said in its December release it had actually built 4200 houses during the year, up 7%, adding: “The average sales price of the homes legally completing in 2016 is expected to increase by around 10% (2015: £231,600), driven by improved mix and increased underlying market pricing.”

Analysts had forecast pretax profit of about £183 million for 2016, but Bovis said that would fall to a range of £160-170 million. The company will report its full annual results on Monday 20 February.

Links:
Building, 9 January 2017: Bovis boss quits 12 days after profit warning
Bovis Homes

Attribution: Building, Guardian, Laing O’Rourke, Bovis

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W19Oct16 – Senator quits after housing company liquidated, spruiker McIntyre banned

Senator quits Parliament after liquidators take over his building company
Spruiker Jamie McIntyre banned for a decade

Senator quits Parliament after liquidators take over his building company

day-sen-bobAustralian senator Bob Day announced his resignation from Parliament on Monday after liquidators took control of his national building business, Home Australia Pty Ltd, with work on 207 new houses stalled.

Mr Day tried unsuccessfully to get elected under the Liberal banner in 2007 and switched to the Family First party, winning Senate election in 2013 and re-election in July this year.

His departure is a problem for Prime Minister Malcolm Turnbull – although a replacement Family First senator might follow a similar policy line – because Mr Day was a strong supporter of the Government’s hardline anti-union industrial platform, reintroducing the Australian Building & Construction Commission bill and another bill creating a new union regulator.

He chaired the Bert Kelly Research Centre (opposing protectionism) in Adelaide for 5 years, was a director of the Centre for Independent Studies (a free market supporter) for 3 years, inaugural president of Independent Contractors of Australia for 6 years, and has written & campaigned about housing affordability.

But he’s left his business in turmoil, particularly in New South Wales, where Home Australia subsidiary Huxley Homes had 56 houses under construction.

Mr Day said in a statement to the ABC it had been a privilege to be a senator, “but would be untenable to stay in parliament”. Although he’s 64, he added: “I will start again and repay all debts.”

Mr Day said to Home Australia staff in an email yesterday: “While 4 members of the group all posted a profit in 2015-16, problems & losses associated with Huxley Homes … has seriously undermined the group’s balance sheet & ability to continue trading.”

But it wasn’t an overnight collapse. The ABC said that, as Mr Day was entering Parliament in 2013, an independent auditor found Home Australia’s liabilities exceeded its assets by nearly $A31 million.

Mr Day tried to rescue the company last year by selling a 75% stake to a Philippine investment firm Goshen Capital Resources and said the funds should have been transferred last week. But, he told staff in his email: “As evidence of its ability to complete the deal, Goshen’s CEO Mr Anselmo Nolasco, produced documentation purportedly from HSBC. After several high level enquiries over recent days it became clear the document was fraudulent.”

The West Australian newspaper also quoted Mr Day from that email: “I built my first house in Adelaide in 1979. By 1990 Homestead [his original company] was SA’s largest homebuilder and has been profitable every year since, for which I am very proud. But I made 2 big mistakes – 1. Buying Huxley Homes and 2. Going into politics without putting in place a proper management structure for the business.”

Earlier story:
17 October 2016: World property M17Oct16 – Senator fights to save his housing business

Links:
The Guardian, 17 October 2016: Family First senator Bob Day quits after business collapses
ABC, 18 October 2016: Bob Day: Hundreds of homes in doubt as senator’s building company collapses

Spruiker Jamie McIntyre banned for a decade

Jamie McIntyre.

Jamie McIntyre.

The Australian Federal Court banned property spruiker Jamie McIntyre & his brother Dennis on Monday from holding corporate roles, and from offering financial services, for the next 10 years.

Justice Robert Bromwich also ordered Jamie McIntyre’s main business, 21st Century Group (not a company, but there is an unrelated company of the same name) to be liquidated, along with several entities which are registered companies.

The judge said liquidators had failed to locate over $A7 million invested in options on 5 schemes earmarked for sites on the outskirts of Melbourne, Bendigo & Townsville. Justice Bromwich said the landbanking projects were unregistered managed investment schemes, and that the 2 brothers & their companies had unlawfully conducted an unlicensed financial services business.

Jamie McIntyre’s 21st Century Group website describes him as the founder of the 21st Century Australia Party, and says he founded over 12 companies employing almost 100 staff & franchisees that turned over in excess of $A40 million/year.

Mr McIntyre fought back against his prosecutors & critics, using a news website he set up 2 years ago under his 21st Century banner, the Australian National Review, where he wrote his own columns and was interviewed.

3 articles show how he turned the attack back against ASIC (the Australian Securities & Investments Commission), Fairfax Media & the Age property editor Simon Johanson (whom he accused of planting dozens of false articles about his activities) and senators. The articles (link below): ASIC exposed for attempting to cause $A5.5 million in investor losses to frame one of its biggest critics, ASIC does nothing as Fairfax Media lose investors almost half a billion in failed property projects, and ASIC gets lashed by furious land banking investors.

Although Mr McIntyre referred to Mr Johanson as “disgraced”, Mr Johanson appeared to be still writing today.

Links:
21st Century Australia Party
McIntyre blog
Jamie McIntyre Exposed
24 March 2016: Injunction orders
Australian National Review interview of McIntyre: Fairfax Media and ASIC to face class actions by angry investors
The Age, 18 December 2015: Watchdog moves on Henry Kaye-linked scheme

Attribution: Guardian, ABC, Age, Sydney Morning Herald, McIntyre websites

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property M17Oct16 – Senator fights to save his housing business

Australian senator’s housing business teeters

Australian senator Bob Day, federal chairman of the Family First Party and elected under its banner in 2013 and again in the double dissolution this year, is fighting to save the New South Wales division of the national housing group he established from his base in Adelaide.

Senator Day, national president of Australia’s Housing Industry Association before his election to the Senate in 2013, said on 29 September in response to inquiries & stories by the Australian newspaper, he left the building business when he was elected.

He wrote: “Let’s be clear about 2 things here. Firstly, when I became a senator I left the building business. I only stepped back in to help after others’ poor management decisions affected some customers & suppliers.”

The Sydney Morning Herald reported on Saturday that the senator’s New South Wales business, Huxley Homes, applied to have its licence renewed – “even though the company last week ceased all work on the homes of its 61 clients because it has no cash”.

The newspaper said Huxley was about to be evicted from its Sydney offices after falling months behind on rent, and the senator refused to answer questions about the company’s solvency. He’d also turned up for only 3 of Parliament’s 11 sitting days since the July election.

Senator Day was made an officer of the Order of Australia in 2003 for services to the building industry & social welfare, particularly the homeless.

He wrote the introduction in January to the annual Demographia report that rates housing affordability internationally, saying that rising unaffordability was a contrived crisis: “It is important to remember that the ‘scarcity’ that drove up land prices is wholly contrived – it is a matter of political choice, not geographic reality. It is the product of restrictions imposed through planning regulation & zoning… Quite apart from the economic foolishness of it all, it is morally wrong for legislators to be enriching some (established home owners) while impoverishing others (first home buyers).”

Earlier story:
25 January 2016: Australian senator says affordability crisis ‘contrived’

Link:
SBS, 12 October 2016: Exclusive: HomeWorld evicts Senator Bob Day the builder

Attribution: SBS, Sydney Morning Herald, Twitter, Huxley Homes.

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W5Oct16 – Henderson & Janus form $US6 billion asset manager

Henderson & Janus agree merger terms

UK asset manager Henderson Group plc agreed on Monday to buy out US counterpart Janus Capital Group Inc in an all-share deal to create Janus Henderson Global Investors plc.

Henderson will pay $US2.61 billion in a share exchange. Each Janus share will be worth 4.7190 new Henderson shares and the result will be a new company owned 57% by Henderson shareholders, 43% by Janus shareholders.

