Tag Archives: apartment

Smash Hit Deal Offers Brookfield Stake in $1.9 Billion Apartment Or Condo Portfolio

Funding Deal Recaps a Carmel Partners’ Seven-Property Portfolio from Hawaii to New York

Image of 801 S. Olive St. in downtown Los Angeles.

In what is likely to be one of the largest multifamily deals of the year, a system of Brookfield Possession Management has actually obtained a 49 percent stake in a nationwide portfolio of apartment buildings owned by Carmel Partners for $914 million, which values the complete portfolio at $1.865 billion.

The offer, which closed last month, is a recapitalization of a Carmel Partners’ portfolio that consists of 3,864-units in seven high-end multifamily residential or commercial properties in California, Hawaii and New York City.

The acquisition was made as part of Brookfield’s U.S. core-plus technique that targets top quality homes in prominent markets throughout the country. The fund support that financial investment method introduced in December 2016.

“A number of these markets are markets where Brookfield has a significant operating service already,” said Matthew Cherry, senior vice president of investor relations and communications at Brookfield Home Group. “We have been growing in city multifamily in the past two to three years and this was an unique opportunity to release capital in that method” to obtain more assets in that arena.

Carmel Partners will maintain bulk control of the homes but the offer provides Toronto-based real estate financial investment firm Brookfield a sizable ownership position. The firms will run the properties in a joint-venture collaboration, Cherry stated.

Carmel had been marketing the portfolio stake through Eastdil Guaranteed.

Stephen Basham, senior market analyst at CoStar Group Inc., which publishes CoStar News, said the offer certainly counts as a smash hit.

“It’s an enormous offer, both in terms of dollar volume and the profile of the communities included,” Basham stated. “For perspective on the size of the deal, there are just 18 markets, from the 300-plus we track, where more than $2 billion in home sales were taped over the previous year. By itself, this trade will account for more [sales] volume than a great deal of whole cities will tape in a year.”

Four of the 7 high-end apartment or condo properties are located in Los Angeles.

The last comparable mega-deal like this in L.A. was finished by House Financial investment and Management Co. in the Mid-Wilshire location in 2015 when the Denver-based firm bought a 47 percent interest in a 1,400-unit, three-multifamily property portfolio, including the 521-unit Palazzo at Park La Brea, owned by J.P. Morgan Asset management for $451 million.

Each of the Carmel Partners residential or commercial properties in the bigger single deal, which was formerly reported by Real Offer, was ascribed a particular cost.

The residential or commercial properties associated with the new joint venture with Brookfield include:

Downtown Los Angeles’ Eighth and Grand, a three-year-old, 700-unit apartment complex at 770 S. Grand Ave. that is well-known for its Whole Foods on the ground floor, which was allocated a list price of $374 million
Atlier, a 363-unit apartment built last year at 801 S. Olive St. in downtown L.A.’s South Park location, designated for $280 million
Adler, a 338-unit complex at 19401 Parthenia St. in the Los Angeles neighborhood of Northridge built in 2016, assigned for $113 million
Altana Apartments, a 507-unit apartment 540 N. Central Ave., constructed in 2015 in the Los Angeles city of Glendale, allocated for $256 million
Vintage, which was built in 2015 and consists of 345 systems, in Pleasanton, California for $187 million
A beachfront 1,457-unit residential or commercial property in the Ewa Beach area of Oahu, Hawaii at 5100 Iroquois called Kapilina, designated for $540 million. Built in 1967 and refurbished in 2003, the property covers 1.77 million square feet.
A 32-story, 157-unit tower built in 2001 at 15 Cliff St. in New York City’s Financial District, assigned for $115 million

The portfolio of properties boast high-occupancy and the majority of the buildings have some of the greatest quality finishes and features in their markets. The portfolio’s systems in downtown Los Angeles are amongst the most leading of any built in the marketplace throughout this last cycle, Basham added.

That definitely was an engaging part of the deal for Brookfield.

“From an investment perspective, it was unique chance to invest in a high-quality multifamily portfolio at a discount-to-replacement expense, which is always an appealing target within our financial investment technique,” stated Cherry. “We do see significant growth in the assets over the next 5 years through continued lease up of the portfolio.”

Carmel Partners declined to discuss the offer.

