Catch up on this past week's key developments by state from Law360 Real Estate Authority — including reactions from real estate attorneys in two areas primed for deregulation.
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National
Would REITs Seize On Semiannual Reporting?
As the U.S. Securities and Exchange Commission preps a rulemaking to relax quarterly reporting mandates, attorneys say numerous factors — including market adoption and investor and analyst pressure — would ultimately determine whether real estate investment trusts report less frequently.
Feds Aim To Put Sackett Into Practice With New Water Rules
After the U.S. Supreme Court's 2023 ruling in Sackett v. EPA set new boundaries for which bodies of water are subject to federal oversight, the Trump administration is rolling out rulemaking to put into effect the court's more limited vision.
Congressional Dems Revive Bill To Curb Rental Price Fixing
A group of Democratic lawmakers have reintroduced legislation in Congress to crack down on landlords using algorithms to systematically raise rental prices.
Blue Vista, UBS, Extra Space Start $600M Self-Storage Venture
Blue Vista Capital Management, Extra Space Storage and UBS' real estate business have teamed up to invest $600 million in self-storage properties in the U.S., with guidance by Kirkland & Ellis LLP, DLA Piper and Womble Bond Dickinson, according to a Wednesday announcement.
MVP: Latham's Rachel S.K. Bates
Rachel Bates of Latham & Watkins LLP was the lead real estate counsel guiding Hyatt Hotels Corp. through multiple multibillion-dollar transactions and also worked on one of the year's biggest deals as Bridge Investment Group sold to Apollo Global Management for $1.5 billion, earning her a spot as one of the 2025 Law360 Real Estate MVPs.
California
Williams Mullen Securities Partner Moves To Passco CLO Role
California-based Passco Cos. announced Thursday it tapped a securities pro to step in as the real estate investment firm's new chief legal officer, who will join the firm from a partner role at Williams Mullen.
Flagstar Urges 9th Circ. Redo For Escrow Interest Ruling
Flagstar Bank pushed the entire Ninth Circuit to reconsider its prior ruling in a putative class action accusing the bank of violating a California law that requires banks to make interest payments for escrow accounts connected to certain types of residential mortgage loans, arguing the court deciding that the state law is not preempted by the National Bank Act clashes with the U.S. Supreme Court's decision in a similar case.
Colorado
Colo. HOA, Insurer Settle Remaining Hail Damage Claims
A homeowners association and its insurer reached a settlement in Colorado federal court Friday in the homeowners association's breach of contract lawsuit where it claimed the insurer incorrectly issued roughly $1,600 for hail damage despite the association's $3.5 million damage estimate.
Cortland Lands $192M Refi On 1,100-Unit Apartment Portfolio
Real estate investment trust Cortland Partners has landed a $192 million refinancing from Freddie Mac on a multifamily portfolio with a combined 1,137 units in Miami, Denver and Dallas, broker Walker & Dunlop Inc. said Nov. 17.
Connecticut
2 Firms Guide Artisan Partners' Real Estate PE Acquisition
Artisan Partners Asset Management Inc., guided by Simpson Thacher & Bartlett LLP, will fully acquire the equity interest of real estate private equity firm Grandview Property Partners, which is being advised by Polsinelli PC, the investment management firm announced Tuesday.
UConn Health Poised To Buy Hospital In $35M Ch. 11 Deal
Bankrupt for-profit hospital operator Prospect Medical Holdings Inc. on Nov. 17 sought approval for the $35 million sale of Waterbury Hospital in Connecticut to two UConn Health units under a stalking horse bid package filed in early November.
Delaware
Del. Pushes County Property Tax Payment Deadline To Dec. 31
Delaware has extended a tax payment deadline for New Castle County property owners until the end of the year under a bill signed by the governor, a representative of the governor confirmed Nov. 17.
Florida
Comras Buys Lincoln Road Portfolio, Plans Micro-District
Comras Co. announced Wednesday it has acquired five buildings on the north side of Miami Beach's Lincoln Road pedestrian mall and unveiled plans to redevelop the portfolio into a "NoLi" micro-district of boutiques, restaurants, and wellness and lifestyle concepts.
Pantzer Buys Fla. Apartments From Rockpoint, Related For $161M
Multifamily owner-operator Pantzer Properties has acquired the 393-unit Manor Miramar luxury apartment complex in Miramar, Florida, from Rockpoint and Related Group for $161 million, property records showed Monday.
11th Circ. Says Nonprofit Must Obey Affordable Housing Deal
The Eleventh Circuit ruled Nov. 17 that the nonprofit owner of a 192-unit multifamily apartment complex must keep obeying a 31-year-old federal agreement that required it to rent the units to lower-income tenants.
11th Circ. Says Fla. County Owes For Closing Private Beaches
The Eleventh Circuit ruled Nov. 17 that a Florida county enforcing its COVID-19 restrictions for accessing private beaches counted as taking private properties without just compensation under the Fifth Amendment.
Georgia
PEM Nabs 2 Georgia Resi Properties In $175M Deal
Phoenix-based Professional Equity Management said Thursday it has acquired two Georgia multifamily communities in deals guided by Snell & Wilmer LLP, noting that both are located in metro markets that have witnessed steep economic and population growth in recent years.
Global Nonprofit GC Named Atlanta-Area Planning Board CLO
The planning commission for 11 counties in the Atlanta region has tapped the general counsel for global relief and development nonprofit CARE to be its chief legal officer, according to a Nov. 17 announcement.
Atlanta Taps Oversight Board For $5B Redevelopment Push
The Atlanta City Council voted Nov. 17 to establish a commission to weigh the extension of eight existing tax allocation districts, components that Mayor Andre Dickens has banked on using to finance a $5.1 billion revitalization plan.
