NEW YORK CITY — Marcus & Millichap has brokered the sale of a development site at 570 Nostrand Ave. in Brooklyn. The 4,550-square-foot site sold for $4.5 million, or $246 per buildable square foot. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a developer, in the transaction.
NORTHRIDGE, CALIF. — FSC Realty has purchased The Village at Granada Hills, a 152-unit luxury apartment community in the San Fernando Valley submarket of Northridge, for $34.1 million. The community is located at 10435 Lindley Ave. The property was built in 1970 and renovated in 2008. The seller was Starpoint Properties. Darin Beebower and Bob Safai of Madison Partners brokered the transaction.
RICHMOND, CALIF. — The Pacific Cos. has opened the doors on Harbour View Apartments, a 61-unit affordable seniors housing community in Richmond, just north of Oakland along San Francisco Bay. The four-story property features 50 one-bedroom units and 12 two-bedroom units. It cost $17 million to develop. Financing for the project came from low-income housing tax credits, a forward interest rate swap, and $13 million in tax-exempt bonds. The bonds were issued in two series with Mechanics Bank directly purchasing $9 million of the senior series and a private investor purchasing $4 million of the junior series. Wells Fargo Affordable Housing Community Development Corporation committed to purchasing the LIHTCs. The Pacific Cos. is an Idaho-based developer of multifamily communities. Mechanics Bank is a California-based lender.
AUSTIN, TEXAS — The Kor Group has purchased land for the future home of Austin Proper Hotel and Residences. The development will be a 32-story mixed-use building containing 99 for-sale residences, 244 hotel guest rooms, four food and beverage outlets, 11,500 square feet of meeting space, a spa, fitness center and two outdoor swimming pools. Construction is scheduled to begin in spring 2016 and end in early 2018. In addition to the land acquisition, the Austin Proper Residences sales gallery, located nearby at 208 Colorado St., debuted on Jan. 21, 2016, with a grand opening celebration scheduled for Feb. 5 and 6. Will Steakley of DEN Property Group will manage sales for the Austin Proper Residences, which will begin taking contracts this month. Proper Hospitality will operate the Austin Proper Hotel as part of the Proper Hotels brand. Designer Kelly Wearstler is creating the interior design for the project, McGuire Moorman Hospitality is developing and operating the food and beverage concepts and Handel Architects is responsible for the design of the 32-story high-rise.
STAFFORD, TEXAS — Dallas-based StreetLevel Investments and joint venture partner Provident Realty Advisors have purchased 192 acres in Stafford, including the former Texas Instruments (TI) campus. The firms plan to create a mixed-use development at the site that will feature 350,000 square feet of destination retail space, 2,400 residential units, Class A office space, two hotels, a health club, entertainment and green space in a walkable urban center. The finished product will include parking garages as well as street parking. Portions of the original TI buildings will be preserved and repurposed. Houston-based Gensler and TBG are project consultants. The first phase of the $500 million, multi-phase project is slated to open summer 2017.
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.