Month: April 2021

Black Equities Group’s Stanley Black and Equity Residential’s Mark J. Parrell. (Apartments.com, Getty, Equity Residential) Equity Residential, among the largest apartment owners in the U.S., sold a 70-unit complex in Santa Monica. Stanley Black’s Black Equities Group paid $39.5 million for Citrus Suites Apartments at 1915 Ocean Way, according to Commercial Observer. The deal, first…

Councilman John Lee and 10243 N. Topanga Canyon Boulevard (Facebook/CouncilmemberJohnLee, Google Maps) A 55-unit Chatsworth housing project for homeless military veterans isn’t too popular with the local councilman and from neighbors, who are criticizing its price tag and oppose its proximity to an elementary school. Los Angeles City Councilman John Lee introduced a motion to…

Eddie Irvine with 424 Rivo Alto Drive, Miami Beach and Johnny Gray with 176 Spyglass Lane, Jupiter (Getty, Google Maps) “South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Miami…start your engines! The region’s hopes for post-pandemic momentum was super-fueled by Formula One’s recent…

Nile Niami and his Bel Air spec home (Getty Images, Juwan Li and Marc Angeles/Compass) You could say embattled spec developer Nile Niami needed a win, and he appears to have gotten two this week. Niami sold a Bel Air megamansion at 627 Carcassonne Road for $36 million, a few days after he unloaded the…

(Getty images) While businesses have been suing their insurers, commercial landlords have also been filing claims against tenants that have skipped rent, citing similar coronavirus losses. While no database tracks these cases, several recent rulings have gone against tenants. Movie theaters — one of the sectors the pandemic has pushed to the brink — have…

Relevant Group’s Grant King and Richard Heyman with the Thompson and Tommie hotels (Relevant Group) Facing cost overruns and pandemic-related construction delays, Relevant Group’s dream of building a boutique hotel empire in a two-block radius in Hollywood was turning into a nightmare. A $136 million construction loan was coming due on two hotel projects, and contractors…

Sonder co-founder Francis Davidson (Sonder, iStock) The SPAC attack is back for a San Francisco-based hospitality startup. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million…

Joseph Chetrit, Jordan Slone (Getty, NADLAN) UPDATED, 8 p.m., April 29: In one of the largest multifamily transactions of the year, the Chetrit Group sold a nearly 5,500-unit multifamily portfolio to Harbor Group International for $390 million, The Real Deal has learned. The apartments are in 56 communities across Florida, Indiana, Kentucky, Ohio and Pennsylvania.…

Developer Avra Jain is “not afraid to go west.” The Vagabond Group founder spoke with The Real Deal’s Amir Korangy on the latest episode of Coffee Talk, sharing insights about what it means to be a developer and what’s next for Miami’s hottest neighborhoods. An early investor in now-trendy Wynwood, Jain is out amidst a…

Robert Reffkin and Raleigh, North Carolina (Getty, iStock) Post-IPO, Compass is back to business as usual when it comes to expansions and acquisitions. The brokerage announced Thursday that it has opened a new office in Raleigh, North Carolina. This is Compass’ third push into a new market since going public earlier this month, following its…