Corrigo Inc. Acquires invata.

Done Deals

Corrigo Inc. is expanding its reach beyond the multifamily and office real estate markets with the acquisition of invata international inc., a company specializing in computerized maintenance and management systems and accounting systems. The acquisition supports Corrigo's vision to boost efficiencies and advance best practices for any organization that must deliver and manage services through mobile or remote filed operations. Corrigo's acquisition is also a key part of its growth strategy to leverage successes with residential service markets, such as mulitfamily apartment communities, into complementary service industries. Under the terms of the agreement, Corrigo and invata international inc. will operate as Corrigo Inc. with Rick Michaux, Corrigo president named president of the new company and invata's Andrew Marks as vice president of retail operations.

SSR Realty announced on Sept. 21, 2000, that it acquired The Missions at Rio Vista, a class A multifamily apartment community. SSR Realty purchased the property for $76 million (approximately $164,000 per unit) on behalf of a separate account client from companies controlled by Houston-based developer, The Morgan Group Inc. CB Richard Ellis was the broker. The Missions at Rio Vista, located at 2242 Gill Village Way in San Diego, is a 464-unit property built in 1999. It features a unit mix of one-, two- and three-bedroom units. Amenities include a luxury clubhouse, state-of-the-art fitness center, multimedia room with theater seating, business facility, conference center, two pools and a spa.

Reilly Mortgage Group recently acquired a $160 million Federal Housing Administration (FHA) loan servicing portfolio. Reilly was awarded the servicing portfolio in an auction process. The portfolio, which consists of approximately 40 fixed-rate GNMA/FHA-insured loans, with an average balance of $4 million, was purchased from First Virginia Mortgage Co. The portfolio is comprised of multifamily, assisted living and nursing home properties concentrated in Tennessee (74 percent of the load count) and surrounding states.

Archstone Communities sold Crowne Chase Apartments in Overland Park, Kan., for $16.81 million. Ray Eldridge, Joe Leon and Bill Powell from CB Richard Ellis represented the seller and the buyer, Invesco Realty Advisors. Built in 1999, Crowne Chase Apartments is a 220-unit apartment community located at 11621 W. 118th Terrace in Overland Park.

Ray Eldridge and Joe Leon from CB Richard Ellis also represented the seller, Reno Towers Partners, and the buyer, Hunt Enterprises, in the sale of Reno Towers Apartments in Los Angeles. Built in 1990, Reno Towers Apartments is a 100-unit, four-story mid-rise apartment community located at 307 S. Reno St. in Los Angeles.

The Housing & Heath Care Capital Group's (H&HC) Banc One Capital Funding Corp. recently provided financing as the Fannie Mae DUS lender for a 156-unit assisted living facility, Covell Gardens, in Davis, Calif. In its role as Fannie Mae DUS lender, H&HC Group provided a $11,209,000 loan with a 10-year term and 25-year amortization. The nonrecourse, fixed-mortgage rate was set at 8.35 percent. The loan is backed by "AAA" credit quality Mortgage-Backed Securities. Covell Gardens, owned by ARV Assisted Living Inc., offers studio, one- and two-bedroom apartment homes. The main floor common areas include a lobby, living room, administrative offices, employee lounge, beauty shop, post office, general store, snack area, craft/activity room, kitchen, dining room, library and whirlpool/rehabilitation area.

JPI closed the sale of Jefferson at Town Center in Broomfield, Colo., on July 31, 2000. The Jefferson at Towne Center, luxury apartment community, sits on 14.5 acres in the Denver suburb. Its apartment homes average 941 square feet and are designed with nine-foot ceilings, accented by crown molding, six-panel interior doors, European-style cabinetry, island kitchens and designer countertops. Additional features for the community include a resort-style pool with Jacuzzi, a state-of-the-art fitness center, an executive business center and clubhouse with full-featured kitchen.