Atlanta'' s Apartment Boom Lastly Reaches Downtown with New Peachtree Center Tower

Downtown Atlanta no longer should watch from the sidelines as developers race to construct high-rise housing in Midtown and Buckhead. Miami’s Banyan Street Capital and Greystar are seeing to that with strategies to develop a $120 million house tower atop a Peachtree Center parking deck.

While plans for the apartment or condo tower at 161 Peachtree Center Ave. were very first gone over about a year earlier, this time, the designers have actually lined up financing. On Thursday, the board of Invest Atlanta – the city’s advancement authority – is anticipated to approve a lease-purchase bond of as much as $120 million to fund the advancement of the 28-story, 345-unit house tower on top of the existing nine-story parking deck.

The 161 Peachtree Center Opportunity Apartments job would add the first large-scale domestic units to Peachtree Center, the landmark job by the late Atlanta architect/developer John Portman. It likewise would include the first brand-new labor force housing to downtown’s domestic stock in 15 years, according to Invest Atlanta. Twenty percent of the project’s apartments – an overall of 70 units – will be reserved for households making 80 percent or below of the location typical income.

Throughout the multifamily boom, designers have actually erected or are constructing several house high-rises in Midtown and Buckhead, however have for one of the most part, downtown Atlanta has actually largely been passed over. The largest multifamily advancement underway downtown is MAA’s Post Centennial Park mid-rise neighborhood under way near Allen Plaza.

However downtown Atlanta’s time may have come. Major mixed-use developers, consisting of Newport United States RE and Los Angeles-based CIM Group, have prepare for huge advancements in the submarket. CIM’s strategies at the Gulch include 1,000 homes, however the developer has not yet begun building and construction.

The apartment tower at 161 Peachtree Center Ave. “straight supports the vision articulated in the Eastside [Tax Allowance District] Redevelopment Strategy by guaranteeing that the city of Atlanta ‘continues its century-old role as the dominant business, retail, residential and tourist center of the city area,'” Invest Atlanta mentioned in a truth sheet about the task.

Additionally, Invest Atlanta said, 161 Peachtree Center Avenue Apartments will create an overall economic effect of $165.4 million and develop 150 momentary building jobs and 12 new permanent jobs.

If Invest Atlanta authorizes the earnings bond resolution as expected, Banyan and Greystar would start building and construction this fall. The first citizens would move in by June 2019, and the community is expected to reach a supported occupancy level in June 2020, according to Invest Atlanta.

Church Apartment Conversions: A Bizarre Boston Phenomenon

Throughout the Metro, More Than 25 Previous Churches are Now The Home Of 600 Residential Systems


The conversion of the Holy Trinity German Catholic Church

into the Lucas condominiums In an effort to tap into Boston’s white-hot property market, a handful of bold developers have actually relied on an unconventional method: converting uninhabited church buildings.

Boston’s property market is on fire. Costly land for single-family house building, combined with bad apartment development, has actually triggered prices to skyrocket. Residences now cost near $500,000 typically, which is 80 percent more than the national average. Such tight market conditions have forced designers to become imaginative to bring brand-new inventory to market.

Churches might appear to be the last location designers would aim to develop brand-new condominiums. A lot of churches in Boston are well over 100 years old and typically weren’t built to bring in ideal light for property uses. Additionally, churches include deep emotional and historic value and repurposing makes sure to enrage more than a couple of regional citizens.

Still, there are reasons why this phenomenon is taking place. Church membership is way down, especially near the metropolitan core. Areas that were when home to working-class families that filled those pews have actually transformed. Locations such as the South End and South Boston are now primarily the home of well-paid and less-religious millennials, sapping churches of essential revenue.

Area of church to residential conversions, before and after 2010

Another reason is that residential or commercial property is frequently the most important possession spiritual institutions own. When times end up being tough, an underutilized church can be offered to bring quick cash. Long time locals are beginning to begrudgingly accept the conversion of these buildings over the alternative of tearing the structures down.

While much of the church-to-residential conversions were accomplished years back, several have finished up this cycle. The 139-year old St. Augustine Church in South Boston shuttered in 2004 and, regardless of resident concerns, by 2015 was changed into 29 high-end condominiums. New Boston Ventures just recently finished up operate in 2017 on the Lucas, a 33-unit apartment building constructed inside the previous Holy Trinity German Catholic. Developers reclad the sanctuary of this 1863 vintage church in glass, and now have the ability to command asking rates as high as $3.5 million for a three-bedroom system.

