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Virginia Fox

January 7, 2011 by Post Team 

Virginia Fox, AvalaonBay Communities Inc. and spent 189.3 million in recent months to acquire 1,366 apartments in California and New Jersey for its value-added Fund II, taking a 31 percent equity in the room.

These days, the Virginia-based REIT paid and 78.1 million for the 450-unit Waterstone Carlsbad San Diego County, California, the buyer expects to complete the improvements that began in 2006 and continued until in 2009 the building, which made in two phases in 1985-86.

In December, AvalonBay paid and 86.5 million for invasion of New Jersey purchased the 776-unit Fox 60 Fox Rd. in Plainsboro. The 58-building complex sitting on 46 acres, is within walking distance of downtown and located in the heart of Central New Jersey’s Life Science / Technology Corridor. AvalonBay will complete the upgrade of the indoor complex, which was completed in 1973 and has undergone extensive from 2003 to 2010.

Holliday Fenoglio Fowler LP senior general managers Jose Cruz and Andrew Scandalios and Jeffrey Julien directors and Kevin O’Hearn, sold the property on behalf of sellers, Angelo Gordon & Co. and Vantage Properties, which owned the property since July 2009.

According to HFF, the buyer assumed the existing financing. In addition, Cruz and director John Taylor and HFF hosted a 10 million euro, fixed rate loan with PNC Real Estate securitized.

AvalonBay disclosure included a pick-up in November – the Canyonwoods 140 homes in Lake Forest, California REIT paid and 24.7 million for a well-developed in 1978 near the Irvine Spectrum in Orange County to the south.

The triple play portfolio grows Fund II to nine properties, totaling 3,936 apartments and costs and 569 million. The fund has commitments of equity totaling $ 400 million and was structured and leveraged up to 65 percent, creating an investment capacity of approximately 1.1 billion. The target markets are North, Mid-Atlantic and West Coast regions of the United States

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