DANVILLE, ILL. — Fairlawn Capital, a Champaign, Ill.-based asset manager and investor in distressed and value-add opportunities in the Midwest, has purchased a 96-unit apartment complex in Danville. South Lake Apartments is located at 2730 Townway Road, about 35 miles east of Champaign. Brian Pohl, executive vice president, and Tyler Hague, associate, both of Colliers International | Chicago, represented the seller, an institutional real estate owner.
CLIFFSIDE PARK, N.J. — Jennell Realty LLC has acquired an 11-unit, garden-style apartment building at 250 Palisade Ave. in Cliffside Park for $1.2 million. Built in 1950, the two-story building, located on the corner of Palisade Avenue and Main Street, includes four studios, six one-bedroom units and one two-bedroom unit. The monthly rent ranges from $715 for a studio to $1,345 for a two-bedroom unit. Enn Kunnapas, Gary Sauerborn and Dominic Fittizzi of NAI James Hanson represented the seller, DLP LLC, and the buyer in the transaction.
HOUSTON — Trammell Crow Residential and Prime Property Investors will break ground Friday, Sept. 6 on a garden-style apartment property called Alexan at Auburn Lakes in The Woodlands submarket of Houston. The development will consist of 256 one-bedroom, one-bath units and 90 two-bedroom, two-bathroom units. Amenities include a clubhouse with business center, kitchen, billiards and fitness center, as well as a private lake and a fully fenced dog park. The 12.5-acre site of Alexan at Auburn Lakes is located at West Rayford and Gosling roads, in close proximity to a future campus of ExxonMobil.
MOUNTAIN VIEW, CALIF. — ROEM Corp., along with the city of Mountain View, has completed Franklin Street Family Apartments, a 51-unit affordable housing complex. The $23.4 million community is located at 135 Franklin St. in Silicon Valley. The development is designated for families with annual incomes that are at or below 50 percent of the Santa Clara County area median income. The project was built to LEED Platinum specifications. Through its syndicator, AEGON USA Realty Advisors, Google has invested a total of $6.5 million in the Franklin Street Family Apartments. Google also provided an additional grant of $81,859 for computer equipment and free Internet access for residents. KTGY Group served as the project's architect.
SAN FRANCISCO — Colliers International recently assisted in the sale of two apartment buildings within San Francisco’s Pacific Heights neighborhood. They include a 27-unit trophy asset at 2140 Pacific Ave. and a 30-unit Art Deco building at 1845 Franklin Street. Taylor Street Apartments L.P. purchased the Pacific property from Ralston Bridge Pacific, LLC for $20 million. An offshore buyer acquired the Franklin community from The Prado Group for $14 million. Both buyers were represented by Colliers’ Brad Lagomarsino and James Devincenti.
AVON, IND. — Mainstreet Property Group has finalized the $17.1 million sale of Wellbrooke of Avon, its newly built, 100-unit seniors housing and care facility in Avon, to Toronto-based HealthLease Properties Real Estate Trust. The fully occupied facility is leased on a triple-net basis to Life Care Services. The seniors housing property includes 70 units licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 units provide assisted living services . The facility is located at 10307 E. County Road 100 North in Avon.
DENVER — PM Realty Group has announced its plans for a 288-unit, high-rise apartment tower in Denver. The community will be located at 2166 15th Street where the Platte River meets Cherry Creek in Riverfront Park. The tower is being developed in partnership with National Real Estate Advisors and Ray Suppa. Its ground floor will feature restaurant and retail space. Construction will commence in fall 2013. Once completed in fall 2015, it will be the tallest structure in Riverfront Park.The joint venture equity was arranged by HFF’s Rob Rizzi, Colin Oberg, Josh Simon, Jordan Robbins and Jake Young. Newmark Grubb Knight Frank brokered the 50,000-square-foot parcel of land. The firm’s Stephen Roesinger and Wade Fletcher assisted both parties in this transaction.
ESSEX, MD. — NorthMarq Capital has arranged $2.5 million in first mortgage refinancing for Townhomes at River's Crossing, a 66-unit multifamily property located in Essex, about eight miles east of Baltimore. Nancy Ferrell of NorthMarq's Baltimore office arranged the 10-year loan with a 30-year amortization schedule through a life company lender.
NEOSHO, MO. — Boston Capital is investing $3.6 million in the construction of Prairie View Estates, a 27-unit multifamily development in Neosho, a city in southwest Missouri. The development will be built with tax credit equity from the Low Income Housing Tax Credit program. Affordable Housing Development Inc. is the developer. The construction of Prairie View Estates will generate $2.8 million in local salaries and create more than 40 new jobs in the Neosho area. Boston Capital's investment in the development adds 27 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in approximately 5,000 units of affordable housing in Missouri. Prairie View Estates will feature 27one-story, single-family rental homes available to families earning 60 percent or less of the area median income. Each 1,408-square-foot home will include three bedrooms and two bathrooms, as well as in-unit washers and dryers, two-car garages, patios, walk-in closets and FEMA-approved safe rooms.
BERNARDSVILLE, N.J. — Marcus & Millichap has arranged the $1 million sale of Westover Apartments, a six-unit apartment property in Bernardsville, located 30 miles west of Newark. Steven Rutman, Zachary Pierce and Mark Thomson, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a private investor. Rutman, Thomson and Pierce also procured the buyer. The property, which is located at 30 W. St., includes six two-bedroom units with detached garages and private entrances.