A number of more church conversions are in the pipeline consisting of the shuttered Church of the Spotless Conception in the South End and the Church of St. John the Evangelist in Beacon Hill.Don’t anticipate this pattern to continue to landmark cathedrals, however. Those cost redevelopment are normally smaller, secondary churches that do not attract adequate attention for preservation by other non-profits. Still, as long as Boston’s residential market stays hot, and church membership continues to fall, it would not be surprising if more churches give way for new homes.

Demographic and Generational Shifts Seen as Key Supply-and-Demand Drivers for Apartment Or Condo Operators

The decision by young people to delay marriage and having children is among a number of demographic factors keeping multifamily supply tight.

Considering them nearly as important as development restrictions and increasing costs, professionals at the National House Association’s Apartmentalize conference in San Diego pointed to demographic and generational shifts as crucial supply-and-demand chauffeurs in the U.S. multifamily market.

Those factors play significant functions in when consumers decide to rent, the length of time they stay in their homes, and when – or if – they eventually leave apartment life to buy houses of their own. They also impact how house operators bring in and keep renters, and what kinds of on-site amenities and services they should provide.

Among the aspects keeping multifamily supply tight is that customers are significantly putting off when they marry and have kids, generally when households decide to make a home purchase. Slower household development keeps more individuals in the rental pool, constraining supply and raising prices in the majority of major markets.

“This isn’t really simply millennials – this has actually been going on for years,” said Caitlin Walter, senior research study director for the Washington, D.C-based National Multifamily Real Estate Council, during a conference session on supply restrictions.

She indicated U.S. Census data showing that the typical age of very first marriage for men rose from 25 to 29 between 1980 and 2015, with the marital relationship age for women going from 22 to 27. The typical age at which couples had their very first child went from 21.4 in 1970 to 26.3 in 2015.

Experts kept in mind those millennials and younger Generation Z equivalents are in numerous cases simply entering into the apartment market after years of extended post-college stays with their parents, caused by aspects consisting of high trainee financial obligation and other remaining job-market fallouts from the Great Economic crisis.

At the same time, apartment or condo operators are also fielding development in the arrival of Child Boomers, the oldest of them now in their 70s, who are downsizing and vacating homes and condominiums and into smaller sized rentals.

Christina Sullivan, primary running officer of Atlanta-based operator and designer Gables Residential, said generational preferences and distinctions are significantly shown in its properties’ offerings. The days of using check-box lists of standard features to every cohort are clearly over.

Younger occupants usually require less area and fewer high-service amenities, while generally being more worried about cultural and sustainability concerns.

One caveat, she kept in mind, is that while home investors often put a high concern on sustainable components, there’s little proof that any age group is willing to pay greater leas for them.

Older citizens gravitate more to homes using on-site services with in-person attendants. And while older empty-nesters might be scaling down their costs and home maintenance duties in retirement, that does not imply they’ve cast off their belongings or their have to entertain friends in the home, implying the Boomers will choose more space within the rental unit.

“Someone in their 50s has a lot more things than somebody who’s 25 years old,” Sullivan said. “They may want to be in the very same area and remain in proximity to night life and restaurants and shops, but if you’re 55 years of ages you’re probably not living in a 900-square-foot apartment.”

In another Apartmentalize session that discussed generational distinctions, panelists kept in mind that, while Boomers are not averse to using innovation, more youthful customers were born using online and mobile apps and in truth do not mind managing organisation matters with little or no human contact.

Judy Bellack, founder and president of Florida-based consulting company Judith Lawrence Associates, stated apartment or condo operators are utilizing online “chatbots” and associated artificial intelligence tools to engage with consumers of any ages, with more youthful ones the most comfortable with the technologies.This is necessary in
a U.S. market where millennials and their younger Generation Z mates now comprise over half of the country’s tenants.

Customer care chatbots are accessible 24-hour online and mobile access, beyond regular home workplace organisation hours, and are able to respond to concerns and supply quick responses to prospective renters, Bellack stated.

Those attitudes will impact how operators deploy other engagement innovations that permit them to offer virtual house tours, procedure leases, examine schedule and prices, and post pictures and floor plans. That in turn will impact how operators staff their homes and exactly what skills new workers must have.

