PROVIDENCE, R.I. — Construction is underway on 257 Thayer, a 267-bed student housing community, developed by Gilbane Development Co. The property will cater to undergraduate and graduate students attending Brown University and Rhode Island School of Design (RISD). It opens January 2015, and according to Gilbane, it is the first off-campus, purpose-built student housing community in Providence. Asset Campus Housing will lease and manage the property. The four-story community, located in the College Hill area, will be a multi-purpose facility that includes retail space on Thayer Street and an underground, heated parking garage with 75 spaces. Community amenities include a clubhouse room with high definition TVs and gaming tables; group study rooms; fitness center; bike storage; high-speed internet and Wi-Fi; and 24-hour resident services.
Multifamily
PHILADELPHIA —Prestige Group Inc. has arranged the $ 3 million sale of Brighton Court Apartments, a 70-unit multifamily building located at 6212 Chestnut St. in West Philadelphia. A private investment group purchased the building from ELW Inc. Jon Mirsky and Michael Weiner of Prestige Group represented the buyer and the seller in the transaction. Built in 1920, the four-story multifamily building was 90 percent occupied and has a strong rental history.
SEATTLE – The 366-unit Lake Washington Apartments in Seattle will undergo a $50-million redevelopment. The 66-year-old complex is located at 9062 Seward Park Ave. South. It is one of Washington’s largest non-government agency operated affordable housing properties. The redevelopment will include improvements to the units’ interiors and exteriors, as well as the installation of energy-efficient appliances. The complex will also receive new community spaces and 13 new units. Construction will begin next month. It is scheduled for completion in the later part of next year. The developer is Bayside Communities and its non-profit partner, SouthEast Effective Development (SEED). Development and financing partners include Citibank, the City of Seattle and the State of Washington. The tax credit equity is provided by R4 Capital. The redevelopment will be undertaken without any new direct taxpayer funding.
AUSTIN AND GEORGETOWN, TEXAS — The LaSalle Group has broken ground on two new seniors housing properties in the Austin metro area. The $10.7 million Autumn Leaves of Northwest Austin, located at 10025 Anderson Mill Road, will specialize in memory care services. The $10.3 million Autumn Leaves of Georgetown, situated at 3600 Williams Drive, will total 26,000 square feet and include approximately 50 units. Both facilities will feature the Vigil System, a motion-sensor program, in each resident room. The LaSalle Group currently owns and operates 36 properties nationwide under its Autumn Leaves brand.
ALPHARETTA, GA. — The Connor Group has sold Addison Place, an apartment community in Alpharetta, an affluent suburb of Atlanta. The Connor Group sold the asset to Resource Real Estate for $70.5 million, making it the largest sale in The Connor Group’s history. The Ohio-based investor purchased the apartment community in 2008 for $60 million.
MIAMI BEACH, FLA. — ARA has arranged the sale of a 1.1-acre waterfront development site at 6800 Indian Creek Drive in Miami Beach for approximately $11.3 million. The site has previously been approved for an 80-unit, 14-story residential building with 18 proposed boat slips. ARA represented the seller, Windsor Capital, in the transaction. A private real estate investment group purchased the site.
MIAMI — Marcus & Millichap has brokered the sale of ZP Apartments, an 89-unit multifamily community at 5610 N. Miami Ave. in Miami. An undisclosed buyer purchased the asset for approximately $4.4 million. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a local private investor, in the transaction.
MIAMI — CBRE’s debt and structured finance group has arranged a $6 million loan to recapitalize Capital Lofts, a 16-story loft-style condominium project at 117 N.E. 1st Ave. in Miami. CBRE arranged the two-year, floating rate loan through Doral Bank on behalf of the borrower, Coast Capital Partners. The borrower will use the loan to buy out an investment partner and complete the sell-off of the remaining 46 units in the project. The landmark condominium property is listed on the National Register of Historic Places. Christopher Apone, Charles Foschini and Christian Lee of CBRE arranged the loan.
MINNEAPOLIS — NorthMarq Capital has arranged $34.5 million in refinancing for 7west Apartments in Minneapolis. The property, which consists of 218 units, is located at 1800 Washington Ave. S. The loan is structured on a 15-year term and 30-year amortization following two years of interest only. Dan Trebil of NorthMarq arranged financing for the borrower through a relationship with a correspondent life company.
CHICAGO — Sperry Van Ness has arranged the sale of Walton on the Park, a rental condominium tower, and a 17,180-square-foot development site adjacent to the property. Miami-based developer, Crescent Heights Inc. acquired the property located at 2 W. Delaware St. in Chicago. The sale included 160 units of the 201-unit high rise and the neighboring parcel. Jerry Goldner of Sperry Van Ness represented the buyer in the transaction.