Onex Corporation, a Toronto holding company led by Gerald Schwartz, plans to pay $1.5 billion to purchase Town and Country Trust, a United States based trust that operates 39 apartment complexes.

Onex plans to pay cash in the joint venture trust between their affiliates and Morgan Stanley Real Estate.

Miami Real Estate - The Florida real estate market is on an upward swing, and the Miami area market is certainly no exception.  With strong economic growth, jobs, and schools, it’s a prime growing location.  City life, with great beach access, make it attractive to both newcomers to the area.  The city itself is also steaming with culture, and more is coming.  Miami is home to the Performing Arts Center and the Design Art District.  Of course, it’s also home to the Miami Heat.  Miami is a favorite of both tourists and retirees as well, only adding to the growth potential of both real estate and the employment markets.

The Tampa area is going to see growth, according to Tony Polito, director of Metrostudy’s Tampa Division. Metrostudy tracks construction patterns. Tampa recorded over 5,000 new starts in 2004 3rd quaeter, up 5.2 percent from the previous year. The annual start rates increased 19 percent.

The Miami market continues to report strong activity levels. Miami, which remains one of the leading real estate markets in the country, is the focus of the real estate market’s attention.
Since Florida is one of the best places to retire in, thousands of people move into the state every week. Both national and international investors buy properties that allow the activity levels of the state to remain high.

The demand for downtown Tampa condominiums has increased the annual number of approved project permits, which totaled US$1 billion for the first time ever. The number includes more than $689 million in commercial and $356 million in residential projects in the fiscal year that ended in September 30. It reflects particular costs for both rehabilitation projects and new construction as it takes into account the rising prices of construction materials.

Economists have been assuming that that Florida’s real estate market, one of the nation’s red-hot housing market, is a bubble that is about to burst. However, not everyone believes this will happen. Local Florida real estate organizations are aware of their market’s success and are positive that it will last longer than expected.