INDIANAPOLIS — Carmel, Ind.-based Oaktree Co. has acquired Oaktree, a multifamily property located at 4100 N. Post Road in Indianapolis. The 348-unit property sold for $1.1 million. Built in 1969, the property offers 156 one-bedroom units and 192 two-bedroom units. Additionally, the property has received more than $2.3 million in capital improvements since 2001. Rick Vidrio, Rick Brace and David Walstrom of Hendricks & Partners represented the seller, Oaktree Apartments LLC, in the transaction.
INDIANAPOLIS — Brown – Davis Joint Venture LLC is developing Chase Near Eastside Legacy Center, which is a component of the 2012 Indianapolis Super Bowl Host Committee's community impact activities. Located on the campus of the Arsenal Technical High School, the $11.2 million, 27,000-square-foot Chase Neat Eastside Education and Wellness Center/NFL Youth Education Town will feature a fitness center with a full gymnasium and locker rooms, offices, conference rooms, classrooms, an educational kitchen, a media center, a lounge, a greenhouse and a mezzanine level with cardio equipment and an exercise studio. Additionally, the facility will offer comprehensive programs and youth development activities for neighborhood residents. Ratio Architects is providing architectural services for the project, which is slated for completion in December 2011. The joint venture, consisting of Browning Construction and Davis & Associates, is serving as construction manager for the project.
OMAHA, NEB. — Steve Ruff of Q10|Daisley Ruff Financial has arranged an $83 million loan for an office building in Omaha. The ten-story building offers 316,481 square feet of office space and a multi-level parking structure. Once complete in December, the property will serve as the Nebraska headquarters of a top health insurance company. Additional terms of the loan were not released.
AURORA, ILL. — Houston-based Boxer Property has acquired Fox Valley Executive Center in Aurora. Located at 75 Executive Dr., the 107,087-sqauare-foot property sold for an undisclosed price. Tom Gallagher of TPG Financial represented the buyer; Art Burrows of NAI Hiffman represented the seller, Miami-based LNR Property, in the transaction.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $37 million loan for Stonepost Apartments in Overland Park. Located at 12801 W. 136th St., the property offers 492 apartment units. Financing was based on a 10-year term and was arranged for the borrower, Stonepost Apartments LLC, through NorthMarq's correspondent relationship with Allianz Life Company of America. Greg Duvall of NorthMarq's Kansas City Regional office arranged the financing.
BLOOMINGTON, MINN. — United Properties and StuartCo have received final development plan approval for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington. The first phase of Penn & American includes a four-story building with 14,000 square feet of retail space and 60 apartments; an eight-story, 152-unit apartment building; and a four-story, 22-unit townhome building. Construction is scheduled to begin in May 2011 and will include 234 Genesee apartments and townhomes, built by StuartCo, and two retail buildings, built by United Properties.
DAVENPORT, IOWA — Ryan Companies US has completed the construction of Carver Aero's 28,000-square-foot complex at the Davenport Municipal Airport, which is located at 9230 N. Harrison St. in Davenport. The $2.9 million facility includes an 8,000-square-foot fixed base of operations office building and a 20,000-square-foot maintenance and storage hangar. The complex offers meeting rooms, an airport terminal, a pilots' lounge, storage for private planes and office space for Carver Aero, a full service aviation company that provides third-party aircraft management, maintenance and charter services.
DETROIT — Riverfront Holdings, an arm of General Motors, has acquired a portion of Millender Center, a mixed-use complex in Detroit. Forest City Enterprises and its partners sold the portion for $37.8 million. The acquired asset includes a 1,850-space parking facility, the 242-room Courtyard by Marriott hotel, approximately 30,000 square feet of retail space and 9,800 square feet of office space. Forest City and its partners will retain ownership of the 339-unit Millender Center Apartments.
HAZEL PARK, MICH. — Love Funding has closed a $11.5 million rehabilitation loan for the refinance and rehabilitation of American House – Hazel Park Senior Living apartments. Located in Hazel Park, the property offers 125 one- and two-bedroom apartments and two-bedroom/two-bath freestanding duplex cottages. Community amenities include a community room/dining room, a theater, game and craft rooms and a library. Mickey Rist and Bruce Gerhart of Love Funding's Cleveland office originated the transaction.
CHICAGO — Essex Realty Group has brokered the sale of a mixed-use planned development at 1824 West 103rd Street in Chicago's Beverly neighborhood. The project was originally planned for a 12-unit new construction mixed-use condominium building and a 28-townhome complex. The site currently consists of four one-bedroom/one-bath units, six two-bedroom/two-bath units, two commercial spaces and a vacant lot. Doug Fisher of Essex represented the undisclosed seller, while DOug Imber, also of Essex, represented the undisclosed buyer in the $1.2 million transaction.