In its own 2017 real estate report, Zillow Group kept in mind that Generation Z (age 18-22) and millennials (23-37) normally rely more on online resources to assist discover leasings and make area decisions. Gen Z is especially choosy about the kind of energies that remain in their units – for example, gas or electrical – and are likewise most likely to require or prefer that a rental comes unfurnished – an indication that they have yet to accumulate the furnishings essential to fill a house.

Younger customers are normally more thinking about apartment living than older friends, though over half still desire to ultimately own a home.

Those younger tenants will have an increasing effect in coming years. In its recent multifamily investment outlook, Marcus & & Millichap noted those 80 million millennials are now pressing into their late 20s and “may be revealing independence.”

Last year saw a reversal of a pattern that had existed given that the recession, where the portion of young people dealing with their parents had actually been increasing considerably on an annual basis.

“Ought to the share of young people living with household recede towards the long-term average, an extra 3 million young adults would need real estate,” the Marcus report stated.

At the other end of the age spectrum, speaking with company PwC recently reported survey outcomes indicating senior homes continue to gather growing attention from investors and designers.

This is the outcome of “luring demographics,” as the youngest boomers reach 80 in 2026 and seek out brand-new housing choices. Starting in 2017 and accelerating a minimum of through 2025, PwC expects upward demand patterns as the section of those age 82 to 86 – the dominant chauffeur for assisted living and independent living systems – is set to grow 29 percent, to 6.6 million.

At the Apartmentalize session on supply restraints, Norman Miller, teacher of real estate finance at University of San Diego, stated other group elements to enjoy in coming years consist of anticipated annual increases in net migration into the U.S., which has actually recently dipped however is anticipated to overtake growth rates in the non-immigrant population by 2030.

Likewise, U.S. home ownership rates reveal no signs of reversing a long time decline, with costs increasing and the total supply of moderate-priced real estate not satisfying need.

“The own a home rate is not going to increase, it’s going to decrease over the next few years, which puts much more pressure on rental housing units,” Miller said.

2 males shot dead within a day at exact same North Las Vegas apartment

(FIle/FOX5)
( FIle/FOX5)( FIle/FOX5). NORTH LAS VEGAS, NV( FOX5) -. 2 guys were shot dead and two others were injured within simply over a day on the same block in North Las Vegas.

Officers reacted to the scene on the 2500 block of Ellis Street, about 5:10 a.m. on Friday, where North Las Vegas police said a man was eliminated and two others, including a 13-year-old kid, were shot.

The apartment complex is near Las Vegas Boulevard North and East Carey Opportunity.

The 33-year-old man passed away was noticable dead at the scene. A 20-year-old guy and the boy suffered non-life threatening injuries, North Las Vegas police said, and were carried to a neighboring healthcare facility.

In a press release, police specified they were investigating another homicide at about 6:50 a.m. Saturday, on the exact same block. A 26-year-old male with an obvious gunshot wound died on the scene, they stated, after being found by a next-door neighbor.

Investigators continue to investigate but believe the murders belong and that the parties are understood to each other.

No suspects had actually been arrested in connection to either shooting, North Las Vegas police said. Authorities also said a motive wasn’t found but preliminary examination revealed the victims and suspect of the preliminary shooting understood each other.

Witnesses said they heard several gunshots coming from inside a back home when the murder occurred. The victims will be determined by the Clark County Coroner’s workplace after near relative have actually been notified.

#BREAKING officers are working a shooting in the 2500 block of Ellis St. A single person is deceased. #NLVPD PIO entoute.– NLVPD (@NLVPD) June 8, 2018 Anyone with information on the case was asked to call NLVPD at 702-633-9111.

Copyright 2018 KVVU( KVVU Broadcasting Corporation). All rights scheduled.

Female found shot to death in apartment or condo in northwest Las Vegas

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180″/ > LAS VEGAS (FOX5)- Las Vegas authorities are investigating a female discovered shot to death in a house Thursday afternoon.

According to authorities, at 1:38 p.m., officers reached a house on the 5800 block of West Lake Mead Boulevard, near North Jones Boulevard, to examine reports of a deceased woman.

Officers discovered a woman who was unresponsive with an obvious gunshot injury and was noticable dead at the scene by medical workers, Las Vegas authorities said.

Las Vegas cops stated no arrests have been made since Friday afternoon.

Anybody with any info about this event is motivated to get in touch with the Las Vegas Metropolitan Cops Department Homicide Section at 702-828-3521. Tips can also be sent out via e-mail to [email protected]

Confidential suggestions can be sent out into Crime Stoppers at 702-385-5555.

