The 110-year-old warehouse, abandoned for decades, will be transformed into 350 apartments.
California's Bay Area remains on top, though a couple of surprises made this month's list.
The former Publix Hotel will be renovated into market-rate housing for $26 million after sitting vacant for years.
As renter expectations grow ever more sophisticated, high-end product continues to evolve to sate demand, and B and C properties reap the collateral rewards.
Clarion Partners is paying a reported $3.2 billion to keep Gables Residential. The deal would keep the Gables management team intact.
