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Denver apartment asset sells for $138M; Swiss buyer in $148M deal in Calif.

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Denver apartment asset sells for $138M; Swiss buyer in $148M deal in Calif.

Commercial real estate

* An entity with the same registered address as Equity Residential acquired the 25-story Skyhouse Denver apartment building in downtown Denver for $138.4 million, the Denver Business Journal reported, citing Denver County public records. According to the report, the buyer is EQR 1776 Broadway LLC.

The property features 354 units and was sold by Skyhouse Denver LLC, registered to the same address as Simpson Property Group.

Equity Residential recently bought the Alexan Uptown apartment complex in Denver for $134.9 million in a move that is part of the company's plan to re-enter the Denver market. That property is less than half a mile from Skyhouse Denver, the publication added.

* Swift Real Estate Partners sold its two remaining buildings in the Swift Plaza in Concord, Calif., to Swiss private equity firm Partners Group for $148 million in an off-market deal, the San Francisco Business Times reported, citing a source with knowledge of the deal. The buildings, located at 1655 Grant St. and 1755 Grant St., total 480,000 square feet and were fully leased at the time of the sale.

The properties form part of a 1.1 million-square-foot, four-building campus that Swift acquired for $88 million in 2011 before spending millions on upgrades. It sold the first two buildings for $94 million in 2012, according to the report.

* Kushner Cos., RFR Holding and LIVWRK received a $480 million loan to refinance the Dumbo Heights office complex in Brooklyn, N.Y., The Real Deal reported, citing unnamed sources. The loan is provided by Citi Real Estate Finance, replacing a $425 million loan issued by the bank in 2017, according to the report.

The sources told the publication that the owners were eligible for a larger loan after reaching leasing targets for the property.

* Taconic Investment Partners and Clarion Partners received a $115 million mortgage for the Eastchester Heights apartment complex spanning five city blocks in the Bronx, N.Y., The Real Deal reported. The mortgage from Capital One replaces a $110 million mortgage from 2016. The properties total 1,416 apartments, the publication added, citing city data.

* The Miami Urban Design Review Board has approved Russian billionaire Vladislav Doronin's planned 48-story, 137-unit luxury condominium tower on the waterfront in Miami's Brickell neighborhood, The Real Deal reported.

Lennar Corp. unit Lennar Multifamily Communities also secured approval from the review board for its Wynwood Green apartment project in the city's Wynwood district, according to the report. The 11-story project will have 189 rental units, along with commercial space and 324 parking spaces.

* According to the recently released Downtown Seattle Association mid-year update, downtown Seattle saw a 27% year-over-year increase in the value of current construction as of June, with projects totaling $5.6 billion. The downtown area has 224 projects in the pipeline, which is almost the same number of projects completed in the previous eight years.

* Fowler Property Acquisitions sold two apartment properties in suburban Seattle for a combined $103.5 million, with the sale price reflecting a 66% gain from when the properties previously sold in 2016, the Puget Sound Business Journal reported. The properties are the 543-unit Alturas in Burien and the 144-unit James in Lakewood.

The assets were sold to limited liability companies affiliated with Bel Canto Asset Growth Fund.

* Microsoft Corp. is planning to develop three data centers in the Texas Research Park in Medina County, Texas, in a $62 million project, the San Antonio Business Journal reported, citing state records. Construction is expected to commence in October and complete in August 2019, with each data center to span roughly 225,000 square feet.

* McCraney Property Co. formed a partnership with Tavistock Development Co. to develop 1.26 million square feet of industrial space at Infinity Park in Orlando, Fla., The Real Deal reported. Work on the speculative light-distribution and logistics space is slated to commence by the end of 2018.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was down 1.33% to 26,613.42. The Nikkei 225 rose 0.30% to 22,373.09.

In Europe as of midday, the FTSE 100 was up 0.36% to 7,304.01, and the Euronext 100 was up 0.48% to 1,034.28.

On the macro front

The consumer credit report and the TD Ameritrade Investor Movement Index are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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