Skyline Towers just sold to Essex - an apartment REIT based in Palo Alto. Price was $128 million ($367,000 per unit). Looks like the price was about 55% of the cost to build it - big loss for the lender and all involved. I think the first lender was iStar.
It will be interesting to see how this leases up and what kind of rents they are going to try to get.
Here is the article on the deal:
http://finance.yahoo.com/news/Essex-Property-Trust-Acquires-iw-3174469140.html?x=0
And here is their website which looks like it will have rental information eventually:
http://www.skylineocapts.com/
It will be interesting to see how this leases up and what kind of rents they are going to try to get.
Here is the article on the deal:
http://finance.yahoo.com/news/Essex-Property-Trust-Acquires-iw-3174469140.html?x=0
And here is their website which looks like it will have rental information eventually:
http://www.skylineocapts.com/