Washington Property Company (WPC) of Bethesda, MD has sold a 13.54 acre parcel of land in Loudoun County, VA to Pulte Homes for $11.5 million. WPC successfully rezoned the land from commercial to residential use, and Pulte intends to build 95 town homes on the site.
Urban Investment Partners (UIP) and Criterion Holdings have acquired two Maryland apartment communities with a total of 385 units – Laurel Pines in Laurel and Country Club in Glen Burnie – for $39,340,000. An affiliate of New York City-based Starr International Company provided equity and is a limited partner in the new ownership group. The seller, represented by CBRE Mid-Atlantic Multifamily Investment Sales Team, was a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings.
Philadelphia-based Lubert-Adler Partners sold Tiburon, a 320-unit Class A apartment community in Houston, TX, to a private individual. Built in 2008, Tiburon is located just off Beltway 8, less than 2 miles from Highway 290, and three miles from State Highway 249 at 8989 West Road. The Highway 290 corridor, including the Sam Houston Tollway, is a major industrial employment base with employers that include Enterprise Products, Halliburton, Exxon, Toyota, Siemens, FedEx, and others. Houston is expected to experience the highest growth in new households of any major US city between 2014 and 2017.
Less than two years after acquiring a 23-story office building at 200 West Monroe Street in Chicago for $75 million, a joint venture of Philadelphia-based Lubert-Adler and The Farbman Group has sold the asset for $100 million.