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AvalonBay and Hines rely on LM for recent acquisitions
Our clients have been very busy lately, AvalonBay Communities has acquired two apartment properties and Hines Interests has made the largest transaction in the Twin Cities market so far this year.
AvalonBay Communities has closed on Grove Park and Briarwood. Grove Park is a 684 unit apartment community located outside of Washington D.C. The other property, Briarwood, is a 348 unit community in the Baltimore metropolitan area. With local access to employment centers, both communities represent solid additions to AvalonBay Communities portfolio.
Hines Interests has re-acquired a Class A office property in Minneapolis. At $180 Million, 50 South Sixth office tower is the largest transaction to take place in the Twin Cities market this year. Hines developed and owned the property until 2005, managed the property for its life and now owns it once again.
AvalonBay’s press release: http://bit.ly/cW4oaN
Hines article by Sam Black of BizJournals: http://bit.ly/azAPpO
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