$362M housing portfolio placed on market; 3 multifamily assets sell for $165M

TOP NEWS IN REAL ESTATE

* A joint venture between Orion Residential LLC and investment manager Prospect Ridge has placed on the market a Chicago-area workforce-housing portfolio totaling 1,717 units, Green Street's Real Estate Alert reported. The portfolio is estimated to be worth $362 million.

* Tides Equities LLC paid over $165 million to purchase a multifamily portfolio consisting of three properties in Dallas from Pennybacker Capital and private equity firm Strategic Property Investments, The Real Deal reported.

➤ Construction costs to remain volatile beyond 2023 – Alexandria exec

Construction costs for life sciences-related real estate projects will remain volatile beyond 2023, reversing prior expectations that prices would normalize in the near term, an Alexandria Real Estate Equities executive said.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

OFFICE

* A fund controlled by New York-based DRA Advisors LLC and Pillar Commercial Inc. acquired 823 Congress, a 190,254-square-foot office and retail property in downtown Austin, Texas.

* Delta Air Lines Inc. signed a lease for less than 80,000 square feet at the 8400 Tower in Normandale Lake Office Park in Bloomington, Minn., the Minneapolis/St. Paul Business Journal reported, citing an office leasing report from JLL. The 18-story tower offers more than 413,000 square feet of rentable space, the report noted.

* Cryptocurrency company OKCoin USA Inc. leased 35,000 square feet in an office tower at 160 W. Santa Clara St. in San Jose, Calif., The Mercury News reported, citing multiple sources with direct knowledge of the deal.

RETAIL

* Time Equities Inc. paid $44 million to purchase the 164,664-square-foot grocery-anchored Midtown Mall and the vacant warehouse building at 5900 Old Seward Highway in Anchorage, Alaska, from Seritage Growth Properties, REBusinessOnline reported.

RESIDENTIAL

* Pacific6 Enterprises LLC obtained a nearly $55 million financing from X-Caliber Funding LLC and CastleGreen Finance for the renovation and adaptive reuse of Ocean Center Luxury Apartments in Long Beach, Calif.

* Rental Asset Management LLC., through an affiliate, bought the 13-story First & Sixth apartment building at 35 SW 6th Ave. in the Little Havana neighborhood of Miami, The Real Deal reported, citing records. Eastern Atlantic Cos. sold the property for $30.1 million, the report added.

INDUSTRIAL

* Clarion Partners acquired Intermodal Commerce Park, a 1.4 million-square-foot three-building industrial park at 206, 230, 280 S Intermodal Parkway in Haslet, Texas, the Dallas Business Journal reported. The sellers were a partnership between Gruene Real Estate Partners, Weber & Co. and the industrial team of Crow Holdings Development, the report said.

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