DES MOINES, IOWA — A new loft apartment community in the Western Gateway section of downtown Des Moines is now open. 14Forty, located at 1440 Locust St., welcomed its first residents in April and is now fully leased. Hubbell Realty Co. developed the $8.2 million project. The development is a historic renovation of the Mitchell Transmission Building, the former local branch office of Studebaker Corp. of America, an automobile manufacturer based in South Bend, Ind. 14Forty consists of 37 one- and two-bedroom loft apartments. The lofts range from 530 square feet to more than 1,000 square feet. The units feature original architectural elements, soaring ceilings up to 17 feet high, large windows with views of the Pappajohn Sculpture Park and contemporary design. Hubbell Construction Services renovated the historic building. Hubbell Apartment Living manages the property.
Multifamily
MELROSE, MASS. — Wood Partners LLC is developing 2 Washington, an apartment community located on 2.4 acres of infill property at 2 Washington St. in Melrose. The five-story, 130,000-square-foot property will offer 49 one-bedroom units, 45 two-bedroom units, a clubhouse, a fitness center, a roof deck and an outdoor lounge area with grilling stations. The apartment units will feature stainless steel appliances, vinyl plank flooring in kitchens and baths, granite countertops, and washers and dryers. Additionally, the community will offer residents 133 parking spaces, 38 of which will be covered. Construction will break ground in June, and the project is slated for completion by September 2015. Bargmann Hendrie + Archetype designed the property, and Wood Partners is serving as general contractor and developer.
NEW YORK CITY — Besen & Associates has completed the sale of 1530 Sheridan Ave. in the Claremont neighborhood of the Bronx. The six-story, 84-unit apartment building sold for $10.5 million. Built in 1927, the 96,000-square-foot building offers 18 three-bedroom units, 35 two-bedroom units, 28 one-bedroom units and three studios. Amit Doshi of Besen & Associates represented the seller, Prana Investments, and the buyer, a local private investor, in the transaction. Mark Mandell of Mandell, Mandell LLP provided legal representation for the seller, and Mark Winston of Lazarus, Lazarus & Winston LLP provided legal services for the buyer.
NEW YORK CITY — Delshah Capital has completed the disposition of 163 West 80th Street on Manhattan’s Upper West Side to Yu Far Realty, a group of Chinese investors. The five-story, 9,624-square-foot residential brownstone, which has been converted into five luxury residential units, sold for $7.65 million. The units feature high ceilings, oversized windows and high-end finishes, including open kitchens with stainless steel appliances and modern bathrooms. Howard Raber, Randy Modell and Scot Hirschfield of Ariel Property Advisors in Manhattan represented the seller in the transaction.
MANSFIELD, CONN. — Orchard Acres Apartments LLC has purchased Orchard Acres Apartments in Mansfield for $5.9 million. The 96-unit, student-oriented apartment community is located adjacent to the University of Connecticut. Constructed in 1962, the property offers one-bedroom units in 24 four-plex buildings — 88 units at Orchard Acres I and eight units at Orchard Acres II. Rick Chozick and Tom Boyle of Chozick Realty represented the buyer and the seller, 157-35 OAP Holding LLC, in the transaction.
OCEANSIDE, CALIF. – The 88-unit Forest Glen Condominiums in Oceanside has sold to an unnamed buyer for $14.2 million. The community is located at 612 Los Arbolitos Blvd. It was built in 1977. The buyer was represented by Stewart I. Weston of Marcus & Millichap. The unnamed seller was represented by Christopher Zorbas of the same firm.
BALTIMORE — Eastern Union has arranged a $21.5 million CMBS loan for the conversion of the Equitable Building, located at 10 N. Calvert St. in Baltimore, into a 180-unit apartment building. The borrower, JK Equities, is investing a total of $32 million in the repositioning of the nine-story asset. Ira Zlotowitz and Meir Kennser of Eastern Union arranged the three-year loan with a fixed 4.91 percent interest rate through Natixis Global Asset Management.
ST. PETERSBURG, FLA. — The Allen Morris Co. has purchased two acres of undeveloped land at 700 First Ave. South in downtown St. Petersburg for approximately $5.3 million. The site, which spans a full city block, will be the location of the developer’s new 348-unit multifamily community, The Hermitage Apartment Homes. The apartment community will feature a rooftop pool and spa, fitness center, outdoor grilling area, demonstration kitchen and a private dining/meeting room. The Allen Morris Co. will break ground on the property in July and open for occupancy in the fourth quarter of 2015.
CHICAGO — Essex Realty Group Inc. has brokered the $2.4 million sale of a 32-unit courtyard apartment building in the Rogers Park neighborhood of Chicago to an undisclosed buyer. The apartment building is located at 7381 N. Damen Ave. The recently renovated apartment building includes individual units, kitchens, bathrooms and common areas. Doug Imber and Kate Varde of Essex represented the undisclosed seller. Jim Darrow and Jordan Gottlieb of Essex represented the buyer in the transaction.
CHICAGO — Marcus & Millichap has arranged the $720,000 sale of a seven-unit apartment property in Chicago. The property, located at 2559 W. Haddon Ave., features a mix of one-, two- and three bedroom apartment units. Joseph Bergman and Kyle Stengle of Marcus & Millichap represented the seller, a private investor. Bergman and Stengle also represented the buyer, a limited liability company.