Copyright 2018 KVVU( KVVU Broadcasting Corporation). All rights booked.

First Quarter Performance Shows United States Apartment Market Coming Back to Earth

Imagined: Camden North Quarter in Orlando. The 333-unit home sold to Camden Home Rely On February for $80.75 million. Orlando has the highest forecast rent growth in the country, according to CoStar.

The high-flying apartment sector, which led all other property enters the financial recovery and ended up being the beloved of financiers, is returning to earth.

CoStar’s very first quarter multifamily evaluation and forecast predicts apartment or condo leas will still increase however at a much slower rate and, in some markets, occupancy rates for multifamily homes will stall.

One consider the moderating need for homes has been a change in homeownership rates. Throughout the present financial growth, a decline in homeownership led to a growing pool of tenants, even as household development remained strong. But that trends seems to be over now. Homeownership rates, although still traditionally low, are ticking back up, taking numerous thousands of present renters out of the apartment market.

It stays to be seen exactly what result rising rates of interest might have on homeownership rates.

CoStar Group’s very first quarter report information the slowing down fundamentals in what has actually been the star of business real estate. The group’s webinar is offered in the Knowledge Center at www.costar.com.

“The cycle is long in the tooth at this point,” stated John Affleck, research study strategist for homes at CoStar. “And the likelihood of an economic crisis in the next few years is a growing possibility. This cycle has been among the longest in history.”

Should a recession hit, the house market is likely to have a soft landing, inning accordance with CoStar’s analysis. New construction is set to reduce in the next year, and home ownership is unlikely to return to the pre-recession high of 69 percent of homes, leaving a large number of potential renters.

But for multifamily investors and developers, the days of being able to finance most residential or commercial properties at 4 percent or 5 percent yearly rent development are likely over. Nationwide, year-over-year lease development balanced 2.5 percent over the past 12 months ended in March 2018. That development rate might flatten to as little as 1 percent by 2020.

Several significant markets that have actually included thousands of brand-new units, including Dallas, San Francisco, Chicago, Washington DC and New York, all saw year-over-year lease growth of less than 2 percent in first quarter, inning accordance with CoStar research.

And CoStar projections that many big markets will see yearly leas increase little by year-end. San Francisco’s rents are projected to grow approximately just.8 percent by year-end. Chicago (.7 percent); Washington, D.C. (.7 percent); and New York (.7 percent) need to also annual growth of less than 1 percent.

On the other side, Orlando, with a 6.8 percent typical rent increase in the last 12 months, is the leading home market for lease boosts. Las Vegas (5.8 percent); Sacramento (5.5 percent); Jacksonville (4.9 percent) and the Inland Empire (4.8 percent) complete the top-five markets for lease development.

But investors still seem to have faith. Sales of multifamily residential or commercial properties were up 10 percent year-over-year in the first quarter, according Lee Everett, senior managing specialist for CoStar Portfolio Strategy. And looking forward, Everett forecasts that rents for mid-quality 3-Star and labor force real estate properties are expected to increase and a bigger portion than the top-end 4 and 5-Star leasings. That must bring in financier attention.

Greystar Shopping $1.2 Billion Apartment Portfolio Throughout 3 Core Markets

13-Property Assemblage Includes Communities in the Greater Washington, D.C., San Francisco and Los Angeles Markets

Visualized: Ellipse at Fairfax Corner, a 404-unit home in Fairfax, VA that is part of the 13-property portfolio sold by Greystar.Greystar Property Partners is shopping a 13-property apartment portfolio that is expected to command bids of about$1.2 billion. The Charleston, SC-based multifamily giant has employed

Eastdil Secured and Marcus & Millichap’s IPA department to market the 3,374-unit package, which includes residential or commercial properties in Washington, D.C.’s Northern Virginia suburban areas, greater San Francisco and Southern California. Sources stated the portfolio is likely to sell to several buyers as the plan consists of both more recent, core properties and Class B, value-added assets. Five of the properties remain in Northern Virginia, 6 remain in Northern California and 2 are located in

higher Los Angeles. All 3 of those core markets remain active for multifamily financiers despite almost a decade of growth. Meanwhile, a glut of new homes in the higher Washington DC area has actually brought Class B offerings-with

higher advantage through renovations-to the front of many financiers ‘shopping lists there, something the Greystar offering is stated to show. Both San Francisco and Los Angeles are tight rental markets where new construction hasn’t soured the higher-end of the rental market.