Apartment community builder JPI has agreed to provide land to benefit the city of Charlotte, N.C., the North Carolina Department of Transportation and the University City United Methodist Church. The property is land that is adjacent to the Jefferson Creekside, a luxury apartment community located at the intersection of W.T. Harris Boulevard and Sugar Creek Road in Charlotte. Decisions to make improvements to the intersection essentially split the JPI-owned property. As a result, JPI decided to use the land for the benefit of the community. The realignment of the intersection will provide a safer roadway and allow turn lanes to be added. The city of Charlotte received more than six acres to use in the continuation of the Mecklenburg County Greenway, a series of interconnecting parks and trails that traverse the county. The builder also donated approximately one acre to the North Carolina Department of Transportation to enhance the new roadway alignment. On the south side of the property, JPI provided nearly 1/2 acre to the University United Methodist Church.

Movers and Shakers

Due to a recent acquisition of a $160 million FHA loan, Reilly Mortgage Group, which is headquartered in McLean, Va., opened a new loan production office in Knoxville, Tenn. Heading up Reilly's Knoxville production office is Wallace Dearer, a 35-year veteran in multifamily and commercial loan origination. Before joining Reilly, Wallace spent 10 years with First Virginia Mortgage, Co. and 20 years with Shumacher Mortgage Co./Temple--Inland Mortgage Co., where he focused on FHA-issued multifamily, assisted living and nursing home financing, as well as commercial loan origination. Tammy Fox will be accompanying Dearer as assistant vice president/senior income property analyst. She brings with her, more than seven year of related experience with First Virginia Mortgage Co.

Freeman Webb, a Nashville, Tenn.,-based real estate investment firm, expanded its management team by promoting Kent A. Burns to president of Freeman Web Investments and adding Dan Ford as director of property management of Freeman Webb Co., Realtors. Burns has more than 15 years of experience in the acquisition, disposition and brokerage of multifamily properties. He joined Freeman Webb as vice president of acquisitions in 1998 and served in that role for two year. Burns was formerly president and founder of MulitTrust, a regional brokerage and advisory firm specializing in multifamily properties and senior vice president of SPL/LEDIC. Ford brings to the firm more than nine years of experience in property management and 14 years of experience in banking. He was senior vice president, property management, for Cornerstone Realty Income Trust in Richmond, Va., and he was president of Trammell Crow Residential Services--Southeast, in Charlotte, N.C.

Colette Strange was promoted to vice president, strategic staffing, at JPI. She is responsible for issue-related staffing for the more than 1,300 associate firm, including sourcing, assessing, selecting and hiring. Strange holds B.S. from Texas A&M University. She completed graduate studies in human resource management through the University of Dallas and is a member of the Society for Human Resource Management (SHRM), the Employee Management Association (EMA) and the American Society for Training and Development (ASTD).

Trend Talk

HandyTrac Systems announced on Sept. 20, 2000, that it added two new features to its redesigned Web site (handytrac.com--a no-obligation key control system estimate form and online accessory purchasing capabilities. The no-obligation estimate offers multifamily housing managers and executives an opportunity to receive an estimate on a HandyTrac Key Control System for budget planning. An online form provides an estimate for one individual property based on information supplied by the user. Such information as name, address, phone number, number of properties, units and total keys are recorded and sent to HandyTrac for processing. An estimate is generated within 72 hours. Key control accessories, such as zippered key pouches and hardbound key binders can also be ordered through the Web site now.

REIT Report

United Dominion Realty Trust Inc. announced on Sept. 26, 2000, that its board of directors declared a regular quarterly dividend on its common stock for the third quarter of 2000 in the amount of $0.2675 per share, payable on Oct. 31, 2000, to all common stock shareholders of record as of Oct. 13, 2000. The board of directors also declared a regular quarterly divided on its Series A Cumulative Redeemable Preferred Stock for the third quarter of 2000 in the amount of $0.578125 per share. This preferred dividend is payable on Oct. 16, 2000, to preferred shareholders of record as of Oct. 2, 2000. They also announced a regular quarterly dividend on its Series B Cumulative Redeemable Preferred Stock for the third quarter of 2000 in the amount of $0.5375 per share, which is payable on Nov. 30, 2000, to preferred shareholders of record as of Nov. 1, 2000. Additionally, the board of directors declared a regular quarterly dividend on its Series D Convertible Preferred Stock for the third quarter of 2000 in the amount of $0.477674, which is payable on Oct. 31, 2000, to preferred shareholders of record as of Oct. 13, 2000.