Lubert-Adler of Philadelphia, PA has sold two hotels comprising 647 keys to New York City-based Carey Watermark Investors for a total of $156.6 million. The most recent sale, which closed August 13, was the 400-room Marriott Raleigh (NC) City Center, which was sold for $83 million. The 248-key Hutton hotel in Nashville, TN sold earlier this summer for $74.3 million, setting a record sale price of roughly $300,000 per key for the Nashville hotel market.
– With the $78 million acquisition of Hunting Point, a 530-unit apartment complex on Potomac River in Alexandria, VA, Lubert-Adler of Philadelphia, PA has amassed a multifamily portfolio valued at approximately $2 billion for its domestic institutional investors.
Real Estate Capital Partners (RECAP) of New York City has formed a joint venture with Vedura Residential of Scottsdale to develop Elevation Chandler, a 163-unit luxury apartment community located in Chandler, AZ.
A new real estate investment fund targeting development projects in the Washington-Baltimore region has initially raised $35 million from institutional investors. Sponsored by Regional Real Estate Investment Corporation (RREIC) of Plymouth Meeting, PA and New York City-based Real Estate Capital Partners (RECP), Develop-DC, L.P. will provide equity or mezzanine loans to leading local and national […]