The homes available in those markets are Class An offers and priced appropriately, inning accordance with market gamers. IPA is stated to be dealing with the California possessions and Eastdil Protected is marketing the Virginia listings. The particular properties included in the sales offering were

not available. Across the board, the rosy principles the apartment or condo sector has actually enjoyed in the last few years are beginning to dim. Job is up, and rent growth is still favorable however slowing, inning accordance with first quarter information put together by CoStar. In spite of slower lease growth and increased lease incentives, sales of apartment homes are up. Through the first quarter of 2018, apartment sales of residential or commercial properties amounted to$ 35.3 billion, up from$32.9 billion

throughout the very same duration in 2015, according to CoStar details. However while current high levels of new multifamily building and construction and slowing home development might be taking a few of the shine off the rental sector, compared with other industrial realty sectors, apartment or condos remain an excellent bet.

Homeownership is still at historic lows, regardless of an uptick in the last year, and the steady stream of new building and construction dragging down fundamentals will likely relent in the coming 12 to 24 months, according to CoStar experts. Greystar signs up with Starwood Capital Group reported to be in the market planning to take advantage of continued investor demand for multifamily residential or commercial properties. Reports came out this week showing that Starwood has started marketing a 25-property portfolio worth about $1 billion through

HFF and CBRE.

Apartment Or Condo Legend John Williams Dies at 75

Post Characteristic Founder, PAC CEO Transformed Multifamily Industry by Branding Neighborhoods, Introduced “Live, Work, Play” to Industry Vernacular

Pictured: John A. Williams in 2010. Credit: Tony Wilbert.John A. Williams, who established Post Properties at an Atlanta-area IHOP before turning the multifamily market on its head, dropped dead Monday. Williams, 75, established Post in 1971, calling it after the Post

Oak location of Houston. Over the next 3 years, he made a credibility for development while developing homes- first in the Atlanta area, then from Dallas to Manhattan. He even led Post into California, though just for a short stint. Williams promoted the concepts of”Live, Work, Play”and”Smart Development”while

establishing Atlanta’s first New Urbanism community- Post Riverside-in the late 1990s. Numerous credit him with coining both expressions. He likewise is credited with introducing the concept of branding into a fractured multifamily market.

Post ended up being understood for its lavish landscaping, security functions aimed to attract single female renters and quality property management. Preferred Home Communities (NYSE:

APTS), which Williams established after retiring from Post in 2002, revealed his passing but did not list the cause. Williams had a history of heart problem and underwent significant surgical treatment in the early 2000s.” Preferred Apartment or condo Communities is exceptionally saddened to announce that the company’s co-founder, chairman and chief executive officer, John A. Williams, suddenly died earlier today.”The board right away selected its vice chairman and chief financial investment officer, Dan DuPree, to be successful Williams as chairman and CEO.

Apartment Legend John Williams Passes Away at 74

Post Characteristic Founder, PAC CEO Modified Multifamily Market by Branding Neighborhoods, Introduced “Work, Live, Play” to Industry Vernacular

Pictured: John A. Williams in 2010. Credit: Tony Wilbert.John A. Williams, who founded Post Properties at an Atlanta-area IHOP before turning the multifamily industry on its head, dropped dead Monday. Williams, 74, established Post in 1971, calling it after the Post

Oak location of Houston. Over the next three years, he made a credibility for development while establishing homes- initially in the Atlanta location, then from Dallas to Manhattan. He even led Post into California, though only for a brief stint. Williams touted the concepts of”Live, Work, Play”and”Smart Development”while

establishing Atlanta’s first New Urbanism community- Post Riverside-in the late 1990s. Numerous credit him with coining both phrases. He likewise is credited with introducing the concept of branding into a fractured multifamily industry.

Post became understood for its lavish landscaping, security features aimed to attract single female occupants and quality home management. Preferred Apartment Or Condo Communities (NYSE:

APTS), which Williams established after retiring from Post in 2002, revealed his passing however did not list the cause. Williams had a history of heart disease and went through significant surgery in the early 2000s.” Preferred House Communities is profoundly saddened to announce that the business’s co-founder, chairman and president, John A. Williams, suddenly died previously today.”The board right away appointed its vice chairman and primary investment officer, Dan Dupree, to prosper Williams as chairman and CEO. Establishing story. Please return for updates.