It will have market capitalisation of about $US6 billion and $US320 billion of assets under management.

The companies propose New York as the new entity’s primary listing, and retaining Henderson’s Australian listing.

The merged company looks like having 54% of its assets under management in the US, 31% in Europe, the Middle East & Africa, 15% around Asia.

In the year to December 2015 their combined revenue was $US2.2 billion, underlying ebitda $US700 million.

Senior executives have been drawn from both Henderson & Janus, but the chief executive position will start out as a joint role held by Dick Weil (Janus) & Andrew Formica (Henderson).

Janus’s largest shareholder, Dai-ichi Life Insurance Co, will hold 9% of the merged entity but said it intended to raise its holding to 15%.

The Wall Street Journal noted that Henderson would gain access to the investment knowledge of Bill Gross, a founder of global funds manager Pimco (the Pacific Investment Management Co) in California in 1971, but left it abruptly in September 2014 to join Janus. Pimco is now part of the Allianz Group.

Henderson also said the deal would enable it to sell its European stock- & fixed-income products in the US.

Link:
Henderson presentations

Attribution: Henderson, Wall St Journal

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property M1Aug16 – Aqualand grows Sydney portfolio, Saudis buy US farmland

Chinese developer Aqualand buys 9th Sydney site & touted for $A1.5 billion Barangaroo project
Saudis buy US farmland for animal feed

Chinese developer Aqualand buys 9th Sydney site & touted for $A1.5 billion Barangaroo project

Mingtiandi reported on Friday that Aqualand Projects Pty Ltd – described as a “transplanted” Chinese developer – bought its 9th site in Sydney for $A105 million.

Managing director Lin Jin joined family company Shenglong Group (now headquartered in Shanghai) in 2007 and established Aqualand Australia in 2014 with a mix of Chinese & local executives. Its chief financial controller, Rhyson Li, began his career at PricewaterhouseCoopers and was previously chief financial controller of the China Hydroelectric Corp, an energy company listed in the US.

Lin Jin’s father, Lin Yi, founded Shenglong in Fujian in 1999 and, by 2013, had 30,000m² of projects internationally worth $US25 billion, developing highrise office buildings, high-end urban residential spaces & 5-star hotel complexes in Asia, Europe, the UK, North America & Australia. In the US, Lin Yi partnered with his cousin, Los Angeles businessman Joseph Lin, to form City Century LLC.

The new Sydney project is to convert the Samsung office building at Milsons Point into upmarket apartments. It’s across the harbour bridge from the cbd and was bought from local investor Barana Group for $A140 million.

Aqualand & local partners Grocon Pty Ltd & Westfield malls owner Scentre Group were also being touted this month to win the bidding for the $A2 billion 5.2ha Central Barangaroo project, the last piece of the $A6 billion Barangaroo redevelopment of naval & commercial shipyards between the Sydney Harbour Bridge & Darling Harbour.

Central Barangaroo will contain 150,000m² of office, retail & residential developments, plus public amenities including the Sydney Steps, a project to link residential to commercial centres.

Links:
Mingtiandi, 29 July 2016: China’s Aqualand buys 9th Sydney site for $105 million
Mingtiandi, 21 July 2016: China’s Aqualand said to win bid for Sydney’s $US1.5 billion Central Barangaroo project
Mingtiandi, 24 May 2015: Chinese developer plans $100 million La Condo Tower, buys 2 Sydney sites – on same day
Aqualand

Saudis buy US farmland for animal feed

CNBC reported in January on Saudi land purchases in the US south-west to grow feed for dairy herds back home – similar to Chinese purchases in New Zealand to supply milk back home, and not raising attention until the regions the Saudis have focused on became afflicted by drought.

Saudi companies grow alfalfa hay in California & Arizona for shipment home. Private company Fondomonte California bought 1790a (724ha) at Blythe, on the Colorado River in California, in January for $US32 million, 2 years after its parent, food company Almarai, bought 4000ha 80m away in Arizona for $US48 million.

