Foley Completes Sale for ST Residential, LLC

30 May 2014 Media Contact: Jill Chanen News
Foley & Lardner LLP is pleased to announce that Joel C. Solomon and a group of Foley attorneys including Doug Buck have completed the sale of thirteen separate premier multifamily properties on behalf of ST Residential, LLC, the managing member of Corus Construction Venture, LLC. The latest closing, which occurred on May 16, 2014 was Apex, a luxury residential tower located in the heart of downtown Los Angeles at 9th and Figueroa Street, containing 271 units, a parking garage with approximately six hundred spaces, approximately ten thousand square feet of retail space, and a significant adjacent parcel. With the sale of Apex, the gross sales proceeds from all of the ST multifamily portfolio were in excess of $900,000,000.

The sale of Apex was preceded by the sale of five luxury developments in Las Vegas containing 1,278 units, including One Las Vegas, Juhl, Loft 5, The Ogden and Spanish Palms; the sale of Mosaic II in Houston (396 units); 44 Monroe in Phoenix (182 units); San Pedro located in San Pedro California (89 units); Highgrove in Stamford Connecticut (92 units); Mezzo in Atlanta (94 units); the Lexington in Chicago (329 units); and The Element in Tampa (395 units). In addition to residential units, the projects described contained significant retail space and first class, state-of-the-art amenities.

"Joel Solomon and Foley created tremendous value helping ST Residential overcome a wide range of challenges and adversity over a yearlong series of complex multi-family transactions in many markets involving the Homeowners Association, construction and various other issues,” stated Jon Pertchik, CEO of ST Residential, LLC.

ST Residential, LLC (ST) is the managing member of Corus Construction Venture, LLC (“CCV”), which is a joint venture between the FDIC and a consortium of private equity companies including Starwood Capital, TPG, Perry Capital, and Richard LeFrak and Wilbur Ross.

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