The $30 million renovation of 120 Montgomery St. has been completed and the structure has officially been renamed 100 Montgomery, according to the Hines and the New York based Sterling American Property Inc., joint owners of the property.
Renovation strategies need to be readjusted in a recessionary environment. Apartment owners may not get a return on their rehab investment as market rents can stagnate or decline down the road.
New York—The apartment investment sales market since the financial crisis occurred in mid-September has frozen as apartment buyers and sellers face deep uncertainty over the future of the nation's—indeed, the global—economic condition.
Sterling American Property and Timberland Partners have acquired the Hunt Club, a 440-unit apartment complex in Ypsilanti, Mich. The seller was Apartment Investment and Management Company.
Ypsilanti, Mich.--Sterling American Property Inc., in a joint venture with Timberland Partners, has purchased the Hunt Club (pictured), a 440-unit rental apartment complex located in Ypsilanti, Mich., for over $20 million.
YPSILANTI, MI-A joint venture of New York City-based Sterling American Property and Minneapolis-based Timberland Partners have purchased the 440-unit Hunt Club apartment complex here for more than $20 million.
A New York investment firm and a Minnesota property manager are taking over ownership and management of a 440-unit rental apartment complex in Ypsilanti, the companies announced Tuesday.
A real estate investment company bought the 440-unit Hunt Club apartment complex in Pittsfield Township and plans to spend $3 million upgrading the property.
TAMPA, FL-Sterling American Property Inc. caught the local commercial real estate market by surprise when it purchased Park Tower, the city’s oldest skyscraper, for $50 million in January 2006.
Sterling American Property Inc., in a JV with The Collier Cos., has purchased the St. Croix Apartments, a 540-unit, gated, resort-style apartment community in Tampa, for just north of $38 million.
TAMPA - Sterling American Property Inc., in a joint venture with The Collier Companies, has acquired St. Croix Apartments, a 540-unit, resort-style apartment complex.
Sterling American Property Inc. and Collier Companies have purchased the St. Croix Apartments on Bruce B. Downs Boulevard in Tampa for $38.4 million, or $71,000 per unit.
The joint venture of Sterling American Property and Thompson Michie Communities has acquired Deer Valley Village in Phoenix from SCI Real Estate Investments for $85.2 million.
Sterling American Property Inc. has walked away with the 832-unit Deer Valley Villages, paying $85.2 million to SCI Real Estate Investments and beating eight offers to win the deal.
SCI Real Estate Investments has sold Deer Valley Village, a 832-unit, gated, garden-style apartment complex in Phoenix, to Sterling American Property Inc.
COLUMBIA, S.C. — Salt Lake City, Utah-based Cottonwood Realty has acquired Arbors at Windsor Lake, a 228-unit apartment complex in Columbia, from New York-based Sterling American Property for an undisclosed price.
ATLANTA, AUSTELL AND DECATUR, GA. — New York-based GEI Capital Resources has acquired three multifamily properties, totaling 994 units, in Georgia from New York-based Sterling American Property.
GFI Capital Resources Group has paid $27 million for three apartment properties in the Atlanta area with 994 units.
The New York company purchased the properties from Sterling American Property, which has owned them for roughly 10 years through its second investment vehicle.
SAN RAFAEL, CA-San Rafael Corporate Center, a two-building, 157,723-sf office property here with the potential for an additional 230,000 sf of development, has changed hands for $90.2 million.
FOSTER CITY, CA - Tenants continue to flow back into Parkside Towers, a 400,000-sf, two tower office development here that was 85% vacant less than a year ago.
SAN FRANCISCO-Foundry Square II, the 504,000-sf, 10-story building at 405 Howard St. in San Francisco’s South Financial District has changed hands for $247 million or $490 per sf.
CORONA AND RIVERSIDE, CALIF. — Sterling American Property has partnered with Westdale Asset Management to acquire two apartment buildings totaling 924 units in Riverside County, Calif., a suburb of Los Angeles, for $156 million.
Los Angeles - A joint venture partnership between Sterling American Property Inc. and Westdale Asset Management have acquired two apartment buildings in the Los Angeles suburb of Riverside County for a total cost of $156 million.
A venture between Sterling American Property Inc. and Westdale Asset Management has paid $156 million for two suburban Los Angeles apartment buildings totaling 924 units.
RIVERSIDE COUNTY, CA - Sterling American Property Inc. of Great Neck, NY has acquired two apartment complexes totaling 924 units for $156 million in a joint venture with Dallas-based Westdale Asset Management.
SACRAMENTO, CALIF. — The joint venture of Sterling American Property and Hines has acquired 300 Capitol Mall in Sacramento from INVESCO for $130 million.
SACRAMENTO, CA - Sterling American Property Inc. and Hines have jointly acquired 300 Capitol Mall from an affiliate of HVB Capital Markets for $130 million or $339 per sf.
A venture between Sterling American Property Inc. and Hines has paid $130 million for 300 Capitol Mall, a 383,238-square-foot office building in Sacramento, Calif.
Making its second Northern California office acquisition this month, the partnership between Sterling America Property Inc. and Hines has purchased the 18-story, 383,000-square-foot Sacramento building known as 300 Capitol Mall.
A partnership between Sterling American Property and Hines has closed on the acquisition of 333 Bush Street in San Francisco, a 542,743-square-foot office building in the financial district.
SAN FRANCISCO-For $281 million, Sterling American Property has acquired 333 Bush St. The 43-story, 542,743-sf class A office property is located in the heart of the Financial District.
A joint venture between Sterling American Property Inc. and Hines has acquired 333 Bush Street in San Francisco, a 43-story, 543,000-square-foot Class A office tower.
A partnership between Sterling American Property and Lincoln Property has paid $64.1 million for Paradise Valley Office Park, a 268,598-square-foot office in Phoenix.
PHOENIX — Sterling American Property and Lincoln Property Company have continued its joint venture by acquiring Paradise Village Office Park, a 268,598-square-foot office property located at 11811 N.
A joint venture backed by Sterling Equities’ fifth value-added fund paid $64 million for Paradise Village Office Park, a 269,000- sf office building at 11811 North Tatum Boulevard in Phoenix.
PARADISE VALLEY, AZ-In their first joint venture acquisition in the metro, Sterling American Property Inc. and Lincoln Property Co. have snagged the 268,598-sf Paradise Village Office Park of Paradise Valley.
Sterling American Property Inc. has teamed with Lincoln Property Co. on the $64.1 million purchase of Paradise Village Office Park, a 268,598-square-foot complex in Phoenix.
NAPERVILLE, IL- A joint venture between Sterling American Property Inc., based in Great Neck, NY, and BH Equities, based in Des Moines, have purchased Brookdale Village at 1652 Brookdale Rd.
APRIL 06, 2007 -- Naperville, Ill. -- In its second suburban Chicago transaction in four months, a joint venture between New York-based Sterling American Property Inc.
By John Covaleski, Commercial Real Estate Direct Staff Writer
Sterling American Property Inc. has raised $600 million of equity for its latest opportunistic investment fund. With leverage, the Sterling American Property V, or SAP V, fund will have an investment capacity of up to $2.5 billion.
The fund is targeting primarily office and residential property investments in joint ventures with local partners in major and secondary markets.
Sterling Raises Fifth Fund Sterling Equities has raised $600 million of equity for its fifth value-added vehicle, well above the original $450 million goal.
Sterling Closes Fund V, Investment Period of Fund IV
NEW YORK CITY- Sterling American Property Inc., an affiliate of American Securities LP and Sterling Equities LP, closed SAP V, the fifth discretionary real estate fund, after raising about $610 million.
111 Great Neck Road, Suite 408, Great Neck, NY 11021 TEL: 516.773.3800 FAX: 516.773.3849
75 ROCKEFELLER PLAZA, 29TH FLOOR, NEW YORK, NY 10019 TEL: 212.485.4400 FAX: 212.485.4341
