HOUSTON — Morgan has opened Pearl Washington, an apartment development in Houston. The midrise property is located at the corner of Washington Avenue and T.C. Jester Boulevard near Memorial Park and the Houston Heights neighborhood. Pearl Washington contains five stories, with 322 one-, two- and three-bedroom units over two levels of garage parking. All units, which range from 652 square feet to 1,443 square feet, include balconies. Amenities include a swimming pool with cabanas and a sun deck overlooking Washington Avenue. In addition, there are two courtyards with hammock swings, a bocce ball court, grilling areas and a dog park. The community was co-developed with LCB Holdings Inc., and Wells Fargo provided the construction financing.
SACHSE AND FORT WORTH, TEXAS — Olympus Property has acquired Mansions at Woodbridge (renamed Olympus Woodbridge) in Sachse and The Davis in Fort Worth. Built in 2014, the 381-unit Olympus Woodbridge is a garden-style community situated on 18 acres. Olympus Woodbridge is the final property to be added to Olympus Property’s fifth fund. Completed in 2016, The Davis is a garden-style community with 392 units situated on 23 acres. Olympus Woodbridge and The Davis are available to accredited investors in WW Olympus Property VI LLC. The Davis will be the first investment for Olympus Property’s sixth fund, WW Olympus Property VI LLC.
GREENVILLE, S.C. — Daniel Corp. has held the ribbon cutting ceremony and grand opening of Haywood Reserve, a $35 million multifamily development located in Greenville. Slated for full completion in October, the 292-unit community is currently 25 percent pre-leased. The project will feature one-, two- and three-bedroom floor plans, as well as custom closets, showers with full tile surrounds and frameless glass doors, stainless steel appliances and high-end lighting and plumbing fixtures. Community amenities will include a 5,000-square-foot clubhouse, resort-style saltwater pool with a sundeck, outdoor kitchen, fitness center, pet spa and a dog park. Daniel Corp. is developing Haywood Reserve in partnership with CNL Growth Properties. First Commercial Bank, an affiliate of Synovus Bank, is providing the construction financing. The project team includes Wakefield Beasley and Associates, Hall Engineering, McLeod Landscape Architects and C.F. Evans Construction.
NORTH CHARLESTON, S.C. — One Eleven Partners has brokered the $12.5 million sale of Reserve at Ashley River, a 280-unit apartment complex located in North Charleston. The buyer, The RADCO Cos., purchased the property from Huntington, N.Y.-based URS Capital Partners, which owns three other apartment communities in the Charleston market. Reserve at Ashley River is Atlanta-based RADCO’s first acquisition in the Charleston market. Chirs Yeagle and Kyle Chase of One Eleven brokered the transaction. Built in 1974, the property features a swimming pool, clubhouse with a coffee bar, children’s playground and laundry facilities in each building. One Eleven Partners previously brokered the sale of the property in 2013 for $7.3 million.
KANSAS CITY, OVERLAND PARK AND LENEXA, KAN. — CBRE Group has brokered the sale of three apartment properties totaling 741 units in metro Kansas City for a total of $60 million. Bicycle Club Apartments, located in Kansas City, offers 312 one- and two-bedroom units. Amenities at the complex, built in 1987, include a business center, dog park, movie and DVD rentals, a clubhouse with pool, volleyball court, fitness center, tennis court and a grill and picnic area. The 149-unit Treetop Lodge Apartments in Overland Park, Kan. offers one-, two- and three-bedroom units. Amenities include a tanning bed, pool with sundeck, playground and fitness center. Lenexa Crossing Apartments in Lenexa, Kan. features 280 units, a clubhouse, fitness center, pool with hot tub, business center and walking trail. Jeff Stingley of CBRE represented the undisclosed sellers in the transactions. The buyers were also undisclosed.
MARQUETTE, MICH. — EdR has broken ground on a multiple-building living-learning community at Northern Michigan University (NMU) in Marquette. More than 1,200 beds will be delivered in multiple phases during the second half of 2017 and 2018. The community will feature classrooms, study rooms, TV lounges and laundry facilities with Internet and Wi-Fi throughout. The property will also include a large patio and lobbies designed to accommodate art shows, student events, university functions and various types of entertainment. EdR was chosen by NMU to develop, finance, construct and manage the property through its ONE Plan, which uses the company’s equity and financial stability to fund projects on university land. Upon completion, EdR will operate the residence halls under a 75-year lease with NMU and will manage the facility, while NMU will provide residence life services.
IOWA CITY, IOWA — The University of Iowa and Miron Construction have topped out Madison Street Residence Hall, a 12-story on-campus living and dining facility. The 311,000-square-foot development will deliver 1,049 new beds to the university in summer 2017. The property will also feature recreational and gaming space; multipurpose space; flexible study lounges; administrative offices and living units; a fitness center; community lounges; a full-scale dining facility; and future capability for an elevated courtyard. Harley Ellis Devereaux (HED) is the design architect, and Rohrbach Associates is the architect of record for the project.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an eight-building multifamily portfolio in Brooklyn and the South Bronx. BFC Partners and K&R Preservation acquired the portfolio from Black Spruce Management for $60 million. Totaling approximately 300,000 square feet, the five Bronx buildings and three Brooklyn properties feature 324 apartments. The apartments, which are fully occupied, are all part of the Section 8 housing program. The Bronx buildings sold for $38 million and the Brooklyn properties sold for $22 million. The buildings are located at 286-290 E. 91st St., 183-185 E. 92nd St. and 178-188 E. 93rd St. in Brooklyn, and 972-976 Leggett Ave., 820-822 Jackson Ave., 949 and 953-957 Anderson Ave. and 951 Woodycrest Ave. in the Bronx. Aaron Jungreis of Rosewood represented the buyer and seller in the deal.
NEW YORK CITY — ABJ Properties has acquired a package of multifamily buildings located in Central Harlem and Brooklyn for $21.1 million. The buildings total 106,681 square feet and 100 units. The Lenox Avenue Portfolio is a package a three contiguous mixed-use walk-up buildings located at the corner of West 138th Street and Lenox Avenue in Central Harlem. The 59,835-square-foot portfolio contains 54 residential units and seven retail units. The remaining buildings are a 25,933-square-foot apartment building at 1848-1845 Eastern Parkway with 22 apartment units and a 20,913-square-foot building at 179 Mother Gaston Blvd. with five one-bedroom units and 12 two-bedroom apartments. Victor Sozio, Shimon Shkury, Michael Tortorici and Joshua Kwilecki of Ariel Property Advisors represented the seller, a private investor, in the transaction.
NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.