NEW YORK CITY — Quadrum Global and Simon Baron Development (SBD) have signed a 99-year ground lease at 267 West 87th St. in Manhattan’s Upper West Side. The partnership plans to develop an 18-story, 100,000-square-foot residential building on the site. The 10,000-square-foot tract of land currently houses a parking garage, which will be demolished to make way for new project. This is the fifth joint venture project between Quadrum and SBD and the second deal on the Upper West Side. Terms of the lease were not released.
CHARLOTTE, N.C. — Camden Property Trust has opened Camden Southline, an upscale apartment community located at 2300 South Blvd. in Charlotte’s South End neighborhood. The apartment community offers studio, one- and two-bedroom apartments with amenities like a saltwater pool, on-site fitness center with virtual trainer and yoga zone, high-speed internet and Wi-Fi, cable through AT&T U-Verse and full-size washer and dryers. Camden Southline is also pet-friendly and features a Paw Spa and an unleashed dog park. The property is one of 10 Camden communities in the Charlotte metro area.
VINCENNES, IND. — Flaherty & Collins Properties and Myszak + Palmer will host a grand opening ceremony for Clark’s Crossing, a senior living center in Vincennes on March 18. The property is located at 300 N. 6th St. Clark’s Crossing features 47 one- and two-bedroom apartment homes, which include fully equipped kitchens with energy efficient appliances, hardwood flooring, oversized closets, and washers and dryers. The project is an adaptive reuse of two historic buildings. The development used the sale of historic tax credits and rental housing tax credits to turn the two buildings into a senior living facility. A collaborative effort between Myszak + Palmer, Flaherty & Collins Properties, Vincennes Community School Corporation (VCSC), The Vincennes Education Foundation and Vision Communities, the project involved the reuse of the old Clark Middle School and Adams Coliseum. Part of the project included the restoration of Adams Coliseum, which included the addition of new, brighter lighting, painted bleachers and new windows at the historic gym. Adams Coliseum will be run by The Vincennes Education Foundation, and will include programming that will encourage resident and community interaction. Kuhl & Grant LLP provided legal services and McKinley Development LLC provided consulting services on the project. …
STAMFORD, CONN. — Institutional Property Advisors (IPA) has brokered the sale of Avalon on Stamford Harbor, a multifamily property located in Stamford. The property sold for $115.5 million, or $357,585 per unit. Located at 150 Southfield Ave., the waterfront property features 323 residential units, a marina and 72 boat slips. Steve Witten and Victor Nolleti of IPA, a division of Marcus & Millichap, represented the buyer, TGM Anchor Point LLC, in the transaction. The seller was Harbor Financing LLC.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building, 283-unit apartment complex located at 1711-1751 Fulton St. in Brooklyn’s Bedford-Stuyvesant neighborhood. Bushburg Properties purchased the 277,200-square-foot complex for $38 million from E&M Associates. In addition to the residential space, the property features nine commercial units, as well as parking spaces. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story walk-up apartment building located at 255 Himrod St. in Brooklyn’s Bushwick neighborhood. The vacant property, which is fully renovated, sold for $1.95 million or $325,000 per unit. Constructed in 1931, the property features six apartment units. Daniel Shragaei of GFI represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
BUFORD, GA. — Steadfast Apartment REIT has acquired Preston Hills at Mill Creek, a 464-unit apartment community in Buford, roughly 35 miles outside of downtown Atlanta. The Orange County, Calif.-based REIT purchased the community for roughly $51 million and has now invested more than $350 million in nine apartment communities in the Midwest and Southeast. Constructed in 2000, the multifamily property is more than 90 percent occupied and is comprised of one- to three-bedroom units ranging from 882 to 1,426 square feet. Average in-place rents are $899 per month. The apartment community’s amenity package includes two resort-style swimming pools, a clubhouse, tennis court, two fitness centers, volleyball court, detached garages, business center, playground, spa and valet dry cleaning. Steadfast plans to upgrade the unit interiors and common areas in the next several months.
PROVO, UTAH — Courtyard at Jamestown, a 132-unit assisted living and dementia care seniors housing community in Provo, has received $24.2 million in acquisition financing. The facility is located at 3352 N. 100 E. The community opened in 1999. It is situated about three miles north of Provo’s Central Business District, just minutes from Utah Valley Regional Medical Center. The borrower was ROC|Seniors Housing Fund Manager. ROC|Seniors is a subsidiary of Bridge Investment Group Partners. The seven-year Freddie Mac loan features a fixed-rate term with an interest-only period. It was structured by Berkeley Point Capital. This is Berkeley Point’s third financing with ROC Seniors over the past year.
SOUTHFIELD, MICH. — Fourmidable Real Estate Services, a Bingham Farms-based national Commercial and Residential Real Estate Brokerage division, has brokered sale of Solaire Active Adult Community in Southfield for $20 million. Solaire, which was built in 1970, features 382 one-, two- and three-bedroom apartment units. The community is for the 55-year-old-plus senior population. Solaire is located less than a mile from Southfield’s Providence Hospital and Medical Center. Fourmidable will provide complete management services to the residents of Solaire.
AUSTIN, TEXAS — Bluerock Residential Growth REIT Inc. has entered into an agreement to acquire Fox Hill Apartments, a 288-unit Class A apartment community in Austin. Bluerock plans to invest $10.6 million to acquire an 85.6 percent indirect joint venture interest in Fox Hill. The joint venture is expected to acquire Fox Hill for $38.2 million. The acquisition will be capitalized with a $26.7 million senior mortgage from Fannie Mae . The loan has a term of seven years with 3.6 percent interest, and will be interest-only for the first two years. Bluerock’s third-party joint venture partners in the transaction are expected to contribute 4.4 percent of the equity. Built in 2010, Fox Hill is a Class A multifamily community featuring one-, two- and three-bedroom unit layouts averaging 1,066 square feet. The community sits on 44 acres and features several amenities.