Construction Maison

Kate Bramson Journal Staff Writer journalkate PROVIDENCE, R.I. — Delays by the South Street Landing developers to begin construction early this year on two apartment buildings on a nearby Davol Square parking lot have caused the City Council to consider issuing the project a notice of default. After the developer missed a Jan. 27 deadline to get all city construction permits , the council's Finance Committee voted this month to recommend to the City Council that the city issue a default notice to CV River House LLC , of San Diego, the entity that has planned to build the River House apartments . The default would be for missing a deadline in the project's city tax-stabilization agreement, which limits taxes owed over 15 years to about $3.3 million. The council is expected to consider the issue Thursday night . It could vote to issue the notice or send the matter back to committee. "In order to preserve our rights under the [tax-stabilization agreement], we have to...

Praxis Capital has acquired Clarkston, Georgia-based Birch Run Apartments , an 198-unit property for an undisclosed sum. However, Praxis is planning on investing $3 million to renovate and upgrade the property. PRESS RELEASE SANTA ROSA, Calif., Aug. 22, 2017 /PRNewswire/ — San Francisco area based Praxis Capital , Inc. is pleased to announce that it has acquired the 198-unit Class B Birch Run Apartments in Clarkston, Georgia. This is the company’s first acquisition in the Atlanta metro. Praxis plans to build a portfolio of approximately 2,000 units in this market. The Praxis executive team , possessing more than $6.3 billion of transactional experience in the multifamily sector, including institutional management of more than 90, 000 apartment units , seeks to build a large portfolio of Class B/C workforce housing, consistently unlocking embedded value in multifamily real estate . Praxis also looks to expand its relationships with Family Office and Institutional JV Equity sources ...

TAMPA, FL -   Electra America , one of the fastest- growing multifamily owner -operators in the U.S., has acquired Landmark at Grand Palms, a 438- unit multifamily community in Tampa, Florida. The property was acquired from Starwood Capital for an undisclosed price in a privately negotiated transaction , and will be rebranded as Northgreen at Carrollwood. It will undergo capital improvements totaling approximately $3.5 million.This acquisition brings Electra America ’s Tampa portfolio up to four properties. This is the company’s sixth multifamily property acquisition in Florida so far this year. Nationally, Electra’s portfolio includes more than 22, 500 apartment units totaling over $2.5 billion in value. Berkadia’s South Florida and Philadelphia teams arranged a $39. 8 million acquisition loan through Freddie Mac. A company affiliated with Electra America had owned the property prior to Starwood, which acquired it in 2014 as part of a large portfolio sale...

Regatta Bay Apartments is located in Seabrook, Texas, about 35 miles south of Houston. SEABROOK, TEXAS — Lloyd Jones Capital, a Miami- based investment firm , has acquired Regatta Bay Apartments , a 240- unit multifamily complex located at 2555 Repsdorph Drive in Seabrook, a city about 35 miles southeast of Houston. Built in 2003, the three- story property features a mix of one-, two- and three-bedroom units, as well as a resort-style pool, fitness center and business center. FRBH Regatta Bay LLC sold the asset for an undisclosed price. Tagged sales_and_leases