PITTSBURGH, PA. — Village Green is breaking ground for the development of Morrow Park City Apartments, an apartment community in Pittsburgh’s Bloomfield neighborhood. The $40 million community will feature 213 apartment units, a hotel-style lobby with a two-sided movie screen, Zen garden, courtyard, indoor/outdoor pool, 24-hour fitness center, business conference center, heated, underground parking and a club room with a bar, fireplace and gourmet kitchen.
Multifamily
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Amberwood Apartments, a 60-unit multifamily property in Fort Worth. Constructed in 1969, the garden-style complex is located at 800 Hamsted St., in proximity to I-20, I-35 and the Fort Worth central business district. The community offers studio and one- to three-bedroom floor plans, as well as a swimming pool and laundry facility. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Mason Green, also of Marcus & Millichap, secured the buyer in the all-cash transaction.
LOS ANGELES — Union Village, a new $50-million luxury community, has broken ground in Pasadena. The Class A community will be located on a 1.2-acre site at the intersection of Union Street and El Molino in the city’s Playhouse District. The two-building project will contain 118 residential units and 7,600 square feet of ground-floor retail space. It is scheduled for completion in January 2016. The community is being developed by a joint venture between Mack Urban and Mill Creek Development Company. Cigna Investment Management is also acting as an equity partner. This is the second project between Cigna and Mack Urban. Mack Urban will manage the development, along with Kenneth McCormick of Mill Creek Development Co., the site’s previous owner. Union Village will be designed by RTKL Associates.
ELIZABETH AND IRVINGTON, N.J. — Gebroe-Hammer Associates has completed three multifamily sales totaling $5.76 million and 86 units in Northern New Jersey. In Elizabeth, Stephen Tragash and Steven Follman of Gebroe-Hammer arranged the sale of 1009-1015 East Jersey Street, a 34-unit apartment property. The low-rise, garden-style property sold for $2.2 million. Also in Elizabeth, David Oropeza and Tragash brokered the $1.9 million sale of 409-421 Jefferson Avenue. A private equity fund sold the 34-unit property, which was built in 1971. In Irvington, Joseph Brecher and David Jarvis of Gebroe-Hammer arranged the sale of Gold Haven Commons, an 18-unit condominium apartment property located at 512-516 Union Ave. Featuring one-bedroom and three-bedroom units, the property sold for $1.65 million.
HOUSTON — Development firm Midway has commenced site preparations for Avenue Grove, a 270-unit multifamily property at the Kirby Grove mixed-use development in Houston. The eight-story building will offer studio, one- and two-bedroom apartments, as well as a swimming pool and fitness center. Architecture firm munoz albin designed the property, and its affiliate HOUSE + partners is the architect of record. Institutional investors advised by J.P. Morgan Asset Management are providing equity, and Cadence Bank is providing construction financing. Avenue Grove is slated for completion in the fall of 2015. The Kirby Grove development is being built in conjunction with the Upper Kirby Redevelopment Authority’s revitalization of Levy Park.
HONOKOWAI, HAWAII – The 34-unit Honokowai Plantation Inn apartment community in Maui has sold to an out-of-state private investment company for $4.4 million. The community is located at 3510 Lower Honoapiilani Highway, near Kaanapali. The buyer was represented by Keoni Fursse and Kara Heen of Kokua Realty. The firm will also manage the community.
DENVER – A 34-unit apartment building in Denver called 19th Place has sold to a local private investor for $4 million. The community is located at East 19thAve. It was 94 percent occupied at the time of sale. The seller, another private local investor, was represented by ARA Colorado’s JustinHunt, Andy Hellman and Robert Bratley.
READING, MASS. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.6 million in senior financing and joint venture equity capital for LCB Senior Living’s acquisition of a seniors housing property in Reading. M&T Bank provided $13.5 million in acquisition financing, and Virtus Real Estate Capital provided the joint venture equity. LCB plans to rebrand the newly acquired property as The Residence at Pearl Street. The 86-unit assisted living community is situated in a former school building that was converted into seniors housing in 1997 by the previous owner. LCB plans to convert the first-floor units into memory-care units and continue to rehabilitate the property. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield arranged the financing on behalf of LCB Senior Living.
NEW BRITAIN, CONN. — Pennrose has opened The Jefferson, a $14 million affordable senior apartment complex in New Britain. The three-story building offers 70 units featuring spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms. Additionally, eight of the units are handicapped-accessible and all units have 24-hour emergency call systems in the bedrooms and bathrooms. The age-restricted community also features a community room, fitness center, outdoor patio with picnic area and on-site laundry facilities. Pennrose Properties LLC developed the property in partnership with The Housing Authority of the City of New Britain, and Pennrose Management Company manages the community.
ST. PAUL, MINN. — Marcus & Millichap has arranged the $666,667 sale of a 17-unit apartment property located in St. Paul. Maryland Avenue Apartments is located at 1952 & 1956 Maryland Ave. East. The property features courtyard-style private entryways to one- and two-bedroom units. The property was 94 percent occupied at the time of sale. Dan Linnell of Marcus & Millichap represented the seller, a partnership, as well as the buyer, a private investor.