Michigan
Mich. Mortgage Co. Hit With Data Breach Class Actions
A Michigan mortgage lender was hit Thursday with several proposed data breach class actions in Michigan federal court that alleged the lender failed to do enough to protect consumers' personally identifiable information, such as their Social Security numbers, from a June data breach.
New Jersey
Re/Max Enabled DR Property Sales Scheme, Buyers Say
A proposed class of U.S. consumers on Tuesday accused Re/Max in New Jersey federal court of doing nothing to stop a multimillion-dollar scheme that involved franchisee real estate agents selling fake developments in the Dominican Republic.
NJ Justices Asked How 'Beneficial Use' Should Affect Zoning
A Garden State town urged the New Jersey Supreme Court on Tuesday to provide a blueprint for how municipal zoning boards should evaluate variance applications under a nearly three-decade-old amendment to the state's land use law, arguing that a lower court did not give the update proper consideration when it overturned the town's denial of a senior living facility.
NJ Panel Backs Arbitrator's Ruling In Parking Spaces Spat
A New Jersey appellate court on Nov. 17 affirmed an arbitrator's decision that determined that two developers had to permanently maintain parking spaces for an Edgewater, New Jersey, mixed-use complex, ruling the arbitrator for the related dispute didn't overstep their authority.
New York
Subletting Co. Settles NYC's Illegal STR 'Matchmaker' Claims
A subletting company has agreed to resolve claims it was used as a "'matchmaker'" of sorts for advertising and setting up illegal short-term rentals in New York City, the Mayor's Office of Special Enforcement announced Wednesday.
NY Plans 2,000 Homes For 46-Acre Queens Project
The New York State Public Authorities Control Board has greenlighted a 46.5-acre redevelopment plan that aims to build more than 2,000 new homes on "largely vacant and underutilized" state-owned land in eastern Queens, the governor announced Thursday.
2nd Circ. Nixes REIT's CLO Fund Mismanagement Claims
The Second Circuit on Wednesday backed the dismissal of mismanagement and fraud counterclaims lodged by a real estate investment trust and its subsidiary in a dispute involving a collateralized loan-obligation investment fund, ruling that related agreements for the fund don't support their counterclaims.
Peachtree Provides $200M For Circle K Sites In Upstate NY
Investment management firm Peachtree Group has agreed to provide a New Jersey developer up to $200 million to develop and acquire new sites for a series of Circle K convenience stores, according to a recent announcement.
Katten Muchin Rosenman Guides $125M Midtown Office Loan
Peter "PJ" Doyle, a partner at Katten Muchin Rosenman LLP, advised on a mortgage for an office building in midtown Manhattan.
North Carolina
Greystar Cuts $7M Deal With 9 AGs In Rent Price-Fixing Suit
Greystar Management Services LLC has agreed to pay North Carolina, California and seven other states $7 million to resolve allegations against it in a sprawling antitrust lawsuit alleging major landlords used software company RealPage to fix rent prices, according to documents filed in North Carolina federal court Tuesday.
Highwoods Invests $223M In North Carolina Office Deal
Highwoods Properties Inc., advised by Allman Spry Leggett Crumpler & Horn PA, said Nov. 17 it agreed to buy a top-of-the-line office tower in Charlotte, North Carolina, and pay for improvements to the building in a $223 million total investment.
Ohio
Ohio Senate OKs Inflation-Related Property Tax Increase Caps
Ohio would institute inflation-related caps on certain property tax increases and raise property tax credits for certain homeowners under a package of bills approved Thursday by the state Senate.
Pennsylvania
Philly Luxury Resi Project Nabs $173M Construction Financing
Barings and Counterpointe Sustainable Real Estate announced Tuesday that the pair provided a combined $173 million in financing for Pearl Properties' construction of a luxury multifamily tower in Philadelphia's Center City neighborhood, guided by Polsinelli PC.
Texas
Overwatch Capital, Idemitsu Reveal AI Data Center Partnership
Investment platform Overwatch Capital and Japanese energy company Idemitsu Kosan Co. Ltd. will work together to build "next-generation, energy-resilient AI data centers" in Utah, Georgia, Texas, Illinois, Nevada, South Carolina, Pennsylvania, Ohio, Arizona and Colorado, Overwatch said Thursday.
Husch Blackwell Adds Jackson Walker RE Pro In Texas
Husch Blackwell LLP announced Thursday it is continuing to expand its national real estate practice with the addition of an attorney in Austin, Texas, who came aboard from Jackson Walker LLP.
Lone Star Buys Mixed-Asset Portfolio From St. James's Place
Texas-based Lone Star Funds announced Nov. 17 that an affiliated entity has acquired a real estate portfolio from British wealth management company St. James's Place, comprising industrial, retail and office properties scattered across the United Kingdom.
Texas AG Seeks Pause On Foreign Land Ownership Ban Suit
Texas Attorney General Ken Paxton urged a federal judge to pause a lawsuit from three Chinese nationals over a policy preventing citizens of the country from buying land in Texas, arguing the case hinges on an expected Fifth Circuit decision in another challenge to the law.
Washington
Senior Living Co. Inks $7.2M Deal To End Wash. AG's Probe
Oregon-based senior living provider Bonaventure will invest $7 million in staffing and upgrades and shell out $200,000 in resident credits to resolve allegations of substandard care at 10 Washington state facilities, under a settlement filed Wednesday.
Redfin Investor Denied Atty Fees For Rocket Cos. Merger Suit
A Washington federal judge has denied a Redfin investor an award of $450,000 in legal fees to counsel at Monteverde & Associates PC and Wohl & Fruchter LLP after the judge determined the investor failed to show that his efforts produced material benefits for shareholders voting on Redfin's merger with Rocket Cos. Inc.
Nov 21
Deal Summary