Link: Saudi Arabia buying up farmland in US Southwest

Attribution: Mingtiandi

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property M11July16 – Chinese in project round LA station, Shanghai land price spirals, Post-Brexit bargains

Chinese giant plans 1500-home Los Angeles station project
$NZ8790/m² for suburban Shanghai residential site
Asians shop for Brexit bargains

Chinese giant plans 1500-home Los Angeles station project

Chinese state-owned developer Greenland Group, which has large projects in Melbourne & London, has also been making its presence felt in Los Angeles.

It has the $US1 billion Metropolis project underway in downtown Los Angeles and has teamed up with CBRE unit Trammell Crow to form a public-private venture with the Los Angeles County Metropolitan Transport Authority to develop nearly 6.5ha around the North Hollywood light rail station.

The consortium has won first-round approval for its proposal for up to 1500 homes & 42,000m² of office space in a total 232,000m² of development.

The transport authority is expected to vote on the proposal by the end of 2018, for work to start in 2019.

Mingtiandi, 4 July 2016: China’s Greenland Group plans 1500 new homes in North Hollywood

$NZ8790/m² for suburban Shanghai residential site

In China, the latest in a string of ever-rising land prices paid at government auctions for suburban sites in Shanghai is RMB2.44 billion ($NZ500 million) for 56,886m² ($NZ8790/m²) in the Xinchang township, Pudong.

Cofco Property Investment of Beijing paid a 235% premium over the auction minimum, equivalent to $NZ7149/m² gross floor area, $NZ7600/m² once infrastructure & the 5% reserved for affordable housing are taken into account.

Mingtiandi, 4 July 2016: Cofco Property beats out 20 rivals to pay $368 million for suburban Shanghai site

Asians shop for Brexit bargains

Immediately post-Brexit, I mentioned that speculators would take up some of the slack as the pound sterling dived. This article gives some details.

Mingtiandi, with link to Reuters story, 7 July 2016: Asian investors seen shopping for Brexit bargains

Attribution: Mingtiandi.

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W18May16 – Retail/ apartment complex ownership splits

Joint venture buys Washington retail & apartment complex

Real estate investment trusts Regency Centres Corp & AvalonBay Communities Inc have bought the 4ha Market Common Clarendon retail & apartment complex in Arlington, Virginia – across the Potomac River from Washington DC – from TIAA Global Asset Management for $US406 million.

Regency is a national owner, operator & developer of grocery-anchored shopping centres and AvalonBay develops, redevelops & manages apartments.

TIAA, until 2 months ago, was the Teachers Insurance & Annuity Association of America-College Retirement Equities Fund. It manages $US854 billion of assets.

Regency has paid $US285.7 million for the 28,000m² of retail at Market Common Clarendon & an adjacent vacant 9300m² building identified for redevelopment (originally intended to be townhouses), and AvalonBay $US120.3 million for the 15-year-old development’s 300 apartments.

AvalonBay owns directly or indirectly 282 apartment communities containing 83,049 apartments in 10 states & the District of Columbia. 24 of those are being built & 11 are being rebuilt.

CBRE manages the commercial areas and Bozzuto Management Co the apartments, which range from 52m² studios to 170m² 3-bedroom terraces.

McCaffery Interests Inc opened Market Common Clarendon in 2001 and completed its 3-stage development 2 years later. It’s won several major awards, including an Urban Land Institute excellence award in 2005, and was on the cover of the institute’s 2006 report, Compact development: Changing the rules to make it happen.

Links: American Planning Association, Great places in America
Great Places, Clarendon-Wilson corridor, Arlington
McCaffery Interests, Market Common Clarendon
Urban Land Institute, Compact development: Changing the rules to make it happen

Attribution: Regency, AvalonBay, McCaffery, Urban Land Institute, American Planning Institute

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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