Kilroy Realty Corporation announced today that the U.S. Environmental Protection Agency (EPA) has for the seventh year in a row recognized KRC as an ENERGY STAR Partner of the Year. In addition, the EPA has also recognized KRC for the fifth time with its Sustained Excellence designation.
EPA’s annual ENERGY STAR Awards honor organizations that have made outstanding contributions to protecting the environment through superior energy efficiency. Since 1992, ENERGY STAR and its partners have saved over four trillion kWh of electricity, while achieving broad emission reductions, and in 2018 alone helped Americans avoid over $3.5 billion in energy costs.
Grand Hotel in Minneapolis Sold by Pebblebrook Hotel Trust at a Loss
Yesterday I received the following press release entitled “Pebblebrook Hotel Trust Completes Sale of the Grand Hotel Minneapolis”. But curiously, the release does not mention who purchased the property – or what brokers were involved. It’ also interesting that the hotel’s website appears to be offline …
According to a post at SanDiegoRealEstate.re, Del Mar – based Cazador Investments, LLC has closed on five separate acquisitions across San Diego County in the last nine months, totaling 44 multifamily units and 4 commercial spaces in several desirable submarkets. Hunter Beaumont, President of Cazador, comments, “These acquisitions were each situational opportunities where we could get into strong value-add candidates in attractive areas and at a great basis. Discount to replacement cost is one of our most important metrics, and these assets were all acquired at a substantial discount to what it would cost to build them today.”
Virtua High Growth Fund (VHGF) has completed the sale of its interest in Patchen Oaks Apartments, a 192 unit apartment complex located in Lexington, Kentucky.
In March 2016, VHGF purchased a minority interest in the Patchen Oaks property based on an equity valuation of $1,066,428. The apartment project was sold on April 20th with net proceeds of $4,812,188, which represents a fund level return of 317% IRR, or approximately 4.5X multiple.
“This is a strong return for our investors, even after adjusting for risk,” commented Virtua principal Quinn Palomino. “The Patchen Oaks investment is part of our high growth series of funds and syndications, which are designed to produce capital gains for our investors.”Read More
MG Properties Group, a private San Diego-based real estate investor and operator, recently announced the acquisition of the Santa Rosa Apartments in Wildomar, California.
Built in 2008, Santa Rosa offers 320 luxury apartment homes in a desirable low density two-story walk-up design. Santa Rosa is adjacent to the Inland Valley Medical Center, Kaiser Permanente, and Southern California Edison’s regional service center, and is close to shopping, Interstates 15 and 215, and a future 80-acre community college campus. The property offers an optimal mix of large one-, two- and three-bedroom floorplans that average approximately 1,000 square feet of living space and feature a garage for each apartment home. MG Properties Group plans to perform modest interior renovations and to refresh the property’s common areas. Read More