Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Error
  • JUser: :_load: Unable to load user with ID: 65
Wednesday, 24 June 2009

Akridge Forms Venture to Buy Apartments

Written by 
Rate this item
(0 votes)

Akridge, a Washington developer of office and mixed-use properties, has formed a venture with former principals of JPI to pursue investments in apartment properties in the Mid-Atlantic and Northeast regions.

The venture, Jefferson Apartment Group, is led by Jim Butz, who had been the president of JPI's Eastern operations. JPI is based in Irving, Texas, and is not involved in the Jefferson Apartment venture. Another former JPI East executive, Greg Lamb, was named executive vice president and principal of the venture, which is headquartered in Tysons Corner, Va.

While at JPI East, the two were responsible for acquiring, developing or managing more than 15,000 apartment units valued at some $3 billion in 15 cities. At Jefferson Apartment, they'll focus on acquiring and developing properties in areas with high barriers to entry. They'll also provide construction and property-management services.

For Akridge, the venture allows it to diversify from its core office and industrial sectors. "It has been one of our goals to have a more significant presence in the multifamily sector," said Matthew J. Klein, president of the company.

Comments? E-mail Orest Mandzy or call him at (267) 247-0112, Ext. 211.



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Joint ventures (JV), Property Acquisitions (ACQ)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
Read 492 times

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage