DETROIT — Woodward Center LLC, a subsidiary of Farbman Group, has sold Lofts @ Woodward Center, a 61-unit apartment building in Detroit. A subsidiary of Bedrock Real Estate Services, 1448 Webward Avenue LLC, acquired the property for an undisclosed price. Farbman Group purchased the building located at 1448 Woodward Ave. in 1999. Lofts @ Woodward Center features 18-foot ceilings, washers and dryers in each unit, on-site parking, open loft style floor plans and is pre-wired for cable and high-speed Internet access. The residential community also includes 15,000 square feet of ground-floor retail.
OLATHE, KAN. — Mainstreet, an Indiana-based skilled nursing developer, and The Ensign Group, a California-based operator, have opened The Healthcare Resort of Olathe, a 100-bed skilled nursing facility in Olathe, a suburb of Kansas City. Construction started on The Healthcare Resort of Olathe in July 2014 and was completed in October 2015. Estimated development costs for the 68,3530-square-foot community were $16.4 million.
TOMS RIVER, N.J. — Walters Group has broken ground on Cornerstone at Toms River, a 102-unit affordable seniors community in Toms River. Situated on 11 acres, the community will consist of a three-story apartment building with one- and two-bedroom floor plans, encompassing 94 one-bedroom and eight two-bedroom units for residents age 55 or older; and a 7,000-square-foot community clubhouse with a kitchen, game room, state-of-the-art fitness area and conference room. The property is being built to LEED specifications and will be Energy Star-certified upon completion.
NEW YORK CITY — Avery Hall Investments, in partnership with Aria Development Group, has topped out 465 Pacific Street, its 30-unit luxury condominium project in Brooklyn’s Boerum Hill neighborhood. Designed by Morris Adjmi, the property will feature residential units ranging from one to five bedrooms, a 3,000-square-foot terraced penthouse, a 1,300-square-foot communal rooftop terrace, indoor parking, a fitness center, children’s playroom and doorman service. The property is managed by Stribling Marketing Associates and is already more than 90 percent sold.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use development site located at 622 Myrtle Ave. in Brooklyn. The asset sold for $2.6 million, or $277 per buildable square foot, in an all-cash transaction. The site offers approximately 9,384 buildable square feet. The site is currently improved by a 5,188-square-foot mixed-use building consisting of two residential units and one retail unit. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.
DENVER — An unnamed buyer has purchased a 17-unit apartment complex in Denver for $2.8 million. The community is located at 2441 S. York St. It underwent a renovation prior to sale. Mark Goodman and Paul Schneider of Pinnacle Real Estate Advisors represented the buyer. Kevin Calame and Matt Lewallen of the same firm represented the seller.
PLAINVIEW, TEXAS — Q10 KDH’s Larry Peters has arranged $2 million in permanent financing for Plainview Apartments in Plainview. The property consists of 15 one-bedroom units, 97 two-bedroom units and 18 three-bedroom units with an average unit size of 924 square feet. The units are situated throughout 49 one- and two-story buildings spanning 120,132 square feet. The fully occupied property is situated on 9.3 acres at 2504 W. 16th St.
COLLEGE STATION, TEXAS — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has sold University Square and Laurel Ridge Apartments located near Texas A&M University in College Station. Kevin Larimer of Berkadia represented the seller in the transaction. Lutz and Harrison Street acquired University Square and Laurel Ridge in December 2012. Upon acquisition, Lutz upgraded the unit interiors, amenities and technology infrastructure, and made cosmetic upgrades at both properties.
MOORESVILLE, IND. — Mainstreet, a skilled nursing developer based in Indiana, and Trilogy Health Services, an operator based in Kentucky, have completed construction of The Springs of Mooresville, a 70-bed skilled nursing facility in Mooresville, a suburb of Indianapolis. Construction began in March 2015. The community is now open. The 48,034-square-foot building cost $12.9 million to develop.
URBANA, ILL. — The Wernke Team has arranged the sale of Lincoln Place Apartments, a 60-unit, 155-bed student housing community located in Urbana, for an undisclosed price. Lincoln Place Apartments purchased the property from Busboom Investments. Built in 1984, Lincoln Place Apartments encompasses approximately two acres and contains three three-story buildings. The community includes a mixture of one-, two- and three-bedroom apartments. Michael Wernke and Chris Hentschel of RESOURCE Commercial Real Estate, in conjunction with Colliers International, arranged the sale of the property.