OAK PARK, ILL. — Interra Realty has arranged the sale of two multifamily properties in Oak Park for a total of $2.1 million. An 11-unit apartment building at 426 S. Wesley Ave. sold for $1.2 million. Patrick Kennelly, James Clough and Joe Smazal of Interra Realty represented both the undisclosed seller and buyer in the transaction. The property features an elevator and a 12-car parking lot in the rear of the property. The unit mix includes one and two bedroom apartments with most featuring granite countertops, stainless steel appliances and cherry cabinets. The other mixed-use property at 113 N. Oak Park Ave. sold for $865,000. Smazal, Clough and Kennelly also represented the undisclosed seller and buyer in this transaction. The property features four apartments above a first floor retail space occupied by a restaurant tenant.
FORT LAUDERDALE, FLA. — Newgard Development Group and Menin Hospitality have launched Gale Boutique Hotel & Residences located at 2900 Riomar St. in Fort Lauderdale. The $120 million project will include the restoration of a historic 96-room hotel and the construction of an adjacent 128-unit condominium building. Newgard and Menin have partnered with Dev Motwani’s Merrimac Ventures in a joint venture arrangement for the development, which is slated to open in late 2016. Units are now available for reservation and priced from $385,000, with Newgard Realty overseeing the project’s sales and marketing efforts. The development will feature a roof-top sky deck, private lobby, fitness center and spa, concierge service, 24-hour valet parking and multiple resort-style pools. Individual condos will range in size from 780 square feet to nearly 2,000 square feet. All units will be delivered fully-finished, with gourmet kitchens, designer fixtures and cabinetry, spa-style bathrooms, customized flooring and walls and walk-in closets. Each residence will have floor-to-ceiling, impact-resistant glass doors and balcony space.
ATLANTA — Novare Group and Batson-Cook Development Co. have broken ground on Atlantic House, a new 32-story luxury apartment tower located on the corner of 14th and West Peachtree streets in Midtown Atlanta. Designed by the architectural firm Smallwood, Reynolds, Stewart and Stewart, Atlantic House will feature elements of natural stone, precast concrete and glass. Atlantic House will feature two rooftop pools, a fitness center, clubroom, business center and outdoor patio space as well as a grilling area, tennis court and dog park on top of the attached parking garage. The project will also have 13,124 square feet of retail along 14th and West Peachtree streets. The luxury tower will have 407 units, ranging from studio to two-bedrooms that will feature nine-foot ceilings with floor-to-ceiling glass, granite countertops, hardwood floors, stainless steel appliances and ceramic tile. The top six floors will feature 68 one- and two-bedroom apartment homes featuring larger floor plans, 10-foot ceilings, quartz countertops, double-sink vanities and half baths. Novare Group and Batson-Cook Development are partnering with UBS Global Realty Advisors for Atlantic House. Wells Fargo is providing construction and permanent financing for the project, and NGI Investments LLC is providing equity. Batson-Cook Construction is the general contractor. …
GREENSBORO AND WINSTON-SALEM, N.C. — Greystone has provided $30.5 million in acquisition financing for four multifamily properties in the Piedmont Triad region of North Carolina. Vincent Langan of Greystone arranged the four Fannie Mae DUS loans on behalf of the borrower, Varden Capital Properties. The loan terms for all four properties include 10-year financing with 30-year amortization schedules and one year of interest-only payments. The apartment communities comprise a total 941 units and all offer amenities such as swimming pools, fitness centers, clubhouses and tennis courts. The properties in this portfolio include: Ashland Apartments in Greensboro; The Lakes on Meadowood in Greensboro; Ambercrest Apartments in Winston-Salem; and The Hunt Club Apartments in Winston-Salem.
BOSTON — The Grossman Companies and The Waypoint Companies have partnered to acquire a 0.7-acre land site that has been permitted for an 80-unit apartment complex in Boston’s Allston neighborhood for $3.5 million. The joint venture is seeking investors willing to provide 58 percent of the equity to acquire the land, which is located at 61-89 Braintree St., and fund soft costs until it either sells the permitted land or closes on a construction loan. The $26 million 61-89 Braintree Street project will be the largest modular construction project in the city. The project was designed and permitted to use modular construction to ensure quality control, a fast-track construction schedule, greater energy efficiency and the reduction of excess materials.
Abundant financing, unrelenting demand in an undersupplied industry and low rates are driving Northern New Jersey’s multifamily investment market toward pre-recession levels. Nowhere is this more evident than in the urban commuter hub of Hudson County. Known as an integral part of New Jersey’s Gold Coast, Hudson County serves as one of the most active investment and rental markets in the region thanks to its proximity to Manhattan and high concentration of multifamily properties. Long-term owners in the area increasingly are aware of the market conditions, and trading has started to approach unprecedented levels. A prime example was the recent $21 million sale of a four-property Hudson County multifamily portfolio, with units located throughout Jersey City and Hoboken. The deal marks one of the most highly bid sales in Hudson County this year, with more than 20 competitive offers submitted for the portfolio consisting of 159 apartments and six commercial units. Following three rounds of bidding, the seller, which had owned the property for more than 40 years, accepted the highest non-contingent offer. All of the properties were fully occupied at the time of sale, and the largest — a mid-rise elevator building on Magnolia Avenue in Jersey City — …
PORTLAND, ORE. – The 70-unit Central Eastside Lofts in Portland has sold to an out-of-state private investor participating in a 1031 exchange for $18.9 million. The lofts are located at NE 6th and Couch, near the Burnside Bridgehead. The property also includes 11 retail spaces. The seller was Andrews Management. The transaction was executed by HFO Investment Real Estate.
LOS ANGELES – A three-property multifamily portfolio in Los Angeles has sold to an unnamed buyer for a total of $13.4 million. The communities included in the acquisition are the 34-unit Strohm Apartments in North Hollywood; the 30-unit Ratner Apartments in Sun Valley; and the 21-unit Hollywood Way Apartments in Burbank. Warren Berzack, Stephen Geiger, Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed sellers in this transaction.
PITTSBURGH — Village Green has broken ground for the development of Southside Works City Apartments, a residential property located in Pittsburgh’s Southside Works corridor. The project will feature 264 luxury apartments, 12,000 square feet of retail space and a 562-space parking garage. Slated to open in early 2016, property will offer nano, studio, convertible, and one- and two-bedroom units, as well as penthouse apartments. On-site amenities include a restaurant/café/specialty market, concierge services, indoor/outdoor pool, 24-hour fitness center, business center and conference room, Zen garden and courtyard park, and a club room with a bar, televisions, fireplace and gourmet kitchen. Pittsburgh-based Rycon Construction is building the project.
ROCKY HILL, CONN. — Continental Properties has broken ground for the development of Montage I Rocky Hill, a residential community in Hartford County. Comprising five three-story buildings, the 144-unit property will offer a mix of 54 one-bedroom units and 90 two-bedroom units. Additionally, the community will feature a 2,600-square-foot clubhouse, putting green, Bark Park, organic garden, nature walk with fitness trails and detached garages. Continental Properties acquired the development site in 2014 and construction is slated for completion in fall